An investigation has been started regarding the credit card practices of Goldman Sachs Group Incorporation after a tech entrepreneur posted some controversial information on Twitter. According to the tweet, the algorithms that are being used by the latest Apple Inc cards for determining the credit limits of a person being discriminated against based on gender. From Thursday, multiple posts have been put up on Twitter by David Heinemeier Hansson, who claimed that the credit limit for his wife is 20 times less than his. He gave an overview of it to Bloomberg on Saturday.
Hansson is the creator of Ruby on Rails, a web application. He did not disclose any information related to income, both for him and his wife. He stated that they had filed for a joint tax return and saw the credit score of his wife to be significantly better — an initial investigation conducted in this matter, as per the Department of Financial Services, New York. The spokesman of Goldman Sachs, Andrew Williams, did not provide any information on whether or not Hansson made contact with Goldman regarding this issue, as public discussions related to individual customer matters are not done.
Goldman came up with their first credit card in August, which is known as the Apple Card. As a result, the consumers are being offered more products, especially personal loans and online banking type savings accounts. As per the statement of a department spokeswoman to Reuters, an investigation will be carried out by the Department of Financial Services to check if there has been any violation of the law. They will also make sure that gender discrimination doesn’t come in between. She further stated that an algorithm, if it disturbs the equal treatment of men and women, whether voluntarily or involuntarily, is a prohibition of the New York law. The card, as the name suggests, is fully compatible with the Apple products, and can be easily synced with the iPhones and Apple wallets. Users will also get an additional discount for buying any Apple products.
