GS Bank CEO: “I think what we're realizing this week is that there's an important conversation to have around people's awareness of what their credit history says, what it shows, and what the facts are in any individual credit history" 😱 pca.st/q19uhpso
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That is just wild. The bank CEO is basically victim-shaming everyone who’ve had a sexist outcome from their black-box algorithm under the banner of “your credit score and record was probably just shit, honey”. Hear that @stevewoz? Your wife just needs to study harder!
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Again, let’s recap our case: 1) Same household income submitted for both applications, 2) Wife has longer credit history, no balance run for about a decade, 3) Wife has higher credit score.
ALGORITHM: Wife is twenty times less worthy of credit than husband.
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The GS bank CEO also goes on to defend the complete lack of transparency into their black-box algorithm because “there’s information out there about how scores are determined”. GS doesn’t have to reveal anything because they paid a consultant to write them a report saying 👍
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The hubris here is the stuff of Wall Street legend. They’re so utterly confident in the black-box algorithm that they themselves cannot explain, that it’s simply IMPOSSIBLE that the computer got it wrong. Wow.
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Shouldn’t testing the algorithm for bias be extremely easy? Submit the otherwise exact same data with different genders; check whether outcome is the same
Nov 14, 2019 · 7:09 AM UTC
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