A lot goes into determining someone's credit worthyness. Think of the days before computers and credit scores. If you wanted to lend money to someone, you took a look at their reputation. Who did they hang around with? Well Brendan Spaar is here to tell you that the old days may be here again. At least one lender, Lenddo, is assessing your Facebook and social media connections before it approves your loan. This is nothing new, however. A German lender says that it uses 8,000 data points when deciding whether or not it will approve a loan. If you are looking to get a non traditional loan, you may want to invest some time or money into cleaning up your online reputation, especially if you were arrested or charged.
Source: http://money.cnn.com/2013/08/26/technology/social/facebook-credit-score/index.html?hpt=hp_t3
Source: http://money.cnn.com/2013/08/26/technology/social/facebook-credit-score/index.html?hpt=hp_t3
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