Loans and Social Networking

Sheriff with Revolver riding HorseI admit that I seem to be falling behind the times. This story amazed me. Your social networking could affect your ability to get a loan. How long before consumer reporting agencies including a social Q rating as part of your credit report and score?

The article is titled: 

Your Deadbeat Facebook Friends Could Cost You a Loan

“It’s a financial data wild west out there,” says Jeff Chester, executive director of the Center for Digital Democracy. “There are no rules.”

That means there’s no way to tell if lenders who judge you based on your Facebook page are judging you fairly. LendUp CEO Sasha Orloff told Time last year that an active social media life and a “strong, close geographic network” are indicators that a borrower will repay his or her debts.

http://www.motherjones.com/politics/2013/09/lenders-vet-borrowers-social-media-facebook

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