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'Facebook friends' could change credit score

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posted on Aug, 27 2013 @ 04:16 PM
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Credit bureaus and payment companies are testing ways to use social media to verify a person’s identity and even assess consumer creditworthiness. So a good credit score is not all that is at stake.

Choose your Facebook friends wisely; they could help you get approved -- or rejected -- for a loan.

Some financial lending companies have found that social connections can be a good indicator of a person's creditworthiness.

One such company, Lenddo, determines if you're friends on Facebook (FB) with someone who was late paying back a loan to Lenddo. If so, that's bad news for you. It's even worse news if the delinquent friend is someone you frequently interact with.

"It turns out humans are really good at knowing who is trustworthy and reliable in their community," said Jeff Stewart, a co-founder and CEO of Lenddo. "What's new is that we're now able to measure through massive computing power."


money.cnn.com...


"A German company called Kreditech says that it uses up to 8,000 data points when assessing an application for a loan.

In addition to data from Facebook, eBay or Amazon (AMZN, Fortune 500) accounts. Kreditech also gathers information from the manner in which a customer fills out the online application. For example, your chances of getting a loan improve if you spend time reading information about the loan on Kreditech's website. If you fill out the application typing in all-caps (or with no caps), you're knocked down a couple pegs in Kreditech's eyes.
Kreditech can determines your location and considers creditworthiness based upon whether your computer is located where you said you live or work."



So now, it's not only divorce lawyers that prowl the social media to help their clients out, looking for discrepancies in stories from their soon-to-be ex-spouse.
Or insurance companies and their lawyers looking for scam artists.
But now it looks as though lenders are doing the same, gathering information put out there by the public to determine if a person is 'credit worthy' of a loan due to their past comments as well as their friends that they keep contact with.

The thing about it is the companies are not invading any one's privacy due to the fact that people bluntly post their personal business online for millions to see. :shk:

That is something that I will never understand.
Needless to say, I don't belong to FB or Twitter or any social media sites like that.

Hmmm, lesson here is not to post every thing about your daily life.
Or at least be very cautious about what information you are putting out there.

Big Brother and others are watching you.......and profiling you.




edit on 27-8-2013 by snarky412 because: (no reason given)




posted on Aug, 27 2013 @ 04:35 PM
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This is absolutely absurd!

Your friends have ZERO to do with your ability to pay bills or your credit score. I could give a rats butt what bills my friends pay and don't pay. I dont live their life. I don't know what their financial situation is.

Credit scores should be done away with period! For those of us that don't use credit it is not fair. I do not need credit cards in my life nor do I want them. It is unfair to judge someone because of their credit. It only takes a couple months of missed payments to go from an excellent rating to a poor rating and there can be so many factors there like losing a job or being out of work. Neither of those means you are a bad person!



posted on Aug, 27 2013 @ 04:36 PM
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Well what about this one ?

Facebook Friend or Foe ?



posted on Aug, 27 2013 @ 04:38 PM
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I heard that on the news the other day. Makes no sense.
Friends on Facebook could be people you haven't seen in 30 years, and barely even know.

Or relatives of inlaws.
Or spouses cousins that you've never met.
Or someone you only know online.

Facebook even puts on your page, "people you might know".
And they put a little plus sign so if you accidentally click the plus while scrolling, you've just put out a friend request without knowing.

I've made a couple of new friends that way, just because they were friends of friends.
One I don't even know.
edit on 27-8-2013 by snowspirit because: (no reason given)



posted on Aug, 27 2013 @ 04:44 PM
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Originally posted by xuenchen
Well what about this one ?

Facebook Friend or Foe ?



I don't know...
I hear this guy isn't very good with transparency.

He may not be a good source of 'friend'.



posted on Aug, 27 2013 @ 04:47 PM
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reply to post by snowspirit
 


Could they possibly be implying the 'guilt by association' rule?
Like you stated, how are you responsible for another's comments?

And what on earth has that got to do with the credit score?
Not a darn thing...
Crazy is what it is



posted on Aug, 27 2013 @ 04:49 PM
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Glad I never got a

Look
At
Me
Everybody
B
O
O
K

Page...

I feel douchey enough speaking my mind here... even without most of you knowing who I am.



posted on Aug, 27 2013 @ 04:52 PM
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facebook has many repurcussions..smartest thing one can do is have nothing to do with facebook..i will never have an account/page
edit on 27-8-2013 by vonclod because: spelling



posted on Aug, 27 2013 @ 05:01 PM
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I deleted my FB account about three years ago. I advise everybody to do the same. Kick the social network drug in the teeth and get on with your life, you don't need it, and you'll never miss it.



posted on Aug, 27 2013 @ 05:18 PM
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Funny, I bought a new pot/pan at a kitchen store Sunday with my Capital One card.

Today I had an advertisement from that very store on my Facebook feed as a "suggested like"


So yes, information about your buying habits is finding its way into Facebook.



posted on Aug, 27 2013 @ 05:50 PM
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reply to post by MystikMushroom
 
Did you happen to look at that item online prior to purchase or possibly afterwards to ensure you got a good price etc.? If you did, it is more likely that is where the information came from, a cookie about your search item.



posted on Aug, 27 2013 @ 05:57 PM
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reply to post by evc1shop
 

i doubt it, and im sure he will answer himself..its more likley his/your/everybodys info is being bought and sold..anything you do electronicaly is tracked


edit on 27-8-2013 by vonclod because: (no reason given)

edit on 27-8-2013 by vonclod because: (no reason given)



posted on Aug, 27 2013 @ 06:10 PM
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Originally posted by evc1shop
reply to post by MystikMushroom
 
Did you happen to look at that item online prior to purchase or possibly afterwards to ensure you got a good price etc.? If you did, it is more likely that is where the information came from, a cookie about your search item.



Nope. It was a "spur of the moment" impulse buy. I happened to wander in there (as I hadn't been in that particular store in a while). I was feeling the need for some "retail therapy" anyway, and saw they had this awesome 2 quart sauce pan w/lid.



posted on Aug, 27 2013 @ 06:13 PM
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I should spend $100 on random crap from random stores just to see what happens.

-tube of preperation h
-roll of saran wrap
-odor eaters
-multi vitamins
-hand sanitizer
-jar of peanut butter
-dog food
-eye makeup

I wonder what that would do for their data collection bots?!



posted on Aug, 27 2013 @ 06:17 PM
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Originally posted by MystikMushroom
I should spend $100 on random crap from random stores just to see what happens.

-tube of preperation h
-roll of saran wrap
-odor eaters
-multi vitamins
-hand sanitizer
-jar of peanut butter
-dog food
-eye makeup

I wonder what that would do for their data collection bots?!

you should add a case of mazola oil and a waterbed liner to that list



posted on Aug, 27 2013 @ 06:19 PM
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I already have enough issues functioning in this society because I refuse to get a credit card, which makes it extremely difficult to find places to live, and get jobs as many employers run credit checks on employees.

Now since I don't have a facebook and refuse to get involved with this ridiculous social "networking" things will get even harder?

"He has no credit and doesn't have a facebook, he is not acceptable for this apartment, job, etc"

What a stupid concept. I hope zuckerberg gets in a car crash, that guy has done so much damage to this country already, and it's not going to stop soon. All the dummies on facebook are obviously at fault too.



posted on Aug, 27 2013 @ 06:29 PM
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Originally posted by James1982
I already have enough issues functioning in this society because I refuse to get a credit card, which makes it extremely difficult to find places to live, and get jobs as many employers run credit checks on employees.

Now since I don't have a facebook and refuse to get involved with this ridiculous social "networking" things will get even harder?

"He has no credit and doesn't have a facebook, he is not acceptable for this apartment, job, etc"

What a stupid concept. I hope zuckerberg gets in a car crash, that guy has done so much damage to this country already, and it's not going to stop soon. All the dummies on facebook are obviously at fault too.

i dont want to insult my friends who are on fb and refrained from that in my posts but i have to agree with you.

i saw an article not long ago that stated a person may not get a job and so on if not part of fb..that the person must have something to hide..its complete bull#, it must be really awsome to be a part of if they try and intimidate or scare you into joining the herd



posted on Aug, 27 2013 @ 07:42 PM
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I would disagree that ones friends are not a reflection of who you are. Birds of a Feather Flock Together. It is an old saying but pretty accurate. If all your friends are losers it is likely you are as well.

That aside, it appalls (but not surprises) me that Facebook is being used for these purposes! I have one for my business and having likes is a big deal when trying to build clientele. I still hate the thing though and won't even look at it. I have an employee manage it.



posted on Aug, 27 2013 @ 07:47 PM
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reply to post by lernmore
 


Well don't be a speech pansy !!!!

Im already bankrupt. I don't think I would get a loan.

Sorry everyone



posted on Aug, 27 2013 @ 07:51 PM
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Here is an interesting thought.

The general concensus here is to ditch facebook.

Yet think about it.

That's saying "Stop talking to people you consider friends on facebook as facebook is a pox! And it might interfere with corporations loaning you cash that you will then be required to pay back with interest."

They have their hooks in us all and we're saying "More bait plox!" instead of pulling them out.. that's the really sinister thing about it all..




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