Posted on 10/13/2014 7:10:54 PM PDT by Citizen Zed
It might be time to whittle down your friends and followers on Facebook and Twitter. Not just because they continually post “news” articles from The Daily Mash or because they upload twelve pictures of their newborn baby every day, but because they could be negatively affecting your credit scores and credit worthiness. In a society where online data is abundant and easy to obtain, creditors are starting to use this information to their advantage.
Lenddo, a ‘trust-based lender,’ is very open regarding their policy of using social media data as a factor in loan applications. In an article by Fortune Magazine, the author describes Lenddo as “a financial technology startup that calculates the risk of making loans to people…based on social data.” Chief executive of Lenddo, Jeff Stewart, said in a CNN interview that “Humans are really good at knowing who is trustworthy and reliable in their community.” It is this mindset that allows companies like Lenddo to use their applicant’s online friends to calculate potential risks.
(Excerpt) Read more at m.theepochtimes.com ...
How ‘bout those Facebookers and Twits. Their goofy posts are screwing up their credit score. LOL!
Facebook is evil.
Stay away from it.
Not with a 10 foot pole, even Snowden said stay away from it if you value your privacy.
It is pretty simple what this bank does.
It looks at your friends to see if any of them are deadbeats. Then the software assumes you are a deadbeat.
Except for a crazy cousin or two, my Facebook friends are fine, upstanding citizens. All 800 of them.
Just find out who works there...turn the tables.
Well, the IRS already uses it to decide who to audit, based on the lifestyle you appear to lead. I guess credit is the next logical step.
Yet another reason to not be on facebook
Better yet, don’t do FB.
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