The FHR Exchange introduces new terminology. Below are the definitions of key terms:
Request: A Request refers to a counterparty that RapidRatings is engaging with—or has previously engaged with—to obtain a Financial Health Rating (FHR).
A New Request represents a counterparty RapidRatings is contacting on the client’s behalf for the first time.
A Share Request is a new request sent to a counterparty that has already been rated for another RapidRatings client. In this case, we ask the counterparty to share their existing report.
A Refresh Request refers to a counterparty that RapidRatings has previously rated and is re-engaging with to update their FHR.
FHRx Term | Definition |
Active Share | Refers to a counterparty that has been successfully rated for you. |
Open | Equivalent to In Progress. These are requests that the RapidRatings team is actively working on but for which ratings have not yet been generated. The team has contacted the counterparty and is working to obtain their submission. |
Closed | Equivalent to Lost. These are requests where the RapidRatings team was unable to generate a rating. |
Counterparty | A company that the client works with, such as a supplier or vendor. |
Reference ID | A unique identifier assigned to the counterparty by the client (e.g., a supplier number). |
Prepaid | The allotment of requests included in the client’s subscription. |
Status Report | A feature of the FHR Exchange Platform that provides real-time, on-demand access to a downloadable Excel report of all requests initiated for the client (won, lost, in progress). |
Campaign | A grouping or batch of requests. |
Standard/Full Transparency | This indicates that the counterparty has agreed to disclose their financial details as part of the appendix in the FHR Report. |
Limited Transparency | This indicates that the counterparty has opted to share their FHR score without providing the underlying financial information. |
Activity Log | The activity log displays the history of the request and all status updates. |
Click here to review the definitions of the different statuses you will see on your Network Outreach Dashboard.