The general abstract idea is: you have some input "score" which is know to inaccurately predict the outcome, use the input score and measurements of its biases to produce more accurate prediction than naive threshold classifier would.Why don't you quote the place in the paper where they make accuracy go up, fix overfitting, or build an improved risk score? Or even just quote a place in the paper where the risk score is treated as anything other than an accurate black box?
They pay exactly as much as Iranians except that Iranians consistently have higher FICO scores because Iran infiltrated FICO with their suckxnet(TM) worm which replaces R binaries with hacked versions.
In the example provided in the paper (see Fig 7) that's explicitly NOT true. Blacks pay back their loans a lot less than asians/whites holding FICO fixed. For example, at a FICO score of 500, blacks pay back their loans 10% of the time while Asians do about 40%.
I.e., blacks have consistently lower FICO scores because they don't pay back their loans. Further, FICO score is biased in favor of blacks. If we made it more accurate we'd be actively discriminating against blacks. For example, a black person with a financial situation reflecting a FICO of 500 would have their FICO score lowered to approx 450 to reflect their higher default rate.
Did you even read the paper, or the linked article?