Suggesting that your Facebook friends list has nothing to do with your ability to make payments on credit lines may seem exaggerated, especially as these days, many people do not even know everyone on their friends list. How can we know how much their friends of friends ", former teachers and their college credit people is?
Yet these companies earn a bit of speed as Lenddo, for example. The company, which is currently only available in Colombia, Philippines and Mexico, scans your friends list to see if people interact with you were behind in their payments Lenddo in the past. This helps to determine whether you qualify or disqualify for a loan, among other factors.
Other companies in this area to address the variables more online. For example, Kreditech not only looks like your Facebook, Amazon and eBay, it also analyzes how users fill their online loan application. Potential borrowers Kreditech better have their online label down -. using all CAPS can harm your chances of approval
For small businesses seeking loans, Kabbage has a similar approach. They look payment accounts such as your eBay and PayPal history, and the social interactions of your company's media on Facebook and Twitter. co-founder of Kabbage, Marc Gorlin, gave this rationale:
"Someone who is paying attention to the Facebook and Twitter channels to deal with the customer service is more likely being above the other parts of their business, too, such as inventory and shipments. "
Although there are only a handful of lenders that look at the statistics social to determine creditworthiness, more traditional lenders could begin to examine these measures as well? If this happens, many of us will probably start to reassess our Facebook profiles.
For now, it is important for consumers who may need a loan or lease in the future to stay on top of their actual credit history. credit report monitoring services you provide detailed reports and credit scores, and help protect against identity theft by alerting you of any changes in your credit report. Compare all top services and check out some free practice here.