ZestFinance, the pioneering artificial intelligence software company focused on credit, has launched a new tool called ZAML Fair that aims to reduce the instances of biases and discrimination in lending; the new tool can work with both traditional linear models as well as most machine learning models to determine if there is inherent biases against protected classes; if applied nationwide ZestFinance said it could remove 70% of the mortgage approval rate gap between Hispanic and white borrowers and 40% between black and white borrowers. Source.
