| Publisher | SAS Institute | ||
|---|---|---|---|
| Format | 338.6KB PDF | Date added | 06 Mar 2006 |
| Topics | Decision Support - DW Front End, Data Mining - Analysis, Finance | ||
| Downloads | 13 | ||
Credit scoring has some obvious benefits that have led to its increasing use in the financial services industry, one being that scoring greatly reduces the time needed in the loan approval process. This reduced time means cost savings to the bank and benefits to the customer. Another key benefit is improved objectivity in the loan approval process, which helps lenders ensure they are applying the same underwriting criteria to all borrowers regardless of race, gender, or other factors prohibited by law from being used in credit decisions. Of course the most significant reason for scorecard use is that it allows for better decision making, and lower losses, through empirical analysis of data.
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