As AI takes the helm of decision making, signs of perpetuating historic biases emerge

As AI takes the helm of decision making, signs of perpetuating historic biases emerge

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How can technologists and firms using these tools ensure they’re not discriminating? A home for sale in Salt Lake City is pictured on Monday, July 22, 2024. (Photo by Spenser Heaps for Utah News Dispatch) In a recent study evaluating how chatbots make loan suggestions for mortgage applications, researchers at Pennsylvania’s Lehigh University found something stark: there was clear racial bias at play. With 6,000 sample loan applications based on data from the 2022 Home Mortgage Disclosure Act, the chatbots recommended denials for more Black applicants than identical white counterparts. They also recommended Black applicants be given higher interest rates, and labeled Black and Hispanic borrowers as “riskier.” White applicants were 8.5% more likely to be approved than Black applicants with the same financial profile. And applicants with “low” […]

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