The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Maybe it's genetic Date:  12/7/2012  4:05 PM
Author:  kahunacfa Number:  306496 of 308411

Thank you for recommending this post to our Best of feature. - TMF

This is a link to a short entry that gives the abstract to a linked article about the possibility of a genetic variation pertaining to borrowing.

Could be interesting, could be unsettling. What if lenders started demanding DNA tests before they agreed to lend large sums of money? Or before hiring a CEO?

- Windowseat | Date: 12/6/2012 2:20:03 AM | Number: 306495

Actually the use and possible misuse of genetic testing is a scarey potential problem in many areas of life. The problem for mis-use is similar to the problem of Insurance Companies using auto insurance applicants FICO scores to rate and price insurance policy products. They use the FICO scores simply because: 1. They exist, and 2. they are inexpensive for an insurance company to obtain from the UnFair-Issac corporation. FICO scores were NEVER designed to ever rate insurance risk of any kind yet they are frequently used that way. There used to be a term: "There Out to be a Law". In this case State Insurance Commissioners could simply administratively prohibit insurance companies from accessing applicants for insurance FICO Scores.

Kahuna, CFA
Venture Capital
Founding General
Partner 96745
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us