Facebook friends could change your credit score

[hamsterjill]

Un-effin-believeable!!!



http://www.kens5.com/home/-Facebook-friends-could-change-your-credit-score-221186211.html

[VanillaRhapsody]

1. Yep I have known about this for a while and wondered

why everyone isn't MORE pissed about this.....THIS is what is really invasive and unfair. What now....you have to check the credit scores of people before you friend them? You know so their bankruptcy doesn't drag your score down?

[onehandle]

2. Nothing to do with real credit scores or banks. This is about scammy startups...

...and loan sharky payday lenders.

[City Lights]

3. Fuck them.

Up, down, and sideways.

[meow2u3]

4. Nothing says fly-by-night lender than a company called Lenddo

Who would want to borrow money from some company called Lenddo? That's like buying a used car from Honest John.

[dionysus]

5. "Thank you for choosing Lenddo, friendo.. heads or tails..."

[meow2u3]

8. Lenddo: Heads we win, tails you lose

Now there's a good tag line for Lenddo.

[LTR]

10. Call it

[mitchtv]

6. brings to mind a business late of SF

" Cheatum Motors", then there was "Terminal drugs"

[meow2u3]

9. Not to mention the law firm Cheatum and Steele

[FSogol]

12. That's the law firm of "Dewey, Cheatem, and Howe."

[meow2u3]

13. Cheatham and Steele were real, AFAIK

[Gormy Cuss]

7. The big players will do it too if they find it adds value to their scoring.

You can be sure that they've either already explored this or will do so soon.

There are many people who are unscorable because they have insufficient credit histories but that doesn't mean that they are bad credit risks. To be able to tap into that population and figure out the better risks would be a boon to credit marketers.

[hamsterjill]

15. This is what I was thinking about, too, when I first posted this article.

If the big players find it lucrative, it will become commonplace. And if you delete your Facebook account, that will most assuredly be a "detractor" for you for not having one!

[KamaAina]

11. The majority of my FB friends are people with disabilities.

True, some are professionals like myself, but others live on benefits.

And most of the rest of them are ex-DUers, which may not be helping me out that much.

[Lex]

14. No lenders use social media

for assessing credit worthiness unless they are fly-by-night outfits. Even the article basically states that.

[Gormy Cuss]

17. Here's where I get worried about how long that will be true.

A former CIO of Google thinks it may have merit -- so much so that his new startup is trying to build it into their scoring model.

... As Douglas Merill, Google's former chief information officer and the founder of ZestFinance—a startup that leverages "big data" to provide credit scoring information—told the New York Times last year: “We feel like all data is credit data, we just don’t know how to use it yet. This is the math we all learned at Google. A page was important for what was on it, but also for how good the grammar was, what the type font was, when it was created or edited. Everything.” To that effect, ZestFinance looks at 70,000 signals and feeds them into 10 separate underwriting models for assessing the risk. The results of those models are then compared—in milliseconds—and an applicant's risk profile is generated.

http://www.slate.com/articles/technology/future_tense/2013/01/wonga_lenddo_lendup_big_data_and_social_networking_banking.2.html

[joeglow3]

16. Who cares?

I hate that our society has ingrained in us how "normal" it is to borrow money and owe others.

[Lex]

20. Yeah, 'cause that's a totally new thing. nt

[joeglow3]

21. Look at levels of consumer debt

Yes, the level of idiocy we see today is very new.

[dsteve01]

18. All my facebook friends

want to sell me Viagra

(

[Posteritatis]

19. Love that the article makes it about FB instead of the banks. Oy. (nt)

[kentauros]

22. Thankfully, I don't use my real name on FB.

Also thankfully, I don't even check my account there but about once a month. DU's a helluva a lot more fun than FB any day!