If you account for most other significant things like income, education, social status, job etc you will find that ethnicity is not significant.
The fact that you can sometimes use ethnicity as a proxy for social status and other things just show the discrimination that happens in some places. But when you set all other factors equal someone from Asia, Africa, Northern Europe will have the same default rate. At least in the (European) countries I've run models in.
The fact that you can sometimes use ethnicity as a proxy for social status and other things just show the discrimination that happens in some places. But when you set all other factors equal someone from Asia, Africa, Northern Europe will have the same default rate. At least in the (European) countries I've run models in.