Common use of ECOA Statements Clause in Contracts

ECOA Statements. Equifax reasonably believes that, subject to validation by Subscriber on its own records, (1) the scoring algorithms used in the computation of the Scores are empirically derived from consumer credit information from Equifax’s consumer credit reporting database, and are demonstrably and statistically sound methods of rank ordering candidate records from the Equifax consumer credit database for the purposes for which the Credit Score Information Services were designed particularly (as stated in Exhibit B for each particular Credit Score Information Service), and each is intended to be an “empirically derived, demonstrably and statistically sound credit scoring system” as defined in Regulation B, with the understanding that the term "empirically derived, demonstrably and statistically sound," is defined only in a general manner by Regulation B, and has not been the subject of any significant interpretation; and (2) the scoring algorithms comprising the Credit Score Information Services, except as permitted, do not use a “prohibited basis,” as such phrase is defined in Regulation B. Subscriber must validate the Credit Score Information Services on its own records. Subscriber will be responsible for meeting its requirements under the ECOA and Regulation B.

ECOA Statements. Equifax reasonably believes that, subject to validation by Subscriber Client on its own records, (1) the scoring algorithms used in the computation of the Scores are empirically derived from consumer credit information from Equifax’s consumer credit reporting database, and are demonstrably and statistically sound methods of rank ordering candidate records from the Equifax consumer credit database for the purposes for which the Credit Insurance Score Information Services were designed particularly (as stated in Exhibit B for each particular Credit Insurance Score Information Service), and each is intended to be an “empirically derived, demonstrably and statistically sound credit scoring system” as defined in Regulation B, with the understanding that the term "empirically derived, demonstrably and statistically sound," is defined only in a general manner by Regulation B, and has not been the subject of any significant interpretation; and (2) the scoring algorithms comprising the Credit Insurance Score Information Services, except as permitted, do not use a “prohibited basis,” as such phrase is defined in Regulation B. Subscriber Client must validate the Credit Insurance Score Information Services on its own records. Subscriber Client will be responsible for meeting its requirements under the ECOA and Regulation B.

ECOA Statements. Equifax reasonably believes that, subject to validation by Subscriber Client on its own records, (1) the scoring algorithms used in the computation of the Scores are empirically derived from consumer credit information from Equifax’s consumer credit reporting database, and are demonstrably and statistically sound methods of rank ordering candidate records from the Equifax consumer credit database for the purposes for which the Credit Score Information Services were designed particularly (as stated in Exhibit B for each particular Credit Score Information Service), and each is intended to be an “empirically derived, demonstrably and statistically sound credit scoring system” as defined in Regulation B, with the understanding that the term "empirically derived, demonstrably and statistically sound," is defined only in a general manner by Regulation B, and has not been the subject of any significant interpretation; and (2) the scoring algorithms comprising the Credit Score Information Services, except as permitted, do not use a “prohibited basis,” as such phrase is defined in Regulation B. Subscriber Client must validate the Credit Score Information Services on its own records. Subscriber Client will be responsible for meeting its requirements under the ECOA and Regulation B.