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Thread: Credit Scores Based On AI / Social Media Profile Could Usher In New Way For Banks To Discrimin

  1. #1

    Credit Scores Based On AI / Social Media Profile Could Usher In New Way For Banks To Discrimin

    Credit Scores Based On AI and Your Social Media Profile Could Usher In New Way For Banks To Discriminate
    (title truncated)
    https://yro.slashdot.org/story/19/06...o-discriminate

    Credit scores have a long history of prejudice. "Most changes in how credit scores are calculated over the years -- including the shift from human assessment to computer calculations, and most recently to artificial intelligence -- have come out of a desire to make the scores more equitable, but credit companies have failed to remove bias, on the basis of race or gender, for example, from their system," writes Rose Eveleth via Motherboard.

    While credit companies have tried to reduce bias with machine learning and "alternative credit," which uses data like your sexual orientation or political beliefs that isn't normally included in a credit score to try and get a sense for how trustworthy someone might be, Eveleth says that "introducing this 'non-traditional' information to credit scores runs the risk of making them even more biased than they already are, eroding nearly 150 years of effort to eliminate unfairness in the system." From the report:

    Biases in AI can affect not just individuals with credit scores, but those without any credit at all as non-traditional data points are used to try and invite new creditors in. There is still a whole swath of people in the United States known as the "unbanked" or "credit invisibles." They have too little credit history to generate a traditional credit score, which makes it challenging for them to get loans, apartments, and sometimes even jobs. According to a 2015 Consumer Financial Protection Bureau study, 45 million Americans fall into the category of credit invisible or unscoreable -- that's almost 20 percent of the adult population. And here again we can see a racial divide: 27 percent of Black and Hispanic adults are credit invisible or unscoreable (PDF), compared to just 16 percent of white adults.

    To bring these "invisible" consumers into the credit score fold, companies have proposed alternative credit. FICO recently released FICO XD, which includes payment data from TV or cable accounts, utilities, cell phones, and landlines. Other companies have proposed social media posts, job history, educational history, and even restaurant reviews or business check-ins. Lenders say that alternative data is a benefit to those who have been discriminated against and excluded from banking. No credit? Bad credit? That doesn't mean you're not trustworthy, they say, and we can mine your alternative data and give you a loan anyway. But critics say that alternative data looks a lot like old-school surveillance. Letting a company have access to everything from your phone records to your search history means giving up all kinds of sensitive data in the name of credit. Experts worry that the push to use alternative data might lead, once again, to a situation similar to the subprime mortgage crisis if marginalized communities are offered predatory loans that wind up tanking their credit scores and economic stability.
    Obey. Think what you are told to think. Do not speak the truth. If you do not obey, then they will ding your credit score into oblivion, and you will NOT be able to buy food. Of course, their level of punishment will be proportional to your crimes against them.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.



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  3. #2
    It might even be used to determine who is allowed to buy or sell at all.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

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  4. #3
    Quote Originally Posted by Swordsmyth View Post
    It might even be used to determine who is allowed to buy or sell at all.
    Well of course! Those who cant buy will starve to death, or be forced to turn to crime. Either way, it keeps the hands of the Elite clean because if a person dies of starvation, they can blame that person that "it was their own fault", and if they turn to crime, then it proves them right, at least in their own eyes, because it gives them a reason to go after them.

    They want anyone who does not support them to be shunned from societies like a Pariah, and the best way to do that is to "soft kill" (starvation from not being able to get a job or buy food due to low Social Credit Score), or "hard kill" where they go after the person once they have been forced by the Elite to turn to a life of crime. Its a trap, and the way they have it set up, there is barely any escape.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  5. #4
    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  6. #5
    How dare lenders try to determine a person's creditworthiness before extending a loan.

    There should be a law requiring them to give everyone loans and on equal terms, amiright?

    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken

  7. #6
    Quote Originally Posted by r3volution 3.0 View Post
    How dare lenders try to determine a person's creditworthiness before extending a loan.

    There should be a law requiring them to give everyone loans and on equal terms, amiright?

    If it is based solely on repayability, both determining Interest Rates and whether or not a person gets a loan at all, it will always be the poor that pay the most, because the rich dont even need credit. Some discrimination is reasonable, but what their real goal is has nothing to do with repaying loans, it has to do with forcing a person to work as long as they can make them work for as little pay as they can get away with giving the poor, thus keeping them trapped in a forever downward spiral. A spiral that can NOT last forever.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  8. #7
    Quote Originally Posted by DamianTV View Post
    If it is based solely on repayability, both determining Interest Rates and whether or not a person gets a loan at all, it will always be the poor that pay the most, because the rich dont even need credit. Some discrimination is reasonable
    That's a forcible redistribution of wealth to bad credit risks from good credit risks and/or creditors.

    but what their real goal is has nothing to do with repaying loans, it has to do with forcing a person to work as long as they can make them work for as little pay as they can get away with giving the poor, thus keeping them trapped in a forever downward spiral. A spiral that can NOT last forever.
    As long as there's a competitive labor market, people will be paid according to their productivity.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken



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