Automated data extraction from Closing Statements is a specialized process that harnesses Artificial Intelligence (AI), Optical Character Recognition (OCR), and Natural Language Processing (NLP) to accurately identify, capture, and structure intricate financial health information from these critical documents. Business Credit Reports, issued by major credit bureaus such as Dun & Bradstreet, Experian Business, or Equifax Business, provide a detailed financial snapshot of commercial entities, including payment histories, credit scores, and public filings.
This automation transforms varied, often multi-section reports—received as digital PDFs, scanned paper documents, or through data feeds—into organized, machine-readable data. Its core purpose is to eliminate the labor-intensive manual analysis of complex credit data, significantly accelerating credit underwriting, enhancing risk assessment, and ensuring meticulous financial due diligence for lending, supplier vetting, and insurance purposes.
