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Evaluating Credit Scoring
How do you know whether the credit scoring system you are using is fair? Monitor the results. Look for any adverse impact by prohibited basis. Gender and age may be fairly easy to identify. For race or ethnicity you may have to start with names or addresses and build assumptions from there. Also, don't consider any review of credit scoring complete unless you look at consumer complaints. These may reveal concerns or unfairness that you would otherwise have difficulty finding.
Copyright © 1998 Compliance Action. Originally appeared in Compliance Action, Vol. 3, No. 4, 3/98
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