The FHR Exchange comes with some new terminology. Please find definitions for these terms below:
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Request: Equivalent to what was referred to as a “solicitation” on our legacy platform, a request represents one counterparty that RapidRatings is engaging with and/or has engaged with to obtain an FHR
- A New Request represents a counterparty that RapidRatings is engaging with on the Client’s behalf for the first time
- A Refresh Request is for a counterparty that RapidRatings has previously rated and is re-engaging with to update their FHR
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Active Share: Equivalent to the legacy status of “Won,” an active share is a counterparty that has been successfully rated for you
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Open: Equivalent to the legacy status of “In Progress,” open requests are those that the RapidRatings team is actively working on but for which ratings have not yet been generated. Our team has contacted the counterparty and is working to obtain a submission
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In Progress: Specifically refers to request without a financial submission
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Closed: Equivalent to the legacy status of “Lost,”closed requests are those that the RapidRatings team was not able to generate ratings for
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Counterparty: Refers to a company that the Client works with, such as a supplier or vendor
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Reference ID: A unique ID assigned to the counterparty by the Client, such as a supplier number
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Prepaid: refers to the allotment of requests included in the Client’s subscription
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Network Paid/Membership: refers to requests made within RapidRatings’ supplier paid model
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Status Report: A new feature of the FHR Exchange Platform includes access to a real-time on-demand status report, a downloadable Excel file of all requests initiated for the Client
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Campaign: refers to a grouping or batch of requests
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Standard Disclosure: Equivalent to the legacy “Full FHR Report” status, this label indicates that the counterparty has agreed to disclose their financial details to the Client
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Limited Disclosure: Equivalent to the legacy “Non-Financial Report,” this label indicates that the counterparty has opted to share their FHR score with the Client but not any underlying financial information
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Activity Log: Equivalent to the legacy “Live Solicitation Status,” the activity log shows the history of the request and its status changes
- Click here for descriptions of FHR Network Statuses