According to the report, Apple believes that it will be able to “expand the kind of user that might be able to secure credit” by sharing a “richer, but still anonymized credit assignment model with Goldman Sachs.” This new data sharing is opt-out.
TechCrunch also explains that there is a new interface for sharing data when you aren’t initially approved for an Apple Card on an opt-in basis:
There is also a beefed up fallback method to share more personal data on an opt-in basis with Goldman Sachs if you do not at first get approved. Things like purchase history of Apple products, when you created your Apple ID and how much you spend with Apple.
This has always existed and you may have seen it if the default modeling rejected your Apple Card application — it has a few more data points now but it is still very clearly opt-in with a large share button.
As we reported earlier this month, Apple is also adding new detail to Services transactions in the Wallet app in iOS 13.4. This allows you to see the specifics of purchases, such as App Store details and more.
“You may be eligible for certain Apple Card programs provided by Goldman Sachs based on the information provided as part of your application. Apple may know whether you receive the invitation to participate and whether you accept or decline the invitation, and may share that information with Goldman Sachs to effectuate the program. Apple will not know additional details about your participation in the program.
Apple may use information about your account with Apple, such as the fact that you have Apple Card, for internal research and analytics purposes, such as financial forecasting. Apple may also use information about your relationship with Apple, such as what Apple products you have purchased, how long you have had your Apple ID, and how often you transact with Apple, to improve Apple Card by helping to identify Apple metrics that may assist Goldman Sachs in improving credit decisioning. No personally identifiable information about your relationship with Apple will be shared with Goldman Sachs to identify the relevant Apple metrics.
You can opt out of this use or your Apple relationship information by emailing our privacy team at email@example.com with the subject line “Apple Relationship Data and Apple Card.” Applicants and cardholders may be able to choose to share the identified metrics with Goldman Sachs for re-evaluation of their offer of credit or to increase their credit line. Apple may share information about your relationship with Apple with our service providers, who are obligated to handle the information consistent with this notice and Apple instructions, are required to use reasonable security measures to protect any personal information received, and must delete the personal information as soon as they have completed the services.”
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