The financial services department of New York will launch an audit of Goldman Sachs after complaints about credit limits on the Apple Card, Bloomberg reported . The reason for checking was the tweets of author Ruby on Rails and former race car driver David Hansson and Apple co-founder Steve Wozniak.
Hansson tweeted that his wife was denied an increase in the credit limit for the Apple Card. At the same time, Jamie Hansson’s credit history is much better than her husband’s.
I’m surprised that they even let her apply for a card without the signed approval of her spouse? I mean, can you really trust women with a credit card these days??!— DHH (@dhh) 7 November 2019
Surprisingly, they allowed her to get a card without the written consent of her spouse. Of course, can you trust a woman with a credit card these days ??
Hansson’s claim was joined by Apple co-founder Steve Wozniak, who finally left the company in 1987. He said that he faced the same problem: his wife’s credit limit is 10 times less.
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 human for a correction though. It's big tech in 2019.— Steve Wozniak (@stevewoz) 10 November 2019
The same thing happened with us. My credit limit is 10 times greater. We do not have separate bank accounts, credit cards or other property. It is difficult to get a person to correct a mistake. These are large technology companies in 2019.
On November 9, a spokeswoman for New York’s financial services department, Linda Lacewell, drew attention to Hansson’s tweet and said the agency would be checking the Apple Card. She told the publication that the program algorithm allegedly violates the laws of the state of New York
Goldman Sachs said that members of the same family may have different credit lines, and the company never bases its decisions on gender factors. Apple declined to comment on complaints from individual customers.
Hansson said that after the resonance on Twitter, the bank increased the credit limit of his wife, without even asking for any documents: “What can I say if no one can explain to us how decisions are made. Maybe they didn’t want to discriminate against anyone, but the result was just that.
So let’s recap here: Apple offers a credit card that bases its credit assessment on a black-box algorithm that 6 different reps across Apple and GS have no visibility into. Even several layers of management. An internal investigation. IT’S JUST THE ALGORITHM!— DHH (@dhh) 8 November 2019
Let’s summarize: Apple offers credit cards and determines the creditworthiness of customers using a biased algorithm … Six different representatives of Apple and Goldman Sachs do not know how it works. Even people from management. [Conducted] an internal investigation. THIS IS JUST AN ALGORITHM!
So nobody understands THE ALGORITHM. Nobody has the power to examine or check THE ALGORITHM. Yet everyone we’ve talked to from both Apple and GS are SO SURE that THE ALGORITHM isn’t biased and discriminating in any way. That’s some grade-A management of cognitive dissonance.— DHH (@dhh) 8 November 2019
No one understands the ALGORITHM. No one has the power to check the ALGORITHM. At the same time, everyone with whom we spoke from Apple and Goldman Sachs are ABSOLUTELY SURE that the ALGORITHM is unbiased and cannot discriminate. This is some kind of higher level of cognitive dissonance.
In March 2019, Apple introduced the Apple Card service with its own credit card. A card that allows you to make purchases using the Apple payment system on more favorable terms and receive cashback for them became available in the US in August.