FairPlay
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About
FairPlay is a Fairness-as-a-Service solution for financial institutions. It uses AI-powered tools to assess automated decisioning models, increase fairness, and improve profits. The platform offers features such as fair lending analysis, customer composition assessment, redlining detection, proxy detection, and fairness optimization. It helps financial institutions identify and correct AI blindspots, reduce regulatory risk, and expand lending to underserved groups. FairPlay provides continuous compliance oversight and on-demand regulatory reporting, automating model audits and reducing validation times. It supports various loan products and uses demographic imputation methodologies to estimate the race and ethnicity of individuals for fair lending compliance.
Platform
Features
• fair lending analysis
• fairness optimizer
• proxy detection
• redlining
• customer composition
• audit-ready compliance reports
• continuous model governance
• bias and validation testing
FAQs
What makes FairPlay different from other Fair Lending solutions?
FairPlay’s automated fairness-as-a-service solutions offer lenders a competitive advantage by enabling quick, reliable, and affordable evaluations of new models, products, data sources, and policy changes for fairness.
If underwriting models do not consider protected attributes like race and sex, aren’t they by definition already fair to protected groups?
No! While underwriting models that exclude protected attributes like race and sex may seem fair on the surface, they can still inadvertently perpetuate discrimination.
How are you able to consider qualities like race and sex without running afoul of the Equal Credit Opportunity Act (ECOA)?
ECOA prohibits the express consideration of protected status when making credit decisions. ECOA does not prohibit – and arguably requires – consciousness of protected status during model development.
How do you incorporate AI in your models?
FairPlay uses artificial intelligence to replicate, explain and optimize your decisions. Our proprietary loss function is used to train models to be more accurate and fair.
What type of loan products do you support?
FairPlay’s solutions are applicable to the full spectrum of consumer and small business credit and liquidity products, including mortgages, auto loans, installment loans, credit cards, cash advance, lines of credit.
How are you able to increase fairness without increasing risk?
We optimize credit models to more effectively risk-assess underrepresented sub-populations using AI fairness techniques.This enables improved underwriting and pricing for protected class applicants.
How can you tell if an applicant belongs to a protected class?
We use demographic imputation methodologies, such as BISG (Bayesian Improved Surname Geocoding) and BIFSG (Bayesian Improved First and Surname Geocoding), to estimate the race and ethnicity of individuals.
How do you measure “fairness”?
While defining “fair” can be complex and multifaceted, in the context of consumer finance, there are several established metrics of fairness, including the adverse impact ratio (AIR), denial odds ratio, and marginal effects.
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