This is from the latest issue of SAS magazine that arrived yesterday. Consumer credit plays a vital role in the US economy, with total borrowings now exceeding $6.8 trillion dollars. We'll help collect and organize information from core banking systems, ATMs, branch transactions, and telephone and internet banking channels. With SAS CRM (customer relationship management) solutions for banking, it's easy to: **Take immediate action to retain the most valuable customers **Identify high-risk customers and adjust rates accordingly to maximize loan performance. Advanced credit scoring models from SAS provide the information lenders need to recognize fraudulent or high-risk customers and determine the likelihood of borrower default. Insights gained from SAS credit scoring solutions can be applied to...increase loan acquisition and curb customer attrition. SAS software supports constant monitoring and analysis of all credit variables. It can rapidly access external data sources like political, demographic, economic and socioeconomic information. This guarantees that scorecards adapt and remail relevant, identifying good and bad credit risks time after time. The SAS credit scoring solution for financial services makes it easy to: **Improve scoring of new credit applications and existing accounts **Price each loan based on its likely performance **Identify changing circumstances and address key credit risk issues.
so what my ethnicity, politics and neighborhood will be figured into credit scoring? there is no way to figure out this system and i guess privacy will be a thing of the past.
I don't know what scares me more..... someone monitoring my transactions or someone monitoring my lifestyle. If they're really doing this, it doesn't sound legal at all.
I'm sick to my stomach. Just when I think that big brother's growth may have been slowed, he goes and has a growth spirt on me.
FICO already knows this information, not about you specifically, but in general terms. And if FICO itself does not, there are plenty of data brokers with that specific information and will provide it at a fairly reasonable cost. The data is rather cheap because of the stiff competition. Among others, life insurance companies rely heavily on data brokers in order to do their target marketing. You just specify the income range, marital status & child/no-child status of the people you want, and they can zoom you a list. That's why it's a good idea to not fill out more than the minimum info on warranty cards; not announce in the newspaper whether you recently had a child, etc. I get the SAS magazine because our company creates similar software to access real-time data in order to process securities transactions. SAS is a big-time data mining solutions provider, and its tentacles are ever-reaching.
