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FICO Scoring and GENDER...

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Anonymous
Not applicable

Re: FICO Scoring and GENDER...

Just for curiosity sakes I was thinking in today"s society how prevalent is race factored in by lenders not so much FICO in  the credit lending process. How big a role do you think it plays in lending overall.
Message 11 of 20
Anonymous
Not applicable

Re: FICO Scoring and GENDER...

Marty56...LOL! I wonder if there is a gender re-assignment forum somewhere on the we where we could take a poll?

My first name is given to boys also, maybe even more often than to girls... but my middle name gives my gender away, pretty much.

Definitive IQ would be difficult/impossible for FICO to determine or gain access to. Aside from that, IQ tests don't generally take into account gender, 'race', cultural & socioeconomic differences either. In the US, IQ tests were written with 'white middle-class males' in mind, so there is some bias there as well... intentional or not.

Perhaps FICO has developed their own definition of IQ, and factors that in to their scoring process? If so, I hope they give me some extra points for fixing my CR errors at warp speed...
Message 12 of 20
marty56
Super Contributor

Re: FICO Scoring and GENDER...



ConvexLes wrote:
Definitive IQ would be difficult/impossible for FICO to determine or gain access to. Aside from that, IQ tests
LOL in my case it was easy since I was 70k in CC debt which is a good sign of a low IQ.  Lucky for me stupid in he FICO sense was curable.
 
I thought FICO scoring is based on the collection of data to produce a risk matrix.  If so and the collected data included gender and the sample showed that guys from San Antonio named Marty who liked to collect DVDs were more likely to make a late payments on a Best Buy card, would it be discrimination to use that result?  Guys under 25 pay more for insurance than guys over 27 so is that age discrimiation?
 
Since the data that FICO uses to create the risk matrix probably doesnt have race or age in it, then how could they add that into the equation and have the results still be valid.
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 13 of 20
Junejer
Moderator Emeritus

Re: FICO Scoring and GENDER...



@Anonymous wrote:
Just for curiosity sakes I was thinking in today"s society how prevalent is race factored in by lenders not so much FICO in  the credit lending process. How big a role do you think it plays in lending overall.



One would hope that it doesn't exist in this day in age, but let's not fool ourselves. A major national bank in my area was in trouble for CRA neglect within the past decade.






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Message 14 of 20
Anonymous
Not applicable

Re: FICO Scoring and GENDER...

Well put Byrdman,we have come a long way towards equality for each other sorry to say there is a lot of work left to do. Very good point we remain a "work in progress".
Message 15 of 20
Anonymous
Not applicable

Re: FICO Scoring and GENDER...

my wife and I have the exactly same credit sgeet, about 30 mortgages paid, 15 cars paid, extensive
credit activity, very high revolving credit availability...
I have 735,745,750       She has 798,789,788
Message 16 of 20
Anonymous
Not applicable

Re: FICO Scoring and GENDER...

The big 3 CRAs? Just name, address, dob, social, past addr, aka if so, nothing about gender anyway.

Message Edited by ilovepizza on 08-22-2008 01:21 AM
Message 17 of 20
Anonymous
Not applicable

Re: FICO Scoring and GENDER...

There's no data field on your credit report for gender. Therefore, FICO scoring cannot factor in gender, since only information on your credit report is used to generate a FICO score. Any variation that correlates with gender does so because gender correlates with other factors that in turn influence a consumer's circumstances and decisions.

Maybe since women tend to earn less than men, they have a harder time paying bills, and therefore are more likely to wind up with late-pays and defaults.

Maybe since men have more testosterone, they are more likely to make impulsive, dumb purchases that they cannot keep up with over time.

Who knows. ;-) But there's no direct correlation or causality between gender and FICO scores.
Message 18 of 20
Chazman
Contributor

Re: FICO Scoring and GENDER...

I asked my better half, she who knows all, and her take is those credit analysts would definitely be watching for Bloomies, Saks, Nordstroms, Barneys, Victoria's Secret, hair salon and manicure charges,etc.  (Probably a double-secret probationary bucket somewhere hidden in the algorithmic codeSmiley Wink
 
 


Message Edited by Chazman on 08-22-2008 05:12 AM
Message 19 of 20
mrlimo
Regular Contributor

Re: FICO Scoring and GENDER...

I bought a Christmas gift at Victoria Secrets for dw. That explains the drop in fico points last month. It had nothing to do with the Vespa Scooter I bought wife for birthday present afterall. It is because they think I am a female. Mystery solved. I'm SUING!!! bahahaha
 
Message 20 of 20
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