AI can't be wrong, ... can it?
✅ ZEST: "The company said its machine learning models deliver significantly greater accuracy than legacy credit scores, enabling lenders to achieve, on average, a 25% increase in approvals with no added risk and reduce defaults by 20%, while holding approvals constant." [link to story]
✅ Rodney Hood, former Chair of NCUA (and Durham, N.C. native) adds: "Financial inclusion is the civil rights movement of our time... credit scores determine where you work today, if you get to work! Credit scores determine where you live today, if you get an apartment or get a mortgage. Where you live determines where you get to educate your children. What your credit score is determines the car you may or may not have access to, to go to and from work." [link to video - see 00:48].
😎 Translation for the "new/new" lending mavens at SECU. According to AI, your RBL model is an ineffective mess, if on average you are denying 25% of SECU member loans which should rightfully be approved, while increasing your defaults by 20%. Maybe you should call Coastal or Truliant for some guidance and advice about lending and ZEST [link]?
"I can't believe what you say, because I see what you do." - James Baldwin
