Apple Card probed for alleged gender discrimination

American Businessman David Heinemeier Hansson tweeted about the credit card this weekend

American Businessman David Heinemeier Hansson tweeted about the credit card this weekend

Reported by Bloomberg, David Heinemeier Hansson, the creator of the Ruby On Rails application framework, send a series of tweets starting on Thursday about his and his wife's experience with Apple Card and the inexplicable difference in credit limits that they each were approved for.

Goldman Sachs distributes large amounts of money to Apple Card applicants, but the financial services company might need to take another look at its algorithm.

The DFS said in a statement that it "will be conducting an investigation to determine whether NY law was violated and ensure all consumers are treated equally regardless of sex".

Rhodes explained that regulators drew attention to this issue due to a series of posts made over the past few days on social networks by entrepreneur David Heinmeier Hanson, who specialises in technology. Hansson noted that, despite being married for several years and sharing assets, Goldman Sachs neglected to match their credit limits.

In a tweet, Mr Hansson said the disparity was despite his wife having a better credit score.

A spokesman for Goldman Sachs, Andrew Williams, denied anything sinister was happening: "Our credit decisions are based on a customer's creditworthiness and not on factors like gender, race, age, sexual orientation or any other basis prohibited by law".

The agency is "troubled to learn of potential discriminatory treatment in regards to credit limit decisions reportedly made by an algorithm of Apple Card, issued by Goldman Sachs", said spokeswoman Sophia Kim. It became available in the U.S. in August.

Goldman Sachs for its part simply said that it made its credit decisions exclusively on creditworthiness.

The BBC has contacted Goldman Sachs for comment.

The same thing happened to us. He explains that "it does not matter what the intent of individual Apple reps are, it matters what THE ALGORITHM they've placed their complete faith in does".

"Any algorithm that intentionally or not results in discriminatory treatment of women or any other protected class violates NY law". The Wall Street investment bank has been offering more products to consumers, including personal loans and savings accounts through its Marcus online bank.

Notícias recomendadas

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.