Improving Information Quality in Loan Approval Processes for Fair Lending and Fair Pricing
نویسندگان
چکیده
Abstract: Current banking data management on loan approval processes has great room for improvements of information quality and prevention of data problems in general, but especially with regards to fair lending and fair pricing practices. We first review briefly typical data collection protocols deployed at many financial institutions for loan approval and loan pricing. Portions of these data protocols are mandated by federal regulation. In discussing the data capture and analysis for fair lending, we illustrate some initial key steps currently needed in improving information quality for all parties involved.
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