Lenders Using Social Media To Determine Creditworthiness
A Wall Street Journal feature shows lenders are looking closely into potential borrowers' social media activity to establish creditworthiness.By Alex Mallin | January 9, 2014
It's no secret what you say or do on social media can come back to haunt you. But a new Wall Street Journal feature reveals some lending companies are using the sites to determine how creditworthy a person is.
It could mean bad news for some borrowers. Several observed lending startups tap into everything from Facebook, Twitter and even the eBay accounts of prospective consumers looking to secure a loan. (Via The Wall Street Journal)
Several firms said they use social media to find more info on current and prospective clients and to see whether there are discrepancies between what someone puts on a loan application and their online posts. (Via GeoBeats)