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As one of the key requirements for meeting Regulation B’s definition of a credit scoring system, validations are an essential part of a sound lending, pricing and score card monitoring program. More credit unions are being advised that score card validations should be performed regularly by an unbiased third party. Validations always have been a requirement of Regulation B. However, due to recent economic events there is a more concerted effort by regulatory agencies to ensure validations are performed on a regular basis.

Peter Westerman

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