And so it begins, posts on social media effects your credit score...

[DesiPower]

Say "wasted" on Facebook and your credit score gets wasted!!!

According to a recent report by the Financial Times (paywalled), some of the top credit rating companies are now using people's social media accounts to assess their ability to repay debt. "If you look at how many times a person says 'wasted' in their profile, it has some value in predicting whether they're going to repay their debt," Will Lansing, chief executive at credit rating company FICO, told the Financial Times. "It's not much, but it's more than zero." According to the Financial Times, both FICO and TransUnion have had to find "alternative ways" to assess people who don't have a traditional credit profile — including people who haven't borrowed enough to give creditors an idea of what kind of risk they pose.

http://m.ajc.com/news/news/national/how-your-facebook-profile-can-affect-your-credit/npD9X/

http://m.slashdot.org/story/302083

 

[Anubis]

sweet time to start posting wasted every day just to see what happens

 

[NesuD]

Wow you and Crazy Dave both pulled the sky is falling card with your mischaracterization of the statement. Here are the important parts of the quote:

assess people who don't have a traditional credit profile — including people who haven't borrowed enough to give creditors an idea of what kind of risk they pose.

it has some value in predicting whether they're going to repay

"It's not much, but it's more than zero.

Must be a slow morning

I say if you post like a fool odds are you are a fool works for me.

 

[purbeast0]

i wouldn't be surprised if there is a corelation. most people who constantly brag about how wasted they are typically aren't very responsible people. of course there are outliers though.

 

[DesiPower]

Wow you and Crazy Dave both pulled the sky is falling card with your mischaracterization of the statement. Here are the important parts of the quote:

assess people who don't have a traditional credit profile — including people who haven't borrowed enough to give creditors an idea of what kind of risk they pose.

it has some value in predicting whether they're going to repay

"It's not much, but it's more than zero.

Must be a slow morning

I say if you post like a fool odds are you are a fool works for me.

So you think in small insignificant amount, this is acceptable?

 

[ultimatebob]

I think that the greater concern is "Why does my bank have access to my Facebook posts"? I don't remember adding them to my privacy settings...

 

[highland145]

I think that the greater concern is "Why does my bank have access to my Facebook posts"? I don't remember adding them to my privacy settings...

They paid fb for it. Just like they pay many companies for the information you voluntarily give them.

 

[96Firebird]

How do they know its really my Facebook?

 

[purbeast0]

I think that the greater concern is "Why does my bank have access to my Facebook posts"? I don't remember adding them to my privacy settings...

when services are free (ie, facebook), you are not the customer, you are the product

 

[YBS1]

How do they know its really my Facebook?

That would be my only concern with this, otherwise I don't have an issue with it. It's no different than if I was evaluating a potential employee, I would be highly unlikely to hire someone with visible tattoos or especially those stupid barrel things in their ears, it shows the person may have poor decision making skills. You're free to do what you want, others are free to judge you based upon it.

 

[highland145]

How do they know its really my Facebook?

They don't but they're good at putting all of bits of info about you that's out there together.

Order a pizza delivery and you just gave up your name, address, phone number and that you like mushrooms.

Use your phone to like something else, like your power bill, ....

 

[DesiPower]

I think that the greater concern is "Why does my bank have access to my Facebook posts"? I don't remember adding them to my privacy settings...

Well, it's not so much your bank, but it's FICO who's doing it. I believe like any other marketing company, they are paying FB

 

[Svnla]

How do they know my FB if I use only my first name and the rest are just acronyms.

For example: full name is Billy Bob Smith

FB name: Billy B Sm

No real picture, no description, not much of anything else about myself.

Honestly, I don't really care because my FB page is boring.

 

[SunnyD]

How do they know its really my Facebook?

There's a reason Facebook and Google both wanted your real, actual name associated with your account for the longest time.

There's also a reason why everybody and your mother wants your zip code and for you to associate your phone number with your account. Hint: It's not for security purposes.

 

[purbeast0]

How do they know my FB if I use only my first name and the rest are just acronyms.

For example: full name is Billy Bob Smith

FB name: Billy B Sm

No real picture, no description, not much of anything else about myself.

Honestly, I don't really care because my FB page is boring.

if your email for your facebook and one of your banks or credit card companies match up, chances are pretty good that you are the same person.

then you also have matching phone numbers, zipcodes, cities, states, etc, etc.

it's very easy to put this kind of data together to paint a picture of who a person is.

 

[wabbitslayer]

Do they check internet forums, too?

I make a million bucks a year, pay all my bills ten days before they are due, am married with kids, never smoke or drink or gamble, go to church twice a week and have sex only in the missionary position with the lights off.



AMEX, please PM me on where to send my black card:wub:

 

[Rakehellion]

How do they know its really my Facebook?

Because it was accessed from your IP address.

 

[poofyhairguy]

This is why I post less and less on social media. No reason to give people rope to hang me by.

 

[Svnla]

if your email for your facebook and one of your banks or credit card companies match up, chances are pretty good that you are the same person.

then you also have matching phone numbers, zipcodes, cities, states, etc, etc.

it's very easy to put this kind of data together to paint a picture of who a person is.

I don't use my regular email on my FB. No phone either.

I may have to change the city, state, and zip code and other information just for kick.

 

[Jeff7]

sweet time to start posting wasted every day just to see what happens

"I hate seeing all the food wasted at grocery stores every day.

And a friend really wasted away during chemo treatment."


Oh damn, there goes my credit score.

i wouldn't be surprised if there is a corelation. most people who constantly brag about how wasted they are typically aren't very responsible people. of course there are outliers though.

Like those people who post drunk and then get arrested (or killed) a day or so later driving drunk.



(I do design and some programming. Part of my job is trying to anticipate those damn outliers.)

 

[Humpy]

To whatever extent this is happening I think it's reasonable. Social media, combined with records of actual events, and what is known about human nature, can reveal so much about people that corporations would be foolish not to benefit from it if possible. Selfishly, having people who don't understand the game paying 8% makes it more likely that I'll only have to pay 1%.

I have little sympathy for people who are oblivious to reality and then bitch when it hits them. There is nothing wrong with the no-fucks-given approach, life is short enough to disregard what is in your corporate record, just have the integrity stay the course once you're on it.

 

[M0oG0oGaiPan]

doing a 6 card aor is going to make it go down temporarily also.

 

[tynopik]

Do they check internet forums, too?

I make a million bucks a year, pay all my bills ten days before they are due, am married with kids, never smoke or drink or gamble, go to church twice a week and have sex only in the missionary position with the lights off.



AMEX, please PM me on where to send my black card:wub:

if all those things are true, then you're not cool enough for the black card and you would just be bringing it down with your squareness

they want playboys, not choirboys

 

[JimKiler]

If FB is selling the info to FICO me putting a statement on my FB profile that the info cannot be used for commercial purposes would be mute then?

 

[twinrider1]

Freddy Fender is so screwed.