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Credit Reference Agencies
Credit scoring has been a very old area with very little change over the times. With the advancements in AI, credit and risk scoring needs to change significantly. Especially, as majority of the models in industry tend to be a well kept secret from the customer with drawbacks of significant biases. There are also no form of explanations provided to help the person improve their credit scores in a constructive feedback. At times, these credit reference agencies also hold incorrect data on people which impacts credit scoring reports. Verification and validation workflow checks are poorly structured. And, many times the same errors reappear in the aggregation process. Many such credit scoring models also do not include assessments for bias, fairness, and harms into the equation. They are inherently used as subjective criteria. The many models that are out there make it even more of a mess. Most credit scoring agencies are not really good at what they do. A small error could take years to correct on the credit file. Sometimes they mix up credit activity by linking people incorrectly. Sometimes it may be the case that someone else is using the profile to apply to lenders. Are such approaches really a fair process of determining someone's creditworthiness? What if the person has a history of paying on time but due to the downturn they fall into a temporary blip? They are essentially a flawed measure. Many wealthy people also at times fair poorly on credit scores. Not only correct data is important but the right type of data to show the full picture is too. Even looking at such things as cashflow is a bad idea as invariably leaving huge sums of reserves in current accounts will get eaten away through inflation. Even savings accounts don't generally carry very good returns compared to the impact of inflation nor are they a subject of credit scoring criteria. Basing everything on a credit score is not only unfair but not an objective way of assessing creditworthiness.
Alternatives to Zoom and Teams
Eventhough, Zoom and Teams are popular and fairly standard collaboration tools used across organizations, they can be quite boring to use. There are plenty of alternatives that can be used instead.