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Explanation: The number of recent credit inquiries is a critical metric in assessing a customer's creditworthiness. A high number of inquiries often indicates financial stress or aggressive credit-seeking behavior, which correlates with an increased risk of loan default. Financial institutions incorporate this metric into credit scoring models, such as FICO, as it provides a quantifiable indicator of potential risk. Coupled with other variables like payment history and debt-to-income ratio, this measure helps lenders make informed decisions and minimize default risk. Advanced data analysis techniques enhance its predictive accuracy, ensuring robust risk management. Option A: Geographic location might reveal demographic insights but is not directly predictive of loan default. Option C: Time spent on an application form has minimal correlation with default risk. Option D: Referrals indicate network strength but do not provide risk insights. Option E: Social media activity is subjective and unreliable for risk prediction in loan contexts.
The books supplied to the sections will be in the custody of the Assistant Audit Officers in charge of the sections.
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