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.
Cult of Mac

Elizabeth Warren chimes in on allegedly discriminatory Apple Card algorithm

Democratic presidential candidate Elizabeth Warren has chimed in on the allegedly sexist Apple Card debacle. Warren criticized Apple Card partner Goldman Sachs, saying that if the bank can’t explain ...
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 ...
Marketplace

Credit scores can shape your financial life. So can the algorithms behind them.

Credit scores can help determine where you live, your interest rates on loans and credit cards and even how much you pay for car insurance. Credit scores can help determine where you live, 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 ...

Credit Card Authentication: What It Is and How It Works

Credit card authentication is a way of verifying that a person attempting a credit card transaction is who they say they are and that they are authorized to use that card.