Lending Algorithm 80% more likely to reject Black applicants than White applicants.

[beenz]

Oh geesh, what a surprise.

When you're black, doubly when you are a black man, you encounter resistance after resistance.

It is a arduous climb to the top as you deal with landlords, banks, employers, insurers, and potential clients.

Why I feel a strong urge to choke someone when they come with bullshyt like "Why don't you just start your own firm. Stop looking for a piece of the pie".

man, this summer, I was refinancing my house, and they were giving me hell to get the deal done and it took almost 4 months to complete everything. like they were literally scrutinizing EVERYTHING down to "what about about the $650 you received on X date". I'm like does that have to do with me closing on a refinance on a crib I already been living in for 5+ years now?

and this is despite me having hella assets in that lending institution between my cash, retirement and investment accounts. to the point where the loan was a no brainer once u factor in my credit score.

 

[Xyrax]

It's always been known.

But how do they know if you're black outside your name?

Like is there a box where you tick AA.

Its a collection of things. Zip codes and more. Your SSN can tell someone where you were born for example.

How to Decipher a Social Security Number

1. The first three digits are known as the "area number". Until June 25, 2011, this is generally the State or territory where your SSN was assigned. Thereafter, the number was randomly assigned.

It's been scaled back starting around 2011 as you can see, but that combined with all other forms of things like credit reports, and all other information they can pull on you helps them immensely figure out your race. It's definitely not just the name. The small small imperfections will sometimes catch a few whites in the crossfire, but thats an acceptable loss for the institutionally racist system in order to achieve its end goal.

man, this summer, I was refinancing my house, and they were giving me hell to get the deal done and it took almost 4 months to complete everything. like they were literally scrutinizing EVERYTHING down to "what about about the $650 you received on X date". I'm like does that have to do with me closing on a refinance on a crib I already been living in for 5+ years now?

and this is despite me having hell assets in that lending institution between my cash, retirement and investment accounts. to the point where the loan was a no brainer once u factor in my credit score.

This shyt hurts to read man. They are furious that you are building wealth for your family name. Sounds like you got it done though, props.

 

[dark_magic]

I'll take this time to recommend privatized banking .... then you can take yourself completely out of this banking paradigm.

 

[boriquaking]

1000% true but if you can get someone on the inside, you can game the system and commit

Spoiler

fraud.

 

[How Sway?]

Crazy how Even Advanced technology still has primitive racial biases

 

[beenz]

Its a collection of things. Zip codes and more. Your SSN can tell someone where you were born for example.

How to Decipher a Social Security Number



It's been scaled back starting around 2011 as you can see, but that combined with all other forms of things like credit reports, and all other information they can pull on you helps them immensely figure out your race. It's definitely not just the name. The small small imperfections will sometimes catch a few whites in the crossfire, but thats an acceptable loss for the institutionally racist system in order to achieve its end goal.



This shyt hurts to read man. They are furious that you are building wealth for your family name. Sounds like you got it done though, props.

yeah, I wasn't gonna let them deter me with bullshyt. had to get that deal done so I can save money while paying off this crib faster.