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My friend's loan got denied by a bank's algorithm and the reason was total nonsense
So my friend, who has a steady job and a credit score over 700, applied for a small personal loan at a big bank last Tuesday. The system came back with a denial in under 10 minutes, and the only reason given was 'insufficient credit history depth.' The thing is, she's had the same credit card for 8 years and paid off a car loan 3 years ago. We called to ask a human to look at it, and the person on the phone just read the same line from the screen and said they couldn't override it. It felt so unfair because the computer just looked at one simple thing and missed the whole picture. It made me wonder how many other people get shut out by a dumb rule in some code. Has anyone else seen a case where an algorithm's reason for a decision was just plain wrong?
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