One of my minor heresies: FICO is one of the most important technologies of the last 100 years and is, on net, one of the most important wins for justice ever accomplished.
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FICO enables an explosion of consumer credit, moved credit relationships to professionalized organizations which comply with anti-discrimination regulations versus “your local drugstore”, and provably treats similarly situated borrowers equivalently regarding of race/gender/etc.
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A forgotten bit of history: prior to credit cards people maintained credit relationships with their local drugstore, grocery, etc and that grocery’s bookkeeper would maintain thousands of $10 to $500 credit lines mostly by hand.
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I'm intimately professionally familiar with FICO and other credit scoring models and despite their accomplishments, I think "basic statistics" really deserves the credit here. You can't give quantum physics credit for everything designed using newtonian mechanics.
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@devarbol since statistics is called AI now actuaries were doing AI for insurance underwriting 100 years ago -
My point was about artistic things and people's expectations about them as an ultimate form of human activity (the other two tweets after this one).
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I think in areas having to do with a person’s identity -like credit scoring- the standard should be that no decision may be made by an AI unless a human can fully articulate and defend the rationale for the specific decision.
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And the person subject to the decision should be afforded an appeal to humans with the authority to overrule. Otherwise, we’ll begin suffering consequences. (e.g. loss of social and financial resilience, deeper class divides, etc)
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As someone who has fought identity theft for 5 years I strongly disagree. Companies have delegated away their decision making to an algorithm that they didn't write and don't understand, and which is filled with errors and build in biases.
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