Wednesday, December 27, 2023

Legacy SECU Board Expands Lending Discrimination In North Carolinia - Without Hearing Critics 

    Why is an open mind so threatening?


Frank Pasquale on green backgroundDanielle Citron Danielle Citron  [U.Va. Law School - take a look at her credentials] and Frank Pasquale [Cornell Law - creds] list three major flaws in the current credit-scoring system:[10]

  1. Disparate impacts: The algorithms systematize biases that have been measured externally and are known to impact disadvantaged groups such as racial minorities and women.
  2. Arbitrary: Research shows that there is substantial variation in scoring based on audits.
  3. Opacity: credit score technology is not transparent so consumers are unable to know why their credit scores are affected.

✅ [Wikipedia:]  Credit scoring systems have garnered considerable criticism... discrimination against prospective employees, rejection of rental applications, racial bias, poor risk prediction, manipulation of algorithms, and overall immorality are some of the concerns raised regarding the system. The scoring system has also been studied as a form of classification to shape an individual's life-chances—a form of economic inequality.[61] The credit scoring system in the United States is similar to the Social Credit System in China.[63] 


... a Chinese social credit system for North Carolina? Really? Yes, really...