In November 2019, customers of Goldman-Sachs and Apple's Apple Card, the first credit offering by Goldman-Sachs, claimed that there was gender discrimination in the credit assessment algorithm that distributes credit lines, with men receiving significantly higher credit limits than women with equal credit qualifications. Apple co-founder Steve Wozniak confirmed this also happened with him and his wife and the New York Department for Financial Services have launched an investigation regarding the discrimination claim. In response to this incident, Goldman Sachs made a statement that it has not and will never make decisions based on factors like gender, race, age, sexual orientation or any other legally prohibited factors when determining credit worthiness.

In November 2019, Apple Card clients claimed that the credit assessment algorithm possesses a gender bias in favor of men.

Minor

Sex

Financial harm

Goldman-Sachs uses a credit assessment algorithm that factors credit score, credit report, and reported income to determine credit lines for clients

Goldman-Sachs

Financial and insurance activities

Perception, Cognition, Action

machine learning, daya analytics

data analytics, recommendation engine, decision support

United States

Goldman Sachs, Apple Card, Apple, Steve Wozniak, New York Department of Financial Services

Apple, Goldman-Sachs

11/2019

11/2019

Harm caused

Accident

No

The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.

credit score, credit report, reported income