Social Sites Increasingly Being Used To Judge Your Credit Worthiness And Hunt Down Bad Loans

Social Sites Increasingly Being Used To Judge Your Credit Worthiness And Hunt Down Bad Loans
Remember the paper boy in Better Off Dead -- the psycho tyke who chased John Cusak around, demanding his two dollars? Yeah, we all laughed about the little dude's persistence, but truth of the matter is, creditors like that kid make their living by being tenacious, tracking down borrowers wherever they are. And where they are these days is on social media sites like Facebook and Twitter.

Earlier this summer, there were numerous accounts of lenders using Facebook and Twitter to determine the creditworthiness of loan applicants. According to those reports, posting a Facebook update like, "I just got fired!" or "I'm heading to Vegas to blow my inheritance!" could cause creditors to ratchet up your loan rate. In some instances, it might prevent you from scoring a loan at all.




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TauronB2GTauronB2G - 9/8/2010 11:13:20 AM
+1 Boost
Funny thing. A couple of years ago I worked for *itiFinancial and even though they had social networking sites blocked my boss had employees going on facebook either at home or on their cell phones finding people who owed money or had disapeared. They found a few of them too. They still never got paid but they found them. The one thing I hated was calling peoples neighbors. Old people will always go to your door and leave a note if someone calls. Be afraid, be very afraid.
T


SteedPubSteedPub - 9/8/2010 12:22:12 PM
+1 Boost
Bottom line is that if you hang your ass out there on social networking sites, you are making your ass public record.


Joe_LimonJoe_Limon - 9/8/2010 12:27:05 PM
+1 Boost
Isn't this a social networking site?


Agent001Agent001 - 9/8/2010 1:00:07 PM
+1 Boost
Yes, it is Joe.

001


WorldofLuxuryWorldofLuxury - 9/8/2010 1:56:55 PM
+1 Boost
Looks like loaners will be careful with SteedPub's rep on the World Wide Web.


SteedPubSteedPub - 9/8/2010 2:37:36 PM
+1 Boost
Ha. I know the Green Police already have a file from my comments here alone


SteedPubSteedPub - 9/8/2010 2:39:51 PM
+1 Boost
....they have to be conflicted though.......all my comments promoting clean diesel.....counter my comments poking holes in the hybrid hype.....can only imagine the issues that creates for a loan underwriter.


SteedPubSteedPub - 9/8/2010 2:41:53 PM
+1 Boost
Luckily............when my "real name" is searched.........it only shows the 500-600 entries that show how damn hard I work and to what extent I have a history in my profession. ;)


thstonethstone - 9/8/2010 2:30:35 PM
+1 Boost
False. Facebook security only allows your "Friends" access to your posts. Ok, if you're dumb enough to leave your FB page open to anyone, then you deserve what you get, but 99% of people limit access to their FB page to the friends and no one else.


Joe_LimonJoe_Limon - 9/8/2010 7:57:24 PM
+2 Boost
facebook apps hand over personal information on a daily basis, most facebook users have used these data mining applications without even realizing it.
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