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My cousin's loan got denied by a bank algorithm and it felt completely wrong
He's a great mechanic in Tampa with steady work, but the system flagged him for a small car loan because his credit file is 'thin' from using cash. I saw the letter and it just used generic risk scores, not his actual income or local reputation. Has anyone else seen a good person get a hard NO from a machine that clearly didn't have the full picture?
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emeryc2124d ago
The system has to protect the bank, not judge character.
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christopherw3424d ago
What good is a system that protects the bank but treats every customer like a criminal? If it can't tell the difference between a real scam and a photo of a cat, it's just broken. That kind of failure makes people lose trust and find other banks. A system that only protects itself ends up protecting nothing at all.
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