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I guess credit approval was taken over somewhat by credit scores but that was quite a while ago.

There’s some basic ml in generating credit scores. Mapping credit information to default rates. Logistic Regressions I believe.

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As you said there might be some "basic ML" involved in credit rating but that can probably replaced by mean/median/mode kind of computation easily. Although this is one area which ML can completely take over, i.e. instead of maintaining a static score, ML can predict the likelihood of an individual returning the loan based on gender/age/income/zip code and tonnes of other info.

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