REPORT: Your Facebook Friends May Impact Your Loan Applications
Keep your Facebook friends close, but not too close if they have debt issues, because their credit problems could cause some credit problems for you.
Keep your Facebook friends close, but not too close if they have debt issues, because their credit problems could cause some credit problems for you.
CNNMoney reported that Facebook and other social networks are being incorporated into the formulas used by financial lending companies in determining whether loan applicants are worth the risk.
Lenddo and Kabbage were among the financial companies highlighted by CNNMoney.
Lenddo takes into consideration if applicants are friends on Facebook with Lenddo clients who were tardy in repaying their loans, and Co-Founder and CEO Jeff Stewart told CNNMoney:
It turns out humans are really good at knowing who is trustworthy and reliable in their community.
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