Earlier quoted context omitted.
> Ban social scoring, not the AI, the tool doesn't matter. Automated human classification without recourse nor transparency is what the EU is against. "You cannot get a loan because the AI says so" is not acceptable. > Would it be good if it was computed by hand on paper instead of through AI? Yes. As a judge can check what information was used and what algorithm applied to get to a conclusion. And it may declare tha…
>Automated human classification without recourse nor transparency is what the EU is against. "You cannot get a loan because the AI says so" is not acceptable. The credit score system already in place in the US is frequently as arbitrary in some cases already. You get punished for just looking at it. I don't think I need to preach to HN about that (crypto money and all that). Does Europe do it much differently? Not an…
Almost every country has some kind of credit reporting system, but many of them differ from the US in how they do it. In particular, in many countries, credit bureaus only hold negative information such as failing to pay bills or repay debts – which means if you keep up to date with all your bills and debts, your credit history will be blank. At which point, lenders will generally ask you to provide evidence of your employment history, salary, bank balance, assets, etc, and base their lending decision on that. They may well internally convert that all info into a "score", but every lender is going to have a different scoring system. Here's an article – https://www.businessinsider.com/credit-score-around-the-worl... – which discusses the systems used in different countries, including several European countries. There is no uniform approach to this in Europe – the UK and Germany are closer to the US in their approach, the Netherlands, Spain and France are closer to the "credit bureaus hold negative info only" system.