Bots Cannot Improve Your Financial Situation, but a Debt Lawyer Can
Artificial intelligence is everywhere, and it enables many businesses to save on costs. Algorithms can tell warehouses when is the best time to restock items and where to direct the automated vehicles that stock the shelves, and they can perform these tasks quickly and with a high degree of accuracy. Bots can generate grammatically correct, although not necessarily inspiring, prose on a variety of subjects. Artificial intelligence may be negatively affecting your finances in more ways that you realize. Bots are probably not going to make your job obsolete, but don’t count on them to come up with any novel ideas for getting out of debt. It is a better idea to place your trust in a Miami debt lawyer.
Yes, Having a Computer Calculate Your Credit Score Is Better Than Letting Human Bias Decide
Before you start complaining about the fact that bots calculated your credit score, consider the alternative. Before the Fair Credit Reporting Act went into effect, lenders based their lending decisions on their own whims and biases and on gossip they sought out from other people who had lent money to you. Having a uniform mathematical formula to determine creditworthiness is meant to stop lenders from denying credit to people based on personal grudges or on protected characteristics such as race and gender. The good news is that a lender cannot deny you a loan or ask you to pay more interest simply because they don’t like you. The bad news is that the factors that the current credit scoring system considers favor people who already have a history of borrowing considerable amounts of money and paying it back.
Therefore, if you have never had a credit card, that is all that the bot sees. Building a credit history is as much of a challenge as it was before computers were in widespread use for doing complex calculations.
Bots Can Only Remix Data They Originally Received From Humans
Your credit score is based on numbers, and the terms of the loans available to you are based on your credit score, which is itself a number. Artificial intelligence contributes to your stagnating debt burden in less direct ways, though. When you search for jobs, it takes you to job websites that make you jump through lots of hoops only to have another bot read your resume, at which point it may or may not forward it to a human being. Search engines pick up on cues about your financial situation based on your search history, and they dangle risky financial products in your face, such as buy now pay later (BNPL) purchases and payday loans. To get out of this situation, you need guidance from a human being who understands your humanity and not just the amount of money that you don’t have.
Work With a Debt Lawyer About the Human Side of Debt Relief
A South Florida debt lawyer can listen and empathize instead of just giving you algorithm-generated advice about getting out of debt. Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.