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@cakkd wrote:Who is saying that the FICO scoring formula is biased?
Tu Fico 666- 8/5/2012....
cause I'm not religious
I'm black, and I call B.S. on this article. It makes stupid assumptions and it is out right wrong. Poor credit has nothing to do with race. It has to do with a person's ability to pay their bills on time, and black people haven't cornered the market on that. LOL. Many other ethnic groups, simililarly situated, have the same problems. I think the government should stay out of the credit markets, especially since their last meddling ended in complete disaster and crashed the entire economy. No better equalizer than the free market, so let it take its course.
@Imhotrodcrazy wrote:I am going to cover myself on my next app. I am going to put my nationality down as a male White, African American, Hispanic, Asian mix.
They don't ask for race, but they use zip code statistics (default rate based on zip code). If you live in the wrong area, you may be great with credit, but higher default rates (as in racial profiling for default), hinders your application. As I recall. Experian publicly offers this service. Sure TU does also.
@polscigeek wrote:I'm black, and I call B.S. on this article. It makes stupid assumptions and it is out right wrong. Poor credit has nothing to do with race. It has to do with a person's ability to pay their bills on time, and black people haven't cornered the market on that. LOL. Many other ethnic groups, simililarly situated, have the same problems. I think the government should stay out of the credit markets, especially since their last meddling ended in complete disaster and crashed the entire economy. No better equalizer than the free market, so let it take its course.
I replied to a three year old post? This is way old news (back when Suze Orman said a debit card would generate a Fico score). Ugh, credit changes widely, even in 5 months, this thread IS NOT NEWS.
/rant.
@Anonymous wrote:I see poor credit for a given ethnic group as a symptom of a problem, not the problem itself. The causes are complex factors like education consumption, culture, and public service quality. Didn't anyone read Freakinomics?
Treating symptoms (in contrast with treating root causes) is a recipe for inefficiency at best.
You're correct in that bad credit is a symptom, and not the problem itself: when one is laid off for an extended period of time, he/she may eventually fall behind on the bills and their FICO will take a hit. Unconscious bias is real, and affects who gets called for an interview eventhough their educational attainment, work experience, etc. may be superior to another candidates....haven't you read What's in a Name? So if one cannot even get a face-to-face interview.....well...anyway, you get the point.
You are incorrect and sound extremely racist in the parts that I have highlighted, but I'm not surprised sense you've read Freakinomics!
@greeneman21 wrote:No reason to "give" anyone anything. The reports score whats in the file without regard for race. Its a waste of time and $ to even consider this, I'm black and find this to be total BS. You "earn" good credit by honoring your word and paying your bills on time....period.
YOU of all people should know better than this, you know the system isn't fair....then there is structual bias, employment bias, and so on and so forth.... I don't need to remind YOU.
@Watchmann wrote:Interesting article from Investor's Business Daily ..... evidently our government is going to target FICO scores as being biased against minorities. Looks like more easy credit will be coming their way, courtesy of continued government meddling. And I always thought a FICO was based on an analysis of how likely you were to pay your credit obligations, regardless of who you were and where you came from.:
I think we need to read the actual compliant before we form an opinion. The link is an opinion on the compliant, not the actual compliant.