In what should be an eye-opening article for everyone who is an active social media user, Erica Sandberg of the San Francisco Chronicle reports that the comments you make and info you provide on social media websites can and is being compiled and provided to creditors.
…Can your comments affect your credit? Yup.Did you know that everything you and those in your network do and discuss online may be compiled and provided to creditors? If your settings are tuned to public, it’s true. This includes your Facebook status updates, Twitter “tweets,” joining online clubs, linking a Web site, and even posting a comment on a news blog (such as, well, this one).
It’s fascinating stuff. Here is my full story that came out today, Social networking: Your key to easy credit?, but in brief -
What’s going on: In hopes of identifying good credit customers, some financial institutions are tapping into the information you and your friends reveal online. The idea is that the friends you keep and data you disclose may help them make more accurate business decisions.
Who is doing it: Companies such as Rapleaf hunt and gather social networking transmissions, turning the conversations you have in your network into consumer profiles. These profiles provide banks with insight into your…
Read more:
Can Social Media Comments Actually Affect Your Credit? Yup.
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