We’ve also taken action to protect the public from black box credit models – in some cases so complex that the financial firms that rely on them can’t even explain the results. Companies are required to tell you why you were denied for credit – and using a complex algorithm is not a defense against providing specific and accurate explanations. Developing methods to improve home valuation, lending, and marketing are not inherently bad. But when done in irresponsible ways, such as creating black box models or not carefully studying the data inputs for bias, these products and services pose real threats to consumers’ civil rights. It also threatens law-abiding nascent firms and entrepreneurs trying to compete with those who violate the law. (2024) source Unverified