TAILIEUCHUNG - Building Web Reputation Systems- P3

Building Web Reputation Systems- P3:Today’s Web is the product of over a billion hands and minds. Around the clock and around the globe, people are pumping out contributions small and large: full-length features on Vimeo, video shorts on YouTube, comments on Blogger, discussions on Yahoo! Groups, and tagged-and-titled bookmarks. User-generated content and robust crowd participation have become the hallmarks of Web . | Figure 1-1. Your credit score is a formalized reputation model made up of numerous inputs. FICO score may well be a reasonable representation of something we can call creditworthiness. For most of its history of more than 50 years the FICO score was shrouded in mystery and nearly inaccessible to consumers except when they were opening major credit lines such as when purchasing a home . At the time this obscurity was considered a benefit. A benefit that is to lenders and the scoring agencies that in operating a high-fee-per-transaction business were happy to be talking only with one another. But this lack of transparency meant that an error on your FICO score could go undetected for months or even years with potentially deleterious effects on your cash flow increased interest rates decreased credit limits and higher lending fees. However as it has in most other businesses the Internet has brought about a reform of sorts in credit scoring. Nowadays you can quickly get a complete credit report or take advantage of a host of features related to it flags to alert you when others are looking at your credit data or alarms whenever your score dips or an anomalous reputation statement appears in your file. In the United States an employer is generally permitted to perform a credit check primarily because there is no federal discrimination law that specifically prohibits employment discrimination on the basis of a bad credit report. As access to credit reports has increased the credit bureaus have kept pace with the trend and have steadily marketed the reports for a growing number of purposes. More and more transaction-based businesses have started using them primarily the FICO score for less and less relevant evaluations. In addition to their original purpose establishing the terms of a credit account credit reports are now used by landlords Reputation Systems Deeply Affect Our Lives 11 for the less common but somewhat relevant purpose of risk mitigation

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