Author: N/A
Publisher: The Greenlining Institute
Publication Year: 2021
Summary: The following article discusses algorithmic biases in credit and finance, healthcare, employment, government programs, education and housing. Focusing in on algorithmic bias in credit and finance, banks and the fintech industry have eagerly replaced loan officers with algorithms that are more complex and use more sources of data than ever before to make more precise, and profitable, decisions about creditworthiness and loan applications. Targeted marketing algorithms can connect vulnerable customers to the resources they need, but unscrupulous lenders can also abuse those tools and trap them in a cycle of poverty. Lending algorithms discriminate less than traditional lenders but still give White borrowers better rates and loans than Black ones