> A system that correctly predicts who is likely to pay back borrowed funds as agreed serves both borrowers and lenders.
Such a system can't be built without being unfairly biased against some people who don't fit a certain mold, and thus it should be illegal.
Most of Europe has a much simpler system: Your ability to obtain credit is based on the past several years of income, with a penalty for instances over the past ~7 years in which you didn't pay back debts. That's it; no predictive modeling or scoring or other nonsense; everyone has an even chance at credit.
Such a system can't be built without being unfairly biased against some people who don't fit a certain mold, and thus it should be illegal.
Most of Europe has a much simpler system: Your ability to obtain credit is based on the past several years of income, with a penalty for instances over the past ~7 years in which you didn't pay back debts. That's it; no predictive modeling or scoring or other nonsense; everyone has an even chance at credit.