what features of a consumer loan application should a loan officer examine most carefully

money owed. 3. The length of a prospective borrower's credit history. 4. The nature of new credit being requested. 5. The types of credit the borrower has already used. Fair Isaac also indicates what elements of a borrower's backgroundespecially age, race, color, sex, religion, marital status, employment history and salary, and residential location- are not considered in establishing a FICO score. It confines the list of factors considered in its credit scoring system to those items usually available in each customer's credit bureau report. FICO scores are recalculated continually as new information comes in. Concept Check 18-3. What features of a consumer loan application should a loan officer examine most carefully? 18-4. How do credit-scoring systems work? 18-5. What are the principal advantages to a lending institution of using a credit scoring system? 18-6. Are there any significant disadvantages to a credit-scoring system? 187. In the credit-scoring system presented in this chapter, would a loan applicant who is a skilled worker, lives with a relative, has an average credit rating, has been in his or her present job and at his or her current address for exactly one year, has four dependents and a telephone, and holds a checking account be likely to receive a loan? Please explain why. 18-8. What is FICO, and what does it do for lenders? Why is this crdit-scoring system so popular today