Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose that a lender has developed a statistically sound credit scoring system based on a large volume of financial data, and the statistics disclose (say)
Suppose that a lender has developed a statistically sound credit scoring system based on a large volume of financial data, and the statistics disclose (say) that people who practice a certain religion have significantly better (or worse) default histories than people of other faiths. Under the Equal Credit Opportunity Act (ECOA), may an applicant's faith be considered as a factor in making a credit decision? Why?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started