Credit Worthiness

Algorithmic Bias Explained: How Automated Decision-Making Becomes Automated Discrimination

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Author: N/A; Publisher: The Greenlining Institute; Publication Year: 2021. 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…

FairPlay Launches AI Bias Detection Product for the Insurance Industry

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Author: N/A; Publisher: Cision PR Newswire; Publication Year: 2022. The following article discusses how FairPlay is the world’s first “Fairness-as-a-Service” solution for algorithmic decision-making. The company provides lenders with easy-to-use tools that assess and reduce bias in credit algorithms. FairPlay was found to combat the threats algorithmic systems pose to the safety of consumers and society, by building…

How Flawed Data Aggravates Inequality in Credit

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Author: Edmund L. Andrews; Publisher: Stanford University; Publication Year: 2021. The following article discusses how artificial intelligence (AI) models used to determine credit worthiness for lending are less accurate for lower-income and minority borrowers, in part due to less information on their credit reports. This leads to fewer loans to these borrowers and perpetuates the problem that there is little information about…