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Basing credit decisions on data mining apps in the US

Basing credit decisions on data mining apps in the US

Basing credit decisions on data mining apps in the US

(OP)
I heard something about there being rules in America that limit the use of data mining applications in the judging of credit applications (probably a neural net).
Is this true? and if so, what are the restrictions?

RE: Basing credit decisions on data mining apps in the US

I don't know, but a data mining tool vendor once told me that one of their customers (who was a lender) had a problem with using a neural network) because supposedly if one rejects a loan application in the United States, a reason has to be given.  I have no idea whether this is true or not, but it may be worth looking into.

RE: Basing credit decisions on data mining apps in the US

(OP)
Thanks for the reply Predictor. As you can see, i've been waiting for a long old time for any response!

I think that you are probably correct.

My home ----> http://www.firstlightassociates.co.uk/
visit me for Java and Data Warehousing resources

RE: Basing credit decisions on data mining apps in the US

For what it's worth, the customer in question was said to have gotten around the legal problem by building several extra neural networks, each predicting a specific, legally-allowed reason for denying a loan.

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