There’s A Fix To The Problem Of Biased Algorithms in Lending

It’s been a rough few months for algorithms in the lending business.

First New York regulators announced an investigation into UnitedHealthcare over a study that says the insurer’s algorithms reduced the number of African American patients identified for extra care by more than half. Then Goldman Sachs, the bank behind the new Apple credit card, took heavy fire after male influencers, including Apple co-founder Steve Wozniak, noticed that their wives, who filed identical tax returns as the men, nonetheless got approved for a fraction of the credit their husbands received.

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