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Using Social Media in Lending Decisions

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eagle2013
Established Contributor

Using Social Media in Lending Decisions

Very interesting article about social media and lending. Do you think that social media presence is a greater predictor of credit worthniness than FICO?

Message 1 of 4
3 REPLIES 3
Roarmeister
Frequent Contributor

Re: Using Social Media in Lending Decisions

The article was referring to using social media as additional information gathering. 

 

Personally, I think it is stupid to keep open profiles on social media that anyone can search.  I keep my FB page restricted and even then only post the bare minimum that can be used against me.  I use FB for simply keeping in touch and track of friends and family.  I'm not a twitter fan nor use instagram.  I learned only the other day what selfie and snapchat were!  (yeah I'm a bit of an old fogie!)  I just don't see the appeal that a 15-25 yr old would see in these things.  The only page that I keep open for anyone to read is my Linkedin page - but since that is used mostly for work related functions, I don't mind.  I've never fudged on a resume' or on Linkedin and I see no reason to start doing that either so if a prospective employer looks for me there, all they will find is an honest slate!

Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
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ACTUAL Oldest account 40.1 years; ACTUAL AAoA 19.3 years.





Message 2 of 4
drkaje
Senior Contributor

Re: Using Social Media in Lending Decisions

Considering all the silliness people post about on social media; Approvals would be seriously down it it were factored into lending decisions, LOL!


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Message 3 of 4
-Wade-
Valued Contributor

Re: Using Social Media in Lending Decisions


@Roarmeister wrote:

The article was referring to using social media as additional information gathering. 

 

Personally, I think it is stupid to keep open profiles on social media that anyone can search.  I keep my FB page restricted and even then only post the bare minimum that can be used against me.  I use FB for simply keeping in touch and track of friends and family.  I'm not a twitter fan nor use instagram.  I learned only the other day what selfie and snapchat were!  (yeah I'm a bit of an old fogie!)  I just don't see the appeal that a 15-25 yr old would see in these things.  The only page that I keep open for anyone to read is my Linkedin page - but since that is used mostly for work related functions, I don't mind.  I've never fudged on a resume' or on Linkedin and I see no reason to start doing that either so if a prospective employer looks for me there, all they will find is an honest slate!


Very well said Smiley Happy i feel the same way. That's 1 reason it's so much ID Theft

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