How Facebook Can Hurt Your Credit Rating

CommanderFrank

Cat Can't Scratch It
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May 9, 2000
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Keep your friends close, but keep your personal information even closer. What you do and say and even who you interact with online, especially on social sites like Facebook, can and will affect your credit rating sooner or later. Banks are using your own information against you by gathering data they can’t legally obtain from applications. Bankers may soon join lawyers and politicians on the most despised profession list if this trend continues.

In other words: choose your online friends wisely, for they may one day determine your APR.
 
While I'll agree don't put your shit out for all to see, come fucking on... credit ratings?

Yeah this ain't more fuel for ending the credit system in this country.
 
Keep it wrapped up tight. Put your fb settings on private and don't add people from work.
 
Keep it wrapped up tight. Put your fb settings on private and don't add people from work.

All the settings in the world do not matter. The point is it will be purchased directly or perhaps from a "rogue" app datamining. Once its out there its out.
 
Keep it wrapped up tight. Put your fb settings on private and don't add people from work.

Actually the article states that you may one day go to the bank and have them REQUIRE you provide your Facebook/Linkedin/Twitter accounts. Now, the first thought is - have more than one account, but then they'll just respond by demanding your 'primary' account, and put some kind of really scary sounding message on there comparing anything other than providing your primary account to be 'fraud and a lie' and most people won't question that.

I think it's kind of crazy right now that you can be turned down for credit and the reason given is that you DON'T owe enough money to enough other people, but it's true. ('Not enough other revolving credit accounts.' is the way they word it) Who knows what crazy things they could come up with when it comes to Facebook. 'Sorry, you don't have enough friends on Facebook, or your friends are of lower credit score so we can't approve this credit card application, we will of course continue to send you spam mail everyday claiming to have preapproved you.'
 
If that happens... I'm pulling out of banks... their savings account don't give me that much anyway. Start using pre paid credit cards or something.
 
All the settings in the world do not matter. The point is it will be purchased directly or perhaps from a "rogue" app datamining. Once its out there its out.
You have a point there. I guess the best precaution is just to not post anything that could be used against you. Or just don't use it socially.
Actually the article states that you may one day go to the bank and have them REQUIRE you provide your Facebook/Linkedin/Twitter accounts. Now, the first thought is - have more than one account, but then they'll just respond by demanding your 'primary' account, and put some kind of really scary sounding message on there comparing anything other than providing your primary account to be 'fraud and a lie' and most people won't question that.

I think it's kind of crazy right now that you can be turned down for credit and the reason given is that you DON'T owe enough money to enough other people, but it's true. ('Not enough other revolving credit accounts.' is the way they word it) Who knows what crazy things they could come up with when it comes to Facebook. 'Sorry, you don't have enough friends on Facebook, or your friends are of lower credit score so we can't approve this credit card application, we will of course continue to send you spam mail everyday claiming to have preapproved you.'

If that happens... I'm pulling out of banks... their savings account don't give me that much anyway. Start using pre paid credit cards or something.

Banks are evil. A good alternative would be credit unions. I'm thinking of joining my union one very soon.
 
Hong Kong-based micro-lender Lenddo – which asks for your Facebook, Twitter, Gmail, Yahoo, and Windows Live logons when you sign up...
Whoa, they want your email login, too? :eek:

Will you be legally required to give your bank access to your Facebook, Twitter, LinkedIn profiles when you need credit? Probably not. But they won’t be legally required to approve your loan, either.
This is a growing trend with employers as well and I find it rather disturbing.

What happens when you just say, "I don't have any of those"? Because I don't. This Luddite values her privacy and has avoided social networking like the plague.

And while my real name isn't as common as John Smith, it's not so unique that there aren't several dozen FB accounts with it. Have fun wasting your time going thru them all trying to find me because you won't.
 
Banks are evil. A good alternative would be credit unions. I'm thinking of joining my union one very soon.

I've had NFCU for years and have only been extremely happy with them. It just seems like every step of the way, they are there to help you.
 
I think it's kind of crazy right now that you can be turned down for credit and the reason given is that you DON'T owe enough money to enough other people, but it's true.'

That's not crazy for one second. It's not like you have a right to borrow money.
 
The financial system relies on using credit as the mean of leverage. Having a good credit history proves the fluidity of the borrower which, at this point, is more valuable than hard collateral to the banks... people don't seem to realize that anything with a financial stakes is never mere fun and game.

The banking sector will do anything within its legal power to minimize its risks. For any corporate venture, building up a detailed consumer database that can be used by expert systems is a non-brainer.

Don't hate the bankers; hate one's own tomfoolery! The responsibility to safeguard one's private information is ours'.
 
Now the only thing that will piss me off about this is if NOT having social website account will negatively impact your rating.
 
Actually the article states that you may one day go to the bank and have them REQUIRE you provide your Facebook/Linkedin/Twitter accounts. Now, the first thought is - have more than one account, but then they'll just respond by demanding your 'primary' account, and put some kind of really scary sounding message on there comparing anything other than providing your primary account to be 'fraud and a lie' and most people won't question that.

I think it's kind of crazy right now that you can be turned down for credit and the reason given is that you DON'T owe enough money to enough other people, but it's true. ('Not enough other revolving credit accounts.' is the way they word it) Who knows what crazy things they could come up with when it comes to Facebook. 'Sorry, you don't have enough friends on Facebook, or your friends are of lower credit score so we can't approve this credit card application, we will of course continue to send you spam mail everyday claiming to have preapproved you.'

If my bank ever tells me I have to give them my FB or Twitter account I'd give them some unkind words and switch banks in an instant. I don't even have any real personal information on either account, but there is zero reason anyone needs it.
 
The only personal information that any institution gets from me when it is unnecessary is a pound of my shit. I have nothing to hide, nor worry about due to my credit rating being excellent. But some of this shit that institutions are doing and asking for is nothing but illegal, at least IMO.

I never use any of the games, app's, websites do not have access to my account, and I don't like a bunch of (useless) shit either. It is locked downed as well as the account can be. Only family and selected friends are a part of my account....hmn perhaps there is some truth to this..............
 
damn whats next? your credit rating is affected by who you are friends with next? this crap needs to stop our society is getting pretty F'ed up!!
 
Why should the lender bank not keep in mind of who your friends are though? They are not governmental entities, and they are putting money that others have 'entrusted' it with at a level of risk when they loan them out...

the risks are skewed totally to the borrower, but isn't that just what any corporation should do to protect its and its shareholders' interests?
 
Why should the lender bank not keep in mind of who your friends are though? They are not governmental entities, and they are putting money that others have 'entrusted' it with at a level of risk when they loan them out...

the risks are skewed totally to the borrower, but isn't that just what any corporation should do to protect its and its shareholders' interests?
They're lending money to you, not your friends and family.
 
well thats not exactly your "credit rating". Your real FICO credit scores are calculated from precise hard data without any kind of subjective information. And if your score is high enough you shouldnt have to worry about some underwriter combing through your reports and any other ancillary information they can find.
 
Keep your friends close, but keep your personal information even closer. What you do and say and even who you interact with online, especially on social sites like Facebook, can and will affect your credit rating sooner or later. Banks are using your own information against you by gathering data they can’t legally obtain from applications. Bankers may soon join lawyers and politicians on the most despised profession list if this trend continues.

May soon join? I guess you've missed the Occupy events?
 
Fuck it. Banks need to just hire people to be your live-in money manager. They live to witness every aspect of your personal life and what you own and purchase, so that your credit rating is accurately determined up to the minute.

I wish someone would go Project Mayhem on this shit.
 
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