Following complaints of gender bias in the Apple Card algorithm to determine the credit limit of a person, Goldman Sachs has issued a new statement offering users an option to re-evaluate their credit line.
The bank says that it does not determine the Apple Card credit limit of a person based on their gender or marital status. However, it notes that many customers have received a lower credit line because their cards are supplemental cards issued under their spouse’s primary account.
— GS Bank Support (@gsbanksupport) November 11, 2019
For customers who are not happy with their credit line and believe it is not based on their credit history, Goldman Sachs is requesting them to contact it and provide additional information so that their credit line can be re-evaluated.
The latest statement from Goldman Sachs comes after it had previously issued a statement claiming that it does not determine the credit limit of an individual based on their credit score, debt history, and more.
Apple and Goldman Sachs have both come under fire from Apple Card customers and regulators for offering a lower credit line to females. Many customers including Apple co-founder Steve Wozniak reported that their wife got a lower credit line than them despite having the same assets and accounts and a higher credit score. Apple forwarded all questions regarding the credit line to Goldman Sachs since its the latter that determines the creditworthiness of a person.
When Apple Card had first launched, Goldman Sachs was not offering an option for users to get their credit line re-evaluated. Due to this controversy though, the bank has now started offering this option to customers. Despite this move from Goldman Sachs though, both the bank and Apple are going to be investigated by the New York State Department of Financial Services.