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28th August 2013, 06:38 | #1 |
[M] Reviewer Join Date: May 2010 Location: Romania
Posts: 148,500
| Credit score companies turn to Facebook Credit score companies are starting to use data gathered from Facebook to determine how much cash finance companies should loan you. According to CNN, a handful of tech startups are using social data to determine the risk of lending to people who have a difficult time accessing credit. Normally companies ignore such types which might be a good credit risk because they don't have credit scores. But apparently financial lending companies are becoming interested in how social connections can be a good indicator of a person's creditworthiness. One outfit, Lenddo, looks to see if you're friends on Facebook with someone who was late paying back a loan. If so, then that harms your score. If you only interact with the person a couple of times it probably will not matter so much, but if you talk to the person every day it could really do your finances some harm. Jeff Stewart, a co-founder and CEO of Lenddo said that humans are really good at knowing who is trustworthy and reliable in their community and this can now be measured by computers. A German company called Kreditech says that it uses up to 8,000 data points when assessing an application for a loan. It uses data from Facebook, eBay or Amazon accounts and gathers information based on how customers fill out the online application. http://news.techeye.net/business/cre...rn-to-facebook |
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