1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Your Facebook Friends Now Affect Your Credit Score

Discussion in 'BlackHat Lounge' started by The Scarlet Pimp, Sep 1, 2013.

  1. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

    Joined:
    Apr 2, 2008
    Messages:
    788
    Likes Received:
    3,127
    Occupation:
    Chair moistener.
    Location:
    Cyberspace
    you're known by the company you keep.
    i wonder how long before facebook finally croaks.

    Lenders Are Trawling Social Media For Pals Who Don't Pay Up Before Giving Borrowers a Loan

    * Savvy start up lenders have started measuring the creditworthiness of potential borrowers by determining whether their Facebook friends pay off their debts.

    * The tech start ups, including Lenddo, trawl through an applicants online friends in a bid to determine whether anyone in your network has failed to pay back a loan.

    * If they are successful, it dents your credit score.

    * Others are using payment information from eBay, Paypal and Amazon rather than or as well as more traditional methods.

    Dubious Facebook 'friends' could stand in the way of you getting a loan thanks to new technology.

    Savvy start up lenders have started measuring the creditworthiness of potential borrowers by determining whether their pals pay off their debts.

    The tech start ups, including Lenddo, trawl through an applicants online friends in a bid to determine whether anyone in your network has failed to pay back a loan.

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

    Traditional lenders, such as banks, rely heavily on official credit scores based on payment history.

    But newer lenders believe social connections can also be a good indicator of a person's creditworthiness.

    After a quick search, Lenddo can work out if any of your Facebook friends have been late paying back a loan to Lenddo. If so, they're less likely to offer you a line of credit. The situation gets even worse if the delinquent friend is someone you interact with regularly.

    http://www.dailymail.co.uk/news/art...cial-media-friends-dont-pay-giving-loans.html
     
  2. Thulean

    Thulean Newbie

    Joined:
    Jul 25, 2013
    Messages:
    12
    Likes Received:
    75
    I think it's more like, do you have 100 friends that are all immature broke asses? Then you're probably not a good candidate for our loan. Which makes sense in a way. But there are always so many variables that makes this incredibly stupid.
     
  3. Black.Star

    Black.Star Junior Member

    Joined:
    Oct 4, 2011
    Messages:
    185
    Likes Received:
    1,028
    Occupation:
    IT security specialist
    Location:
    Europe
    I donĀ“t even believe that this is a bad thing actually... Just my opinion.