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US007251624B1 (12) United States Patent (10) Patent N0.: Lee et al. (54) (45) Date of Patent: SCORE BASED DECISIONING Inventors: US 7,251,624 B1 Walter Daniel Sham, WI Lee, La San Mesa Diego CA (Us);

How to fill out score based decisioning

How to fill out score based decisioning:

1. Start by gathering relevant data: In order to fill out a score based decisioning form, you will need to collect data on the different criteria or factors that will be used in the scoring process. This can include things like customer demographics, past behavior, financial information, or any other relevant data points.
2. Determine the scoring algorithm: Once you have collected the necessary data, you will need to decide on the scoring algorithm or methodology that will be used. This could involve assigning weights to different variables, setting thresholds for certain criteria, or using a predefined scoring model.
3. Assign scores to each criterion: Next, you will need to assess each criterion or factor and assign a score to it based on its relevance and impact on the decisioning process. This could be done on a numerical scale or using predefined categories.
4. Calculate the overall score: Once you have assigned scores to each criterion, you can calculate the overall score for the decisioning process. This can be done by combining the scores using the weighted algorithm or by summing up the individual scores.
5. Make the decision: Finally, based on the overall score calculated, you can make the final decision. This could involve approving a loan application, determining eligibility for a program, or any other decision that the score based decisioning is designed to support.

Who needs score based decisioning?

1. Financial institutions: Banks, credit unions, and other financial institutions often use score based decisioning to assess creditworthiness, determine loan approvals, or make other financial decisions.
2. Insurance companies: Insurance companies can use score based decisioning to assess risk and determine premiums for potential policyholders.
3. E-commerce platforms: Online retailers may employ score based decisioning to detect fraudulent transactions or evaluate customer behavior for targeted marketing.
4. Human resources departments: HR departments can use score based decisioning to assess job applicants, determine employee promotions or incentive programs, or evaluate performance.
5. Healthcare providers: Healthcare organizations may utilize score based decisioning to assess patient risk levels, predict readmissions, or make treatment-related decisions.
6. Government agencies: Government agencies can leverage score based decisioning to determine eligibility for social programs, assess compliance with regulations, or evaluate the effectiveness of policies.

In conclusion, filling out score based decisioning involves gathering relevant data, determining the scoring algorithm, assigning scores to criteria, calculating the overall score, and making the final decision. Various industries and sectors can benefit from score based decisioning, including financial institutions, insurance companies, e-commerce platforms, HR departments, healthcare providers, and government agencies.

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What is score based decisioning?

Score based decisioning is a process used by companies to make decisions based on a numerical score that represents the risk associated with a particular individual or entity.

Who is required to file score based decisioning?

Companies that use score based decisioning in their decision-making processes are required to file score based decisioning.

How to fill out score based decisioning?

Score based decisioning can be filled out by gathering relevant information on individuals or entities, assigning numerical scores based on risk factors, and using these scores to make informed decisions.

What is the purpose of score based decisioning?

The purpose of score based decisioning is to help companies make more efficient and accurate decisions by evaluating the risk associated with individuals or entities.

What information must be reported on score based decisioning?

Score based decisioning must report information on the risk factors considered, the numerical scores assigned, and the decisions made based on these scores.

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