Analysing about credit risk

There are many credit risk we may encounter. Whenever we are ready to open a credit position with the counter party, the lender should look at many factors, such as:
credit score (credit rating);
reputation (credit history);
projection for financial statements;
that are guarantees (collateral, cosigners, etc).
And we should note that the final decision shall be taken by a committee/person other than the person that did the analysis.
An important element of credit risk analysis is periodical proper calculation of probability of default for a every credit position and the final loss that we usually incur on such defaulted credit position.