Reducing Racial Disparities in Consumer Credit: Evidence from Anonymous Loan Applications
中文摘要
我们考察一项将在线贷款申请匿名化的独特实验，以检验不考虑种族的筛选程序能否减少消费信贷中的种族差异。当申请表上显示姓名时，少数族裔申请人获得在线贷款要约的可能性比其他方面完全相同的多数族裔申请人低10%，且获得的要约条款更差。申请匿名化大幅减少了此类差异。高收入少数族裔申请人比低收入少数族裔受益更多。我们表明，这些种族差异并非由信贷需求差异所驱动。总体而言，匿名贷款申请通过提高贷款方对客观信用风险指标的依赖，减少了信贷可及性方面的种族差异。本文由 Kay Giesecke（金融领域）接收。资助：本研究得到新加坡教育部社会科学研究主题资助计划[资助号 MOE2019-SSRTG-024]的支持。P. Kabir 感谢新加坡国立大学（NUS）[启动资助 A-0003875-00-00]以及新加坡教育部[学术研究基金（AcRF）第一层级研究资助 A-8000758-00-00 与 A-8000760-00-00]提供的资助。T. Ruan 感谢新加坡教育部[AcRF 第一层级研究资助 A-8000757-00-00]提供的资助。补充材料：网络附录与数据文件可从 https://doi.org/10.1287/mnsc.2024.05026 获取。
Abstract
We examine a unique experiment of anonymizing online loan applications to test whether race-blind screening procedures reduce racial disparities in consumer credit. With names on applications, minority applicants are 10% less likely to receive online loan offers and receive worse offer terms than otherwise identical majority applicants. Anonymizing applications reduces such disparities substantially. High-income minority applicants benefit more than low-income minorities. We show that the racial disparities are not driven by differences in credit demand. Overall, anonymous loan applications reduce racial disparities in access to credit by increasing lender reliance on objective credit risk measures. This paper was accepted by Kay Giesecke, finance. Funding: This research is supported by the Ministry of Education, Singapore, under its Social Science Research Thematic Grant [Grant MOE2019-SSRTG-024]. P. Kabir acknowledges financial support from the National University of Singapore (NUS) [Start-Up Grant A-0003875-00-00] and the Singapore Ministry of Education [Academic Research Fund (AcRF) Tier 1 Research Grant A-8000758-00-00 & A-8000760-00-00]. T. Ruan acknowledges financial support from the Singapore Ministry of Education [AcRF Tier 1 Research Grant A-8000757-00-00]. Supplemental Material: The internet appendix and data files are available at https://doi.org/10.1287/mnsc.2024.05026 .