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 New York State Department of Financial Services has launched a probe into the joint venture between Apple and Goldman Sachs. It appears the regulatory agency wants to examine the Apple Card after learning of potential gender bias when issuing credit lines. In a series of tweets, David Heinemeier Hansson exposed the potential gender bias. Both Heinemeier and his wife applied for the Apple Card at the same time, but he received 20 times the credit limit. Hansson noted that, despite being married for several years and sharing assets, Goldman Sachs neglected to match their credit limits. Further, he couldn’t appeal the decision. Hansson, by the way, created the popular Ruby on Rails web framework. The tweets continued with criticism directed at the Apple Card’s customer support. Hansson attempted to question representatives, but they wouldn’t discuss credit assessment and what goes into the final calculation. The same thing happened to us. I got 10x the credit limit. We have no separate bank or credit card accounts or any separate assets. Hard to get to a… Read full this story
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