Credit Services Look at Facebook Friends; Data Gleaned from Social Networks Could Determine Creditworthiness

The Washington Times (Washington, DC), December 26, 2011 | Go to article overview

Credit Services Look at Facebook Friends; Data Gleaned from Social Networks Could Determine Creditworthiness


Byline: Tim Devaney, THE WASHINGTON TIMES

In a new social twist, banks might start using your profiles on Facebook, Twitter and other networks to determine your creditworthiness.

Social networks long have been an easy way for employers, schools, law enforcement and lawyers to keep tabs on people. They can investigate status updates, photos, videos, and even the friends a person associates with.

Now, lenders want a piece of the social action, too, hoping to leverage it to make sure a borrower is trustworthy.

Popular sites a len-der might target include Facebook, Twitter, LinkedIn, Gmail, Yahoo, Windows Live, and eBay.

There is plenty of correct information that can be learned, and that is why they look around, said Jeff Kagan, a wireless and telecom industry analyst based in Atlanta. However, there is more bad information that has no real connection to you that can also be used against you. It can mean being turned down for a loan, or paying a higher interest rate on one. This is real.

Movenbank measures a person's credit score to determine an applicant's trustworthiness. It looks at credit history, behavioral analysis and social networking reach and influence.

We're more interested in whether those friends trust you, or are prepared to vouch for you, Movenbank founder Brett King said. What we're looking for in the social data is how real you are, how trusted and connected you are, and the level of engagement or influence you have.

We might look at other elements like how often you are de-friended on Facebook or unfollowed on Twitter, he added. Those mechanisms could be a measure of trustworthiness.

The Lending Club, which is a peer-to-peer loan startup, uses social media to prevent identity fraud. They don't, however, use it to assess a customer's credit rating.

If somebody says they work at Boeing, and you can see at their LinkedIn page that they are between jobs, those kinds of things we look for, said Scott Sanborn, chief marketing officer at Lending Club. Our goal is acquiring creditworthy borrowers.

The agencies advise to choose online friends wisely. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Credit Services Look at Facebook Friends; Data Gleaned from Social Networks Could Determine Creditworthiness
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.