A bank wants to use an algorithm to determine which applicants should be given a loan. The bank hires a data scientist to construct a logistic regression model to predict whether the applicant will repay the loan or not. The bank has enough data on past customers to randomly split the data into a training dataset and a test/validation dataset. A logistic regression model is constructed on the training dataset using the following independent variables:
Gender
Marital status
Number of dependents
Education
Income
Loan amount
Loan term
Credit score
The model reveals that those with higher credit scores and larger total incomes are more likely to repay their loans. The data scientist has suggested that there might be bias present in the model based on previous models created for other banks.
Given this information, what is the best test approach to check for potential bias in the model?