Credit reporting and automated credit scoring systems have become a vital component of the credit industry, affecting the lives of millions of consumers. A consumer’s credit information is a critical component in the loan underwriting process, significantly aiding lenders in determining the amount and the terms of credit that they will offer an applicant. In some cases, automated systems rely solely on the information in a consumer’s credit file to automatically and swiftly make a lending decision. This paper will demonstrate that the manner by which this information is treated in credit score models plays a major role in the process of expanding the number of people that are more accurately assessed, in turn driving a healthy economy, increasing auto and homeownership, giving increased access to education, as well as allowing more small business formation – all of which ultimately contributes to personal wealth and community vitality…
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