For the Chapter 6 blog post, I would like you to read the interactive session Credit Bureau Errors: Big People Problems. Then, in a detailed response, answer questions 1-4 on page 233.
1. Assess the business impact of credit bureaus' data quality problems for the credit bureaus, for lenders, and for individuals.
The data quality problems most credit bureaus experience cause problems for everybody. The credit bureaus themselves are forced to make guesses on the information the receive because the information is inaccurate. Therefore, lenders and individuals who originally requested the data are given denied the data because the bureaus do not have the correct information.
2. Are any ethical issues raised by credit bureaus' data quality problems? Explain your answer.
Credit bureaus are responsible for setting a date on which you must pay back a loan or mortgage. If they input the wrong day, the individual who has to pay is left confused. They would then not pay by the due date.
3. Analyze the management, organization, and technology factors responsible for credit bureaus' data quality problems.
Management and organization go hand in hand. They have to process over 30 million credit reports a day, so some reports will get lost without a doubt. Technology cannot process each credit report fast enough so that technology will skip some report to make up time.
4. What can be done to solve these problems?
Credit bureaus should sent up several different branches by the first letter of the last name or something similar.
1. Assess the business impact of credit bureaus' data quality problems for the credit bureaus, for lenders, and for individuals.
The data quality problems most credit bureaus experience cause problems for everybody. The credit bureaus themselves are forced to make guesses on the information the receive because the information is inaccurate. Therefore, lenders and individuals who originally requested the data are given denied the data because the bureaus do not have the correct information.
2. Are any ethical issues raised by credit bureaus' data quality problems? Explain your answer.
Credit bureaus are responsible for setting a date on which you must pay back a loan or mortgage. If they input the wrong day, the individual who has to pay is left confused. They would then not pay by the due date.
3. Analyze the management, organization, and technology factors responsible for credit bureaus' data quality problems.
Management and organization go hand in hand. They have to process over 30 million credit reports a day, so some reports will get lost without a doubt. Technology cannot process each credit report fast enough so that technology will skip some report to make up time.
4. What can be done to solve these problems?
Credit bureaus should sent up several different branches by the first letter of the last name or something similar.
Nice job Alex. Be sure to just comment your reply instead of retyping it all so I can see when it was posted. Full credit.
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