AI is utilized in credit scoring to assess the creditworthiness of individuals or businesses. It employs machine learning algorithms and data analytics to analyze various factors, such as credit history, financial data, and alternative data sources, to generate more accurate credit scores and enable informed lending decisions.
Researchers present the "SCALE" framework, which evaluates the impact of AI on the mortgage market, with a focus on promoting homeownership inclusivity for marginalized communities. The framework encompasses societal values, contextual integrity, accuracy, legality, and expanded opportunity, aiming to address concerns about bias and discrimination in AI applications within the mortgage industry while advancing fair lending practices and social equity in homeownership.
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