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AI in Finance: Could AI Determine Your Credit Score?

AI in Finance: Could AI Determine Your Credit Score?

Artificial Intelligence (AI) is revolutionizing various sectors, including finance, where it plays a significant role in activities ranging from wealth growth to security breaches. One of the emerging applications of AI is in credit scoring. Traditional credit scoring methods focus on fixed metrics such as credit history and income. In contrast, AI-based credit scoring uses a broader range of data sources, including non-traditional ones like internet browsing behavior and social media activity. These AI systems deploy machine learning algorithms to analyze data and predict future financial behavior, potentially offering more nuanced insights for lenders. However, this advancement brings challenges like potential biases, privacy issues, and regulatory compliance difficulties, which need to be carefully managed.

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