Common use of ECOA Statements Clause in Contracts

ECOA Statements. Subject to the terms below, Equifax reasonably believes that, (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 Insurance Score Information Services were designed particularly (as stated in Exhibit B for each particular 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; and (2) the scoring algorithms comprising the Insurance Score Information Services, except as permitted, do not use a “prohibited basis,” as such phrase is defined in Regulation B. This section and Equifax’s statements herein are contingent on Client’s use of the Score for the purpose for which it was designed, in compliance with this Agreement. Client must validate the Insurance Score Information Services on its own records. Client will be responsible for meeting its requirements under the ECOA and Regulation B and will not use any Score in any manner that violates any fair lending laws.

ECOA Statements. Subject to the terms below, Equifax reasonably believes that, (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 Insurance Score Information Services were was designed particularly (as stated in Exhibit B for each particular Insurance Score Information Service)particularly, and each it is intended to be an “empirically derived, demonstrably and statistically sound credit scoring system” as defined in Regulation B; B. and (2) the scoring algorithms comprising the Insurance Score Information ServicesScore, except as permitted, do not use a “prohibited basis,” as such phrase is defined in Regulation B. This section and Equifax’s statements herein are contingent on ClientQualified Subscriber’s use of the Score for the purpose for which it was designed, in compliance with this Agreementthe service definitions described in the CRA Agreement for Service. Client Qualified Subscriber must validate the Insurance Score Information Services on its own records. Client Qualified Subscriber will be responsible for meeting its requirements under the ECOA and Regulation B and will not use any Score in any manner that violates any fair lending laws.