Do you know your E-Score?

December 29, 2013

You may know your credit FICO® Score and how it affects you positively or negatively.

 

But do you know your E-Scor­e?

 

What is Propen­sity Scor­ing and what does it do? Well, let me tell you so we are crys­tal clear. It will not get you out of speed­ing tick­ets. What propen­sity scor­ing will do is give lenders, advertisers and marketers the abil­ity to iden­tify spending behaviors of different classes of consumers based on purchasing/inquiries— online and offline activities.  Propen­sity Scor­ing enables companies to secretly assign an E-Score to consumers that they are unaware of.

 

Scoring is bad when it is used to make a decision about you that you don’t know about and doesn’t amount to traditional credit score, and therefore these scores cannot be governed by the Fair Credit Reporting Act.  Could E-scores create an invisible two-tiered system?

 

How would employers, home loans lenders, insurance companies, payday loan companies use E-Scores?

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