Facebook friends could change your credit score
Facebook friends could change your credit score
August 26, 2013: 3:04 PM ET
Some tech startups are using your online social data to determine your creditworthiness.
NEW YORK (CNNMoney)
Choose your Facebook friends wisely; they could help you get approved -- or rejected -- for a loan.
A handful of tech startups are using social data to determine the risk of lending to people who have a difficult time accessing credit. Traditional lenders rely heavily on credit scores like FICO, which look at payments history. They typically steer clear of the millions of people who don't have credit scores.
But 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."
http://money.cnn.com/2013/08/26/technology/social/facebook-credit-s...
Replies to This Discussion
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Permalink Reply by apeman2502 on
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...You mean I can borrow beer money from these guys?
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Permalink Reply by Misteri on
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I wish they would change my credit score!!!! LOL If I had any credit that is, living on cash only basis or the barter system!!!! Plus I really don't have any friends, lol, not on Facebook anyway!!!
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Good thinking.
I have no interest in anything but surviving. They can track that all they want and give me as many suggestions as humanly possible, I will not complain!!!
But I have seen it done on other peoples computers. It would really bother me too. I do not seem to have that problem for some reason, wink, wink.
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Permalink Reply by Christopher on
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Face-Hook.
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