Word: fairness
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...this point our assumption expert proceeds to discuss anything which strikes his fancy at the moment. If he can sneak the first assumption past the grader, then the rest is clear sailing. If he fails, he still gets a fair amount of credit for his irrelevant but fact-filled discussion of scientific progress in the 18th century. And it is amazing what some graders will swallow in the name of intellectual freedom...
...recent renovation. Lindsey may have felt a little guilty. He and his wife had just completed what he described as "an upgrade" - he tore down one house and replaced it with a larger one - to the property they had lived on for the past 20 years. "It's not fair for [my neighbors] to have their property reassessed because of the renovations we've done," says Lindsey, a Republican legislator since 2005. "Property taxes should be focused on what you invested in the property rather than the unrealized gain, which is subject to wild variations...
...Fair Isaac and others helped fuel the boom in lending over the past few decades in this country by making it easier and cheaper to determine quickly who would pay back a loan and who wouldn't - or at least so they thought...
...years ago, Fair Isaac produced a chart predicting the odds that a borrower with a certain credit score would default on a mortgage. For example, it predicted that a loan to a borrower with a 680 score had a 1 in 144, or 0.7%, chance of becoming delinquent over the life of the loan; a person with a 700 FICO score would have a 1 in 288 chance, or just...
...Credit scores, first developed in the late 1950s, try to boil down to a single number whether a person is likely to pay back a loan. The most widely used ranking of individual creditworthiness is the FICO score. Fair Isaac Corp., which computes the number, won't say exactly what goes into the formula, but it is essentially a summation of an individual's credit history - which loans were paid off and which weren't - rolled up into a three-digit number between 300 and 850. The higher the number, the more likely you are to pay back a loan...