The larger data set is still be anonymized and will reportedly be used to allow Goldman Sachs to create a new credit assignment model so that more people are able to get approval for Apple Card.
Techcrunch reported this morning that there will still be an opt-out option for the data sharing. Apple is also allowing users to opt-in to sharing more personal data with Goldman Sachs if you don’t get approved.
Some of the personal data shared includes purchase history or Apple products, your Apple ID creation date, how much you spend with Apple and more. Apple is also finally adding details to its internal transactions so that purchases don’t just show a charge from Apple Services.
Here’s the wording on the new policy with the changes in bold:
“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.”
What do the changes mean?
When Apple Card was introduced last year it was touted as the world’s most consumer-friendly credit card that put privacy first. Sharing more data with Goldman Sachs would obviously be worrisome to customers that value the privacy aspects of the card, however, it is still aggregated and anonymized so that it’s not personally identifiable.
One of the problems with the new policy though is that you have to opt-out by email instead of just directly in the Wallet app. Apple probably did it that way so that fewer people opt-out which will make Goldman Sachs happier. Still, Apple Card does more to protect users’ data than pretty much every other credit card and the new data should be able to help Apple and Goldman Sachs add more features to card.