The NETWORK for The Core DJ Syndicated Radio Show
If your Facebook friend doesn’t “like” paying his or her bills on time, you might want to seek another friendship before applying for a loan.
CNNMoney reports several tech startups have found ways to determine the creditworthiness of loan seekers by looking at how much they interact with friends who have bad credit. In essence, if you are friends with people who have bad credit and interact with them often, you could be deemed a high credit risk and denied a loan. WTH!!! Conversely, if you are friends with someone whose credit is solid, that could help you land a loan.
Lenddo co-founder and CEO Jeff Stewart told CNNMoney his tech company is able to use “massive computing power” to determine whether you are friends with some who’s behind on payments to Lenddo.
Are lenders going too far in looking at your social media accounts to determine your creditworthiness?