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[126] [4] [127] [49] [128] Examples of such popular misconceptions include a widespread misassumption that Chinese citizens are rewarded and punished based on a numerical score (social credit score) assigned by the system, that its decisions are taken by AI and that it constantly monitors Chinese citizens. [15] [8] [44] [17] [1] [129]
The scoring system has also been studied as a form of classification to shape an individual's life-chances—a form of economic inequality. [62] The classification scheme is necessitated by the loss of collective social services and risk. [63] The credit scoring system in the United States is similar to the Social Credit System in China. [64]
Prior to the formation of the Fair, Isaac and Company or the Fair Credit Reporting Act of 1970), early credit scoring systems such as the Retail Credit Company (now Equifax) in Atlanta, Georgia gathered information on individuals' sexual lives, disabilities, their political ideologies, and social behaviors. [21] Today, some scoring systems such ...
FICO Credit Score Ranges . Excellent/Exceptional. 800-850. Very good. 740-799. Good. 670-739. Fair. 580-669. Very poor. 300-579
Credit scoring typically uses observations or data from clients who defaulted on their loans plus observations on a large number of clients who have not defaulted. Statistically, estimation techniques such as logistic regression or probit are used to create estimates of the probability of default for observations based on this historical data.
In Australia, credit scoring is widely accepted as the primary method of assessing creditworthiness. Credit scoring is used not only to determine whether credit should be approved to an applicant, but for credit scoring in the setting of credit limits on credit or store cards, in behavioral modelling such as collections scoring, and also in the pre-approval of additional credit to a company's ...
Connect (financial services company) Credit bureau; Credit bureaus in the Philippines; Credit Karma; Credit scorecards; CRIF High Mark Credit Information Services; Criticism of credit scoring systems in the United States
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