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The debate surrounding AI in lending centers on whether accuracy must be sacrificed for fairness. An analysis of Upstart Network revealed a critical impasse between ensuring fair lending practices and maintaining model accuracy. This dilemma is not unique to Upstart but affects all financial institutions utilizing AI models.
The findings indicate that while Upstart has made significant efforts to enhance fairness, adjustments to their model could compromise accuracy. The challenge lies in balancing the need for inclusive lending without undermining the financial viability of AI models. Experts emphasize that achieving a less discriminatory model is essential, yet the path to doing so remains complex and contentious.
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