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 Post subject: The finance industry discovers behavioral profiling
PostPosted: Sat Nov 06, 2010 7:02 pm 
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Joined: Tue Sep 14, 2010 3:32 am
Posts: 184
"Big Banker is watching you":

Fair Isaac, the creator of the widely used FICO credit score, is marketing bank-depositor behavior scores, which are used by banks to assess their own customers.

The scores are based on balances, deposit records and withdrawal activity, says Debb Gordon, a senior principal consultant at Fair Isaac.
The article also mentions numerous other types of data that banks and credit bureaus are incorporating into the evaluation of creditworthiness. The following is an example of how the banks can integrate multiple pieces of information, each individually harmless, to draw conclusions to the customer's detriment:
Ken Lin, CEO of Credit Karma, a credit-score information website, knew he had a good credit score. But when he recently applied for a new credit card, he was rejected: The lender had flagged him as a higher credit risk because the value of his California home had declined and his mortgage principal wasn't declining—giving away that he has an interest-only mortgage.
This article does not directly mention the activities of ATS—but they are the real experts on behavioral profiling, as well as one of the richest sources of information for use in such profiling. Now that the finance industry has decided not to limit itself to traditional sources of information about creditworthiness (mainly current employment and the timeliness of past debt payments), can full integration of ATS functionality into credit bureaus be far behind? Indeed, has it already happened?


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