Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Goldman Sachs Reassess Apple Card Credit Limits Following Claims for Bias

Goldman Sachs Reassess Apple Card Credit Limits Following Claims for Bias



Apple CEO Tim Cook presents an Apple Card during a launch event at Apple Headquarters on Monday, March 25, 2019 in Cupertino, California.

Noah Berger | AFP | Getty Images

Goldman Sachs denied allegations of gender bias and said Monday that it would re-evaluate the credit limits for Apple Card users on a case-by-case basis for customers who received lower-than-expected credit lines.

"We have not, and will never, make decisions based on factors such as gender," said Kerry Halio, CEO of Goldman's Retail Bank, in a statement. "In fact, we don't know your gender or marital status during the Apple Card application process.

Halio said that customers dissatisfied with their line should contact the company.

"Based on additional information we may ask,

The dispute arose on Friday when tech entrepreneur David Heinmeier Hanson wrote a series of tweets complaining that he had received a credit limit 20 times higher from his wife, despite the fact

a Goldman spokesman previously told CNBC that the problem was related to how the bank independently evaluates loan applications, which allows two family members to receive significantly different credit decisions.

In a statement on Monday, Goldman said the problem stemmed from some applicants having "limited personal credit history". [1

9659002] Affected users can contact Goldman Sachs by chatting in the iPhone Wallet app or at the company's customer service number.

Algorithm Problem

While Goldman says he doesn't make gender-based signatory decisions, Hanson said the opaque methodology behind credit card decisions is sexism.

" My wife and I filed joint tax returns, I live in a community and have long been married," Hanson tweeted, along with a screenshot showing a $ 57 spending limit. again, Apple's black-box algorithm thinks I deserve 20 times the credit limit it makes. "

Apple co-founder Steve Wozniak said this has happened to his spouse.

Apple Card is for sale and is offered Apple market users sign up for the card and apply for a credit within the Wallet n app and the iPhone, but the credit component of the product is being handled by Goldman, who is pushing for consumer banking.

The New York Financial Services Department said Monday that it has begun investigating Goldman's credit card practices, Halio said in a statement that the company reviewed its "third party" credit process, which is Charles River Associates, according to a Goldman Sachs representative.

An Apple representative did not return requests for comment.

After Goldman released the statement, Hanson returned to Twitter to express his displeasure.

"You haven't heard anything," he writes. "" I understand your concerns, but that's why they are wrong and we are actually right. "We are not listening. This is patronizing. Please just stop."

WATCH: Author of a viral tweet on the Apple Probe map


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