The old parable where three blind men touch different parts of the elephant – the tusk, the leg, and the trunk - and end up getting into an argument as they can’t agree on what the animal looks like. Each man is correct but limited because of their experience. Similar to the men touching the elephant, understanding credit is often the same way. The experience in commercial credit, in particular, is shaped by a combination of experiences, conjecture, and tribal lore. Credit officers see things differently and so focus on different things.