Facebook Patent Would Allow Lenders To Determine Creditworthiness By Looking At Your Friends

consumerist.com...

Oh, oh, don't friend bums and deadbeat family members!

“When an individual applies for a loan, the lender examines the credit ratings of members of the individual’s social network who are connected to the individual through authorized nodes (connections),” the patent states.

“If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected.”

According to the patent, the lender would be able to access a potential borrower’s social circle by submitting a request for information from Facebook’s databases. They would then receive a series of lists – grey, black and white – that would be used to determine the average credit score for the would-be borrower’s friends.

a reply to: infolurker

Of better yet, don't use social media!

The ever-encroaching tentacles of Facebook into all facets of our lives...and we willingly allow—and welcome—it.

a reply to: infolurker

Nooooo!!! Facepalm@facebook!!! Can you imagine what facebookers will do when they want that all important loan? They will delete all their friends they suspect will lessen the likelihood, "You're not good enough to be in my network because you will adversely affect my credit score".

I see most people in the world eventually circumbing to the big electronic hook up. It is the ultimate gold mine to corporations to have it that way. It will be encouraged and one day be actually essential. Like the mark of the beast we will not be allowed to buy or sell without being a member of the grand scheme, opt out at your peril.

The horrific thing is that it does work. All streamlined for corporate consumerism. Getting the maximum from your batteries.

Thank goodness I am not younger. I would hate to have to live the way people will be forced to live in the future. They have not got time to do this full on before I pop my clogs, lol.

a reply to: infolurker

Well I am officially screwed then because anyone that would be my friend is a bum, lunatic or stupid! No loans for me!

Sounds like they are anticipating the next banking/credit law.

Hmmm.

Thank God most of my real friends are pretty well off. Family, too.

Guess I'd better weed out some of my old party friends who are burned out losers today.

Oh well, who needs them anyway now?

a reply to: infolurker
That little sick bastard should be strung up. Quit Facebook today. He Zucks.

Too bad I just pay cash. If you want something just save up the money to buy it.

Another reason to not use facebook. Your other social media profiles like LinkedIn and others will be used this way too. In theory it will get you better credit terms. In practice it's just going to punish you for not sticking to your social class.

If Satan and Hitler had a love child, this would be the result.

a reply to: quercusrex

Exactly. If you can't buy it with cash then you can't afford it - quite simple really.

The only exception to this, that i can't work around, would be buying property as I doubt i'd ever save the cash to buy property with cash.

By taking out credit (which is really debt) you are just enslaving yourself to the financial institution you have borrowed from whilst increasing their wealth. Remember they can call in those debts any day they feel like it and if you can't pay they just take your stuff.