Frequent Contributor
Posts: 470
Registered: ‎02-07-2011
Re: New Bias Charges Against FICO Scores ..... unfair to minorities

DaveSignal wrote:

Nobody is saying that the formula is biased.  People are asking for a kind of 'Affirmative Action' for FICOs when dealing with certain races..... just so black people have a better chance to succeed. 



Good point Dave. AA is misunderstood a lot; it's not a quota system, it just basically requires that people be able to prove they didn't discriminate against a specific protected class...


However, if we adjust the scale based on ethnicity, shouldn't we also do the same for the other protected classes? That would include age, gender, race, religious belief, family status, veteran status, disability... Ask yourself, do Catholics have better or worse credit than the Jewish? Scientologists?


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.

Awesome, for highest FICO boost!

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."