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Credit scoring algorithms made me pay an extra $4000 on my car loan
Three years ago I bought a 2018 Honda Civic in Phoenix with a 680 credit score. The dealer ran my info through their system and I got 9% APR based on some algorithm the bank uses. Last month I refinanced with a credit union that uses human underwriters and got 4.5% because they actually looked at my payment history and job stability. So this whole idea that algorithms are more fair than people is nonsense to me. Has anyone else had an algorithm rate them worse than a real person would?
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the_drew5d ago
Algorithms treat everyone equally unfair" is something I've noticed about more than just loans lately.
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gavin2285d ago
Yeah "equally unfair" is a good way to put it. Feels like customer service lines and airport security have been running on that same logic for years now.
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michaelgrant5d ago
Think algorithms just amplify whatever bias is built into them by people.
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