Death Penalty for Children Essay

Capital punishment issue has consistently been one of the most significant issues of the contemporary arrangement of equity. A long time back most of the crooks were male more than 20 years of age, yet these days the circumstance has changed. Adults are condemned as well as kids who are under 18 years of age these days they perpetrate murders and other awful wrongdoings. Nonetheless, a youngster is consistently a kid and on the off chance that he carries out a wrongdoing it isn't on the grounds that he has a decent life truth be told, it isn't the blame of the kids, they don’t have the fortune of having anyone who cherishes, supports and leads them in the right heading. Under these conditions a youngster ought to never be condemned to death since they despite everything get an opportunity to change and rethink their life. A kid isn't intellectually equipped for understanding the wrongdoing the person in question submits, others can without much of a stretch impact kids and their mystic procedure isn't steady yet. Most of the negative appearances are procured from parent’s conduct and the child’s social condition. In the event that the youngster has just forceful and vicious models in his social condition, he won’t acknowledge the guide of his folks or instructors then the child’s character misshapes. A kid is definitely not a criminal grown-up and ought to never be dealt with like that, it is increasingly essential to forestall kids for carrying out wrongdoings and recall that youngsters just reflect what the family and the general public have placed into their heads. Considering, kids ought to experience childhood in a solid domain with adoration and regard for the live of themselves as well as other people, this is the best approach to forestall more violations. Governments and society must comprehend that a kid is impression of a glad home, at that point they should begin to improve their conduct to improve their homes and the world.

Risk Assessment Case Study Evaluation Essay Example for Free

Hazard Assessment Case Study Evaluation Essay The hazard appraisal contextual investigation assesses the chromium-tainted soils. Twelve years of research went into the examination to portray the wellbeing dangers brought about by the chromium-tainted soils. Inside New Jersey there were at any rate three diverse chromate compound assembling organizations working, one in Kearny, New Jersey, and the other two in Jersey City. The investigation was led through a human wellbeing hazard evaluation, which contains four principle steps; first recognizing the danger, second the portion reaction appraisal, trailed by the introduction appraisal, and concluding with the hazard portrayal. There are many short and long haul wellbeing impacts found inside the hazard evaluation, which is one explanation that appraisal is so significant. Taking a gander at the hazard appraisal that was done inside the region, the last ramifications was the basic truth that a medicinal cleaning should have been done inside the region. It appears that there may have been a significant expense for the examination and the real cleanup, yet the advantage of sparing a domain and human wellbeing is extremely valuable. Hazard evaluation examines are essential to human and environmental wellbeing, in this manner regardless of the expense related the advantage will consistently be a lot higher. Taking a gander at the hazard appraisal of chromium-defiled soils is significant; it shows wellbeing impacts identified with chromium and what should be done to clean the region for additional utilization by people and nature. The contextual analysis remembers a gathering of risky waste destinations for Northern New Jersey. At these waste locales a progression of extraordinary research endeavors were executed in the course of recent years to improve the exactness of the Risk Assessment process† (Paustenbach, 2002, p. 1). The contextual analysis explicitly records the utilization of applied research to propel the portrayal of both introduction and harmfulness related with the uncontrolled arrival of hexavalent and trivalent chromium as chromites metal handling buildup (COPR) in a urban setting (Paustenbac h, 2002). Early examination started after redevelopment of specific neighborhoods in downtown Jersey City prompted the disclosure of COPR. Research led by the team uncovered that development organizations and pulling firms had sued or offered the COPR to fill cellars of annihilated structures, as base for parking garages and structures, or potentially to fill low †lying territories (Paustenbach, 2002). An aggregate of 2,138 surfaces and subsurface soil tests, 31 groundwater tests from 31 observing wells at seven destinations, 33 surrounding air tests, 19 surface-water and 11 residue tests, and eight structure divider wipe tests were gathered and dissected during the healing examination that was directed by Environmental Sciences and Engineering (ESE). Because of the examinations led in the late 1980s plainly there was impressive vulnerability about how better to describe the potential wellbeing dangers related with the COPR destinations. â€Å"The human wellbeing hazard evaluation an improvement used to process the estimation, the nature, and the possibility of an unfavorable wellbeing impacts happening in people who might be presented to synthetic concoctions sullied with ecological media† (EPA, 2012, p. 1). The hazard evaluation can be ordered into four stages; the danger distinguishing proof, the portion reaction appraisal, the introduction appraisal, and the hazard portrayal. The least demanding to perform and the most unmistakable, the initial step is to distinguish the risks. Peril distinguishing proof decides if presentation to a dangerous operator could be a hazard for the wellbeing of people. The appraisal additionally considers the introduction to creatures and how the risky specialist may influence or unfavorably influence the creatures. The subsequent advance, the portion reaction appraisal is â€Å"the procedure of portraying the connection between the portion of an operator regulated or got and the frequency of an unfavorable wellbeing impact in uncovered populaces and evaluating the occurrence of the impact as an element of introduction to the agent† (Paustenbach, 2002, p. 1). Impacting issues are a variable in the subsequent advance, for example, age, sex, schedules, the sum they are uncovered, and the volume that they are uncovered. A portion reaction relationship depicts how the chance and seriousness of unfavorable wellbeing impacts are identified with the sum and state of introduction to an agent† (EPA, 2012, p. 1). The third step is the introduction appraisal. â€Å"Exposure appraisal is the procedure wherein the power, recurrence, and term of human presentation to an operator are estimated† (Paustenbach, 2002, p. 1). Last, the last advance is the hazard portrayal. The dangerous impact o n wellbeing is named in the last stage. By count and taught surmises, the frequency of a wellbeing impact under the different states of human or creature presentation portrayed in the introduction appraisal is characterized. The people group has not been altogether influenced by the COPR †containing soils. â€Å"The property estimations have been kept unblemished and the organizations on influenced properties have proceeded to operate† (Paustenbach, 2002, p. 1). At the point when the COPR was ub the procedure of removal, there was practically zero worry for the natural and human wellbeing dangers that would happen because of the conveyance of COPR outside the plant. The conceivably uncovered populaces were characterized by on location and encompassing area use. â€Å"Exposures to chromium in COPR were accepted to happen by means of inward breath of suspended soil particulates, dermal contact with soil, and coincidental soil ingestion† (Paustenbach, 2002, p. 1). The information from the site studies were utilized in site-explicit hazard appraisals to evaluate exposures. Section nine checked that the there were 42 properties influence by the presentation and poisonousness evaluations (Paustenbach, 2002, p. 1). There were numerous examples taken. Somewhere in the range of 1986 and 1989 â€Å"a aggregate of 2,138 surface and subsurface soil tests, 31 groundwater tests from observing wells situated at 7 destinations, 33 surrounding air tests, 19 surface-water and 11 silt tests, and 8 structure divider wipe tests were gathered and examined during the RI† (Paustenbach, 2002, p. 1). Surface water and soil tests were additionally taken in the hazard evaluations. The evaluations affirmed that there was without a doubt an issue and that a medicinal was required. The hazard portrayal demonstrated that something should have been done and remediation was required for these current empty parcels. Results checked that the introduction and harmfulness appraisal had a high poisonousness in the dirt and cancer-causing that individuals were presented to noticeable all around, soil, and water. Confirm demonstrated that indoor residue was exceptionally harmful and yielded a connection between the residue and chromium levels. Significant levels of chromium were unmistakable in all tests. The cancer-causing mixes of chromium were not demonstrated in one, however, done on guinea pigs. The issue was passed around inside the organization however was in the long run overseen is as yet being taken care of today. The ramifications of these evaluations have changed with each appraisal done. Every appraisal could test much more precisely. The last evaluation was that there is a need to focused exertion on the chromium left from these destinations. Each progression was correctly performed and precisely completed. Impediments emerged during the initial step of distinguishing proof. Once more, the subsequent advance portion reaction was restricted by the exploration that had been done on chromium. When they would document an appraisal, there would be another increasingly exact test accessible that would make the report wrong. The constraints and recently surfaced appraisals left unanswered inquiries and worries with the evaluations. This 12-year term changed a period of new advancements in testing. With the accessibility of these new tests it brought the requirement for additional evaluations. The last evaluations show that cleanup is required and will require broad wanting to get it going. The appraisals were intended to find the consequences of how much chromium was in the zone. The impact on the strength of people and the earth was likewise related inside the appraisals. Over the 12-year time frame, the appraisals were assessed and satisfied to their fullest potential. As indicated by Paustenbach (2002), in Chapter 9, â€Å"the cost of the 12-year study approached 10 million dollars in research† (Paustenbach, 2002, p. 1). Results can be found in the endeavor of the evacuation of soil in these zones and taken to a risky material dump in Canada. By bringing down the degrees of chromium in these regions, similar to the wetlands, they have spare a one of a kind domain in America. As per the Njdep Site Remediation Program (2012) the cleanup in these territories are progressing and the testing is being posted on this site to show what the levels are in these zones (NJDEP, 2012). The individuals living and working in the specific zones will most profit by the program. The individuals can remain in tuned with the every day tasks, alongside the level appraisals, through the site. Despite the fact that the investigation was long, â€Å"the considers directed have brought down the liabilities by very nearly 1 billion dollars† (Paustenbach, 2002, p. 1). The reasonable ramifications of the hazard evaluation were that there would need to be a medicinal cleanup. â€Å"A audit of chromium toxicology proposed that valence separation in the earth would be vital to accurately figuring wellbeing defensive cleanup principles and expanding the advantage of every dollar focused on remediation† (Paustenbach, 2002, p. 1). The particular objective methodology was down to earth since it tended to the issues and concocted a strategy. Numerous large organizations don't have a game plan and this blocks the procedure to be effective in the remediation procedure. Another explanation behind the common sense of the hazard evaluation was that they had the option to spending plan for how much the therapeutic and the cleanup would c

Commercial Law Essay Example | Topics and Well Written Essays - 1500 words

Business Law - Essay Example The death of any hazard related with safeguarding of the property sold or during the time spent being sold is represented by Section 20(1) of the Sale of Goods Act 1979 which gives as follows:- â€Å"Unless in any case concurred, the merchandise stay at the merchants hazard until the property in them is moved to the purchaser, however when the property in them is moved to the purchaser the products are at the purchasers chance whether conveyance has been made or not.†3 The acquisition of the six speed drill seems to have vested in Alex before dispatch by the merchant since he paid for the drill by means of Visa via phone. As per Section 20(1) of the Sale of Goods Act, 1979 the property was moved to Alex and keeping in mind that in travel stays at his hazard. In any case, the drill didn't fit in with particulars since it was a three speed drill as opposed to the predefined six speed drill. Thus, Alex as purchaser has a privilege to dismiss non-adjusting merchandise. The law presumes that the gatherings plan that the merchandise will fit the portrayal as accommodated in the offer of goods’ contract. On the off chance that at the hour of shipment the products don't comport with the agreement portrayal: â€Å"†¦if there was a quantitative imperfection in the products adding up to a break of a crucial term or to a penetrate of condition, or to a penetrate of a middle of the road term which cause him genuine prejudice.†5 A purchaser is along these lines at freedom to dismiss products generally in the event that they neglect to relate with the portrayal of the merchandise sold by means of the agreement available to be purchased. This is conceivable in any event, when the purchaser doesn't cause any harms or misfortune because of the non-accommodating goods.6 However the courts have made careful arrangements to restrict the utilization of this standard by adequately narrowing the ‘concept of the depiction of the goods.’7 It was held in Christopher Hill Ltd. v Ashington Piggeries Ltd [1972] AC 441that an announcement contained in an agreement may

Our Right To Drugs Essays - Drug Control Law, Anti-psychiatry

Our Right To Drugs You may be enticed to name Thomas Szasz, creator of Our Right to Drugs, The Case for a Free Market, a counter-culture radical. Be that as it may, this examination couldn't possibly be more off-base. Szasz, a Professor Emeritus of Psychiatry at the State University of New York Health Science Center in Syracuse, is a significant supporter of common freedoms. He sees the purported War on Drugs as one of the most exceedingly terrible barbarities that the American Government has executed on its kin. Szasz fights that the preclusion of specific medications, including regular physician recommended drugs, is simply the administration telling the individuals that father knows best. It is this paternalistic mentality that Szasz finds so harsh. Mr. Szasz makes three key contentions all through his book. In the first place, the War on Drugs is a disappointment and can never succeed. It ought to be halted right away. Second, tranquilize sanctioning is certifiably not a feasible answer. It would just transform into another endeavor by the legislature to control tranquilizes and would not be anything else of a free market than the present arrangement of medication denial. Third, he proposes an answer. The arrangement is to end all medication guideline by the legislature; as a result, making a free market for drugs. He doesn't stop at illegal medications, in any case. He likewise remembers physician endorsed drugs for this arrangement too. He sees the administration's medication control arrangement as an endeavor by the legislature to control its populace, much like a parent controls his/her kids. So as to get at what Mr. Szasz is stating, we should initially inspect his meaning of what a free market is. Szasz characterizes the free market as the privilege of each equipped grown-up to exchange merchandise and enterprises. (Szasz, page 2). At the end of the day, he is sketching out a free enterprise arrangement of the free market. Szasz fights that the administration's just job in a free market is to shield individuals from power and misrepresentation and, to the greatest degree conceivable, avoid taking an interest in the creation and dispersion of products and ventures. (Szasz, page 2). In this arrangement of free enterprise, the administration has an exceptionally little job. As per Szasz, the administration should have an aloof job in any market, including the market for drugs. When the administration surrenders its dynamic job, which is spoken to by the war on drugs, a free market for drugs which Szasz proposes can be accomplished. As we dig into Mr. Szasz's first contention, we start to see serious issues with the administration's War on Drugs. As indicated by Szasz, the denial of medications is an obtrusive infringement of human rights ensured to American residents by the Constitution. So as to demonstrate his point, he compares medications to individual property. As per the Constitution, each American resident will have the basic right to life, freedom, and property, the initial two components laying solidly on the last. (Szasz, 1). In this way, Szasz battles that in light of the fact that both our bodies and medications are sorts of property?producing, exchanging, and utilizing drugs are property rights, and medication denials comprise a hardship of essential established rights. (Szasz, 2). As it were, much the same as the disallowance of liquor required an established alteration, so does the restriction of medications. Without that change, the preclusion of medications is in direct infringement of the Cons titution. The second contention that Szasz makes is one, shockingly enough, against the authorization of medications. Despite the fact that Szasz contends for a free market for drugs, this is vastly different from the contention that self-declared medication legalizers make. As indicated by Szasz, most defenders of medication authorization contend for what he calls Legalization as Taxation (Szasz, page 106). Ethan Nadelmann, educator of governmental issues and open issues at Princeton University, asserts the accompanying, Suppose we conclude, OK, we're not going to authorize split; what we will do is legitimize 15-percent cocaine. . . . Truly, a few people are as yet going to need to go to the bootleg market. . . also, purchase break. You won't have the option to forestall that. Be that as it may, suppose 70 percent of the market will utilize the legitimate, less intense substance. That is acceptable, on the grounds that the administration charges it, directs it. . . . The article is to undermine the criminal component (Szasz, page 106). From this,

The Future of Consumer Credit Management (incl. Credit Reports Credit Scoring)

The Future of Consumer Credit Management (incl. Credit Reports Credit Scoring) Credit is a very important aspect of our financial lives.Many of us would not be able to function well financially if not for the ability to access credit when we need it.That’s why we are so keen to ensure we always have a good credit score.We pay our credit card debts and bank loans in time to ensure our credit score is exemplary, which in turns makes it easier for us to access credit the next time we need it.Have you ever considered the nitty-gritties behind the consumer credit management systems that credit card companies and other lenders use? Do you know how your credit score is calculated?Are you aware that credit bureaus such as Equifax contain all or most of your credit history as well as other personal information like your social security number and address?With technology advancing at a rapid rate, lenders have started capitalizing on these advancements to pioneer revolutionary solutions to the problems they encounter in consumer credit management.Lenders have also star ted using alternative data â€" such as social media data â€" to calculate your credit worthiness.How do these changes affect you as a borrower?In today’s article, we are going to cover all this and more to help you understand consumer credit management, where it is coming from, and where it is headed, particularly with technological evolution and the spawning of ever sophisticated   legislation and regulations.WHAT IS CONSUMER CREDIT?Consumer credit management is a system of methods and practices that financial services organizations use to manage their credit relationships with customers.The simple definition of consumer credit is when a customer takes on personal debt to facilitate the purchase of goods and services.Another name for consumer credit is “consumer debt”.One familiar example of consumer credit is the credit card.While any type of personal loan could technically be called “consumer credit”, the term typically refers to unsecured debt which one takes on to pur chase everyday goods and services.In that case, a personal loan taken on when purchasing a house would not be termed as consumer credit since a house is a long-term investment. Houses are typically bought using a secured mortgage loan.Organizations that extend consumer credit include banks and retailers.They do this to help customers to buy goods instantly, even if they don’t have enough funds to purchase the goods at that moment. The customer then pays off the cost with interest over time.Consumer credit has its advantages and downsides, which are highlighted in the video below. There are two main types of consumer credit:Installment Credit â€" This is credit provided for a specific purpose. The amount of credit is defined and given for a set time period. Payments for installment credit are typically made monthly in equal installments. This type of credit is mainly used when making big-ticket purchases such as cars, major appliances, and furniture. The interest rates for installm ent credit are typically lower than those of revolving credit. The item you purchase with the credit will serve as the collateral, in case you default. Revolving Credit â€" A good example is credit cards. You can use credit card for any purchase. In other words, the credit is “revolving” because it is open â€" the amount of debt you owe fluctuates as you use up the available credit and make repayments. You can use up to the maximum limit over and over again, provided you continue making your minimum monthly payments in time. Revolving credit has a high interest rate because it is unsecured credit â€" it is it is not secured by collateral.The appetite for consumer credit among Americans has been growing over the years, as evidenced by the graph below. Amounts of debt owed by Americans from 1991 â€" 2017. Source: Federal Reserve Bank of PhiladelphiaTHE EVOLUTION OF CONSUMER CREDIT AND THE EFFECT OF TECHNOLOGYConsumer credit has been evolving since the days of the Sumerians.It has been around for at least 5,000 years! The Sumerians had the first urban civilization, and they used consumer loans for agricultural purposes.However, it was not until a century ago that consumer credit started to make big leaps and bounds.When Henry Ford realized that most American families were not wealthy enough to purchase automobiles with cash, he struck on an ingenious solution.General Motors began to loan its customers the money they needed to purchase a car.This popularized the concept of installment plan financing.Other companies followed GM’s lead, and people were able to buy furniture, phonographs, refrigerators, and radios on installment plans.However, this system was inefficient and inconvenient because one had to have several credit accounts with different merchants â€" each with its card and monthly payment.In the fifties, credit cards were introduced, enabling Americans to access general credit for a wide variety of purchases.In the sixties, computer technologies were applied to credit reporting, resulting in improvement of data accuracy due to standardization of credit application forms.Thanks to the information age and the evolution of technology over the decades, consumer credit and risk assessment processes have grown and are constantly changing to accommodate the changing world.For instance, credit reports are today instrumental in making informed decisions about insurance, employment, housing, and cost of utilities.Modern credit systems operate with sophisticated algorithmic credit scoring.They use trended and alternative data, and feature innovative fintech applications.When all these developments combine, they provide the technological foundation for even greater evolution and improvement of consumer credit m anagement in future.Credit ScoringThe most common credit scoring model in use today consists of five categories: payment history (which makes up 35% of the credit score), debt burden (which makes up 30% of the credit score), duration of credit history (which makes up 15% of the credit score), types of credit used (which makes up 10% of the credit score), and new credit requests (which makes up 10% of the credit score).This traditional scoring model has its limitations.For instance, traditional credit scores provide a credit snapshot instead of portraying the bigger picture of how the person’s credit is changing.Furthermore, the traditional model may give an inaccurate representation of a customer’s credit due to a lack of data, inhibiting the person’s current score.Fortunately, technology is helping to weed out these inefficiencies.Trended DataTrended data enables analysis of the velocity, direction, tipping points, and magnitude of changes in a customer’s credit history.Thi s provides a more accurate picture than what you get from looking at a snapshot of the person’s credit score.Trended data improves predictive performance by up to 20%.Alternative DataCredit history, though important, is not the only source of data that can shed light on a customer’s creditworthiness.Alternative data includes information on wealth, property ownership, the customer’s payment of daily bills, among other data sources.The sum of all this data provides a more comprehensive picture which enables credit-giving companies to better judge a customer’s creditworthiness.Other TechThanks to technology, consumers have access to an unprecedented level of their credit data.Furthermore, new science involving neural networks is being implemented to add more sophistication to the credit scoring process.THE FUTURE OF CONSUMER CREDITAs a borrower, there is more to you than just your credit score.For creditors to eliminate the inefficiencies in their credit scoring model and enabl e highly accurate predictions, they must get a 360 degree view of their customers’ creditworthiness.The gap between your actual creditworthiness and what the creditor is able to figure out is known as “information asymmetry”. Over the years, as technology advances, this gap has continued to grow smaller.However, there are situations where information asymmetry lingers.For instance, in the case of a college student that has zero credit history, or a farmer in rural India needing a loan to buy seeds for his farm.Due to the increasing amounts of data and the development of technology which can utilize that data, information asymmetry will be tamed in the new future.The following are the major forces that will reduce information asymmetry and influence the future of consumer credit:1. Increasing DataThe rate of global data creation has grown in leaps and bounds and is ever increasing. Credit companies will improve on their ability to access consumer data and to interpret it accura tely.Consider that the following staggering amounts of data are created daily on the internet:500 million tweets sent4 petabytes of data created on Facebook (a petabyte is a quadrillion bytes â€" note that a quadrillion contains 15 zeroes)294 billion emails sent65 billion Whatsapp messages sent4 terabytes of data created from each connected car (a terabyte is a trillion bytes)5 billion searches madeIt is estimated that by 2025, the globally daily data output will be 463 Exabytes (an Exabyte is a quintillion bytes â€" note that a quintillion has 18 zeroes).Today lenders have already started using social media data for credit scoring. Social media data is useful for assessing the creditworthiness of thinner-file borrowers like students and foreign nationals.Innovative lenders are using alternative data sources such as social media, bank transactions, cell phone data, and third-party hubs that package personalized and verifiable data for the lenders.With this information, lenders are a ble to increase their approval and conversion rates, and expand their base of customers to include under-banked populations.It also enables lender to give their customers a customized experience based on the deep insights they draw from the customers’ profile.Furthermore, lenders are able to reduce cases of fraud by identifying potential fraudulent activity.Using social media data for credit scoring is very helpful in countries which have limited credit bureau data, where huge sections of the population are accessible only through such alternative methods.The use of alternative data will continue to expand and advance with time, as more sophisticated technology and algorithms are created to help make the best use of this data.However, these strides towards use of alternative data will have to contend with increasingly sophisticated laws put in place to protect personal data and privacy.2. Changing Regulatory LandscapeNew international data regulations such as the GDPR are putting data back in the hands of consumers and that will definitely have an impact on the future of consumer credit management.GDPR, which stands for General Data Protection Regulation is an EU region data protection and privacy regulation that took effect on 25th May 2018. Its aim is to give back control over personal data to people in the European Union and European Economic Area (EEA).It simplified the regulatory environment that international businesses have to operate in by unifying the regulation within the EU.While lenders are increasing making use of alternative data for credit scoring purposes, data protection laws can put the brakes on such innovations.Ultimately, the future of consumer credit management is dependent on this struggle between data protection regulation and the move by lenders towards using alternative data.Data protection laws are not the only regulation lenders have to contend with. The regulatory environment is becoming increasingly complex.It is estimated that by 2020, about 300+ million pages of regulatory documentation will be published.For that reason, lenders are increasingly relying on RegTech (regulation technology) solutions to help them achieve compliance with this mountain of laws and regulation.While today a lot of our financial data is almost exclusively in the hands of credit agencies and banks, in future a lot of the data will be in our control as consumers. We will make decisions on how our data is used and for what purposes. Initiatives such as GDPR, PSD2, and Open Banking are meant to make that vision a reality.While it has already started in Europe, the trend towards open data is expected to go global.With open data, we as the consumers will be able to:Get back control of checking, credit card, mortgage, and loan data.Voluntarily give up more information so as to receive better deals from creditors.Give third parties access to use this data in new products and applications.Access better rates, new lending models, and so f orth.3. Emerging TechnologyGame-changing technologies such as neural networks, deep learning, and machine learning are making it easier for companies to draw deeper insights from data.Big Data enables the collection of data in incredibly high volume, velocity, and variety â€" both structured and unstructured data â€" that traditional processing applications were unable to handle.Big Data has highly simplified the lending process and made it faster and more convenient for customers.For instance, borrowers don’t have to personally go to a bank or interact with a bank representative to get the service they need.They can access lending services online. Big Data has also helped reduce the approval process to a minimum because it enables lenders to calculate risks faster, even without paperwork.RegTech (regulation technology) involves using technology such as blockchain, biometrics, and AI to enhance and improve delivery of regulatory requirements. Lenders in the US are spending large s ums of money every year on such technology to help them comply with the changing regulations.Machine learning is a branch of artificial intelligence. It’s a process where data is analyzed with the intention of learning and creating analytical models which can execute intelligent actions on unseen data with little or no intervention by a human. Lenders are using machine learning to enhance their credit scoring systems. These systems use neural network modeling to enable more accurate risk assessment.4. Focus on IdentityAs you can garner from what we have explained so far, consumer credit management is becoming increasingly digitalized.One of the disadvantages of this is the great risk of identity theft. In this brave new world, consumer credit management will have to evolve the methods used to authenticate the identity of customers. Technology applications such as blockchain and biometrics may have a role to play.Biometrics is technology that enables identification of individuals t hrough their unique physical attributes, and includes technologies such as:Fingerprint verificationIris verificationFacial recognitionVoice IDBiometrics is a strong, convenient, secure, and accessible means of authentication and helps do away with passwords, ID cards, and in-person or paper-based proof of ID processes.Blockchain is the technology underlying cryptocurrencies like Bitcoin, but its applications are broader than that. It is one of the new frontiers in technology which have the capacity to change the world over the next decades.Blockchain is able to control information and avoid duplication.This makes it potentially useful for making self-sovereign identity a reality â€" that we can control our personal data no matter where we are.Self-sovereign, digital identities stay under your control, and are capable of quick, secure validation without requiring a centralized repository.Self-sovereign identity is something that could be used to end identity theft and deal with other issues which impact on consumer privacy.5. FintechFintech is financial technology. The term refers to emerging technologies which improves and automates financial services’ delivery and use.It helps companies, entrepreneurs, and consumers to improve how they manage their financial processes, operations, and lives.One of the advantages of fintech is that its high ease of use and convenience makes it a big hit among all sorts of people, enabling companies to access large new portions of customers who are otherwise unbanked.Such customers have thin credit files and are as a result often given low or no composite credit score.Fintech lenders use nontraditional data to make better decisions about thin-file borrowers who would otherwise not have access to loans.Fintech also enables democratization of data and tech which allows small/niche players to enter the industry and provide new, innovative products/solutions to consumers.CREDIT BUREAUS, CREDIT REPORTING, AND CREDIT SCORINGCredit reports are made by credit bureaus. A credit report is a detailed breakdown of a person’s credit history.Credit bureaus are agencies which specialize in the collection of such financial information and then preparing credit reports that lenders can then use to determine the creditworthiness of a borrower.Examples of credit bureaus in the US include Equifax, TransUnion, and Experian. They create reports that cover individuals’ personal financial detail and also your bill-paying habits.The credit report will have personal information like your current and previous addresses, your employment history, and your social security number.It will also feature your credit history summary â€" for instance how many bank or credit card accounts (and type) you have that are past due and how many in good standing. It also covers account information in detail: date the accounts were opened, credit limits, and high balances.The main problem with credit reporting and credit bureaus is that these o rganizations contain the information of practically everyone: credit cards, debt, and other accounts payable.Due to the sensitive nature of this information, and the fact that it is all centrally organized, credit bureaus and credit reports are enticing targets for hackers.In 2017, Equifax, one of the three US credit bureaus, experienced a serious data breach, exposing the financial data of close to half of all Americans to hackers.The hackers were able to steal the birth dates, social security numbers, and addresses of 143 million Americans. All those people were made vulnerable to identity theft.This hack revealed the vulnerability of credit bureaus and the flaws of the credit reporting and credit scoring system.Entrepreneurs are capitalizing on this and developing better solutions to this problem.The main problem with credit bureaus is that they don’t exist for our benefit as consumers â€" we don’t have control over our file and cannot contribute any data to it.These credit f iles are backward-looking instruments, which is an imperfect model, and entrepreneurs such as Shivani Siroya, CEO of Kenyan company Tala, are using big data and machine learning to create a new generation of credit applications that use forward-looking data and predictive models rather than   rely strictly on past performance.With predictive data models, consumers can proactively demonstrate their credit potential.Furthermore, they do not need massive aggregation of personal data, thus not as vulnerable to identity theft as traditional credit reports and credit scores.Predictive models are beneficial to lenders too as they help expand the customer base by identifying millions of under-served consumers who may be trusted.For instance, Tala is able to predict creditworthiness of an individual within about 20 seconds, using data present in the customer’s device.In the wake of the Equifax breach, lawmakers have attempted to place restrictions on credit bureaus, in a bid to make them m ore secure and transparent.It is quite possible that in future a credit file could become something similar to a LinkedIn profile: verifiable and reality-based, yet controlled by you, not the platform.The future of credit files is for consumers to get more control over their data.WRAPPING UPDue to the advancing capabilities of technology in machine learning, Big Data, blockchain, biometrics, RegTech, among others, consumer credit management is changing rapidly.New regulations and data protection laws are also further complicating the plot.For now we can only speculate what consumer credit management will look like tomorrow.What is clear for now, however, is that it looks promising for borrowers and will put greater control in the hands of consumers. It is certainly a brave new world we are stepping into.

Psychological Strategy The Bases of Market Segmentation - 275 Words

Psychological Strategy: The Bases of Market Segmentation (Essay Sample) Content: Market SegmentationStudentà ¢Ã¢â€š ¬s NameInstitutionMarket SegmentationMarketing Segmentation is the way of dividing the market into different subsets of consumers portraying same characteristics so as to establish a niche for products. The markets are majorly segmented on various bases aligned to the features of the consumers. These bases include; demographic, behavioral, geographic, and psychographic and benefit basis of segmentations, all structured to take advantage and maximize on the different aspects of the consumer being CITATION Joh03 \l 1033 (O'Shaughnessy, 2013). These bases make-up market segmentation strategies through which businesses can establish a wider customer base in the market. Through market segmentation strategy the market is segmented by geographic location of the consumers as the consumer behaviors of people living in one place often differ from that of other customers residing in a different location. This is majorly caused by the differe nces in the needs of the consumers following the geographical differences that may have been caused by the language, climatic and cultural differences CITATION Joh03 \l 1033 (O'Shaughnessy, 2013).The market may also be segmented on the basis of demographics, a segmentation strategy whereby the businesses use the demographic variables such as age, occupation, education, sex, trade type and income levels to establish a market niche for its products. By this, the business undertakes an extensive study to determine the demographic needs to provide products that provide maximum utility CITATION Wil09 \l 1033 (Luther, 2011). Businesses also segment the market into psychographic subsets, a strategy that is based the aspects such as consumers attitudes, lifestyle and personality in order to serve them well.The psychological strategy is also supported by the behavioral segmentation strategy whereby the consumers are divided on the basis of their response and attitude towards the product. In this case, the business can serve its consumers say the loyal, occasional and the consumers who portray a positive attitude about the products well. With the benefit segmentation strategy, business segments its market into subsets representing consumers with different perceived significance and benefits consumers expect from the products. For example, other consumers expect dental cure as others just expect cleanliness from the use of to...

Bilingualism Does Improve Brain Functioning - 919 Words

Even though one can deviate from the main language spoken, bilingualism does improve brain functioning, because your brain has to work harder to understand two languages simultaneously. This keeps the mind fresh, it requires the ability to switch from one language to another without losing detail of what topic is being spoken about, and it forces the brain to resolve internal conflict, which in turn works out the brain and strengthens its cognitive muscles. Bilingualism would definitely fall within the behavior and social cognitive theories. I believe it to fall within this category, because conditioning is involved with learning another language concurrent with the predominant language spoken in the home. I live in a little farm town of about 30,000 people and the main language spoken is Spanish. This means a majority of the homes have dual language spoken, especially if there are children in the home. Since my daughter recently started transitional kindergarten, all correspondence from the school comes in English and Spanish. Children interpret things to their parents on a daily basis in my town. Two domains of human development that bilingualism has on the people of my town are social and emotional. There are children that fear schooling, because of not speaking fluently in English. Little do they know, for as long as I can remember, schools in California have accommodated those children with ESL (English as a second language) classes. 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Further reproduction by any means, electronic or mechanical, including