Cult of Mac

Why ‘sexist’ Apple Card is Cupertino’s worst nightmare

Cupertino pitched Apple Card as the greatest credit card in history. Instead, the card generated negative PR based on accusations that the algorithm used to decide credit limits is discriminatory.
JD Supra

Interpretable Algorithms as a Potential Solution to CFPB’s Guidance on AI-driven Credit Denials

In September 2023, the Consumer Financial Protection Bureau (CFPB) issued guidance on the use of artificial intelligence in issuing credit denials, a prevalent practice among lenders. The CFPB ...
pymnts

Pay Later Credit Option May Have to Win Over the Algorithm First

AI is moving beyond product discovery and into payment selection, where financing recommendations may shape checkout decisions. Consumers want AI to minimize borrowing costs before it maximizes ...
Reuters

Apple co-founder says Apple Card algorithm gave wife lower credit limit

(Reuters) - Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the ...
Marketplace

The history of credit score algorithms and how they became the lender standard

Credit risk assessment is largely a job for credit score algorithms, mass market models and systems that are relatively new in terms of the modern credit industry’s lifespan. The FICO score, for ...