If you have a steady income and a good credit score then you have nothing to worry about. But if you are young and haven't build up your credit score yet, then watch out for the "facebook score."
Social media technology is not only used for networking but it also determines what type of a person you are. Employers sometimes refer to facebook to see if candidates have good moral background. It is also now being used to determine if you're the type to pay back loans or the kind who defaults.
Linkedin profiles give a lot of information to the reader. It validates your stated employment is real or not based from the people you are linked with.
Your posts and tweets could also establish your credit worthiness. "Alternative data" is still on its infancy stage, but it's getting more and more popular. Lenders are working with companies who create predictive modelling and algorithms. They use the data associated with your ties to friends, business associations and community to understand whether you are a credit risk or not. (Source: www.realtytimes.com)
Consumer Financial Protection Bureau or CFPB IS monitoring how lenders will use social media as a source of information for their credit decisions without the violating individual's privacy rights. If I were you, be careful on your postings, someone might be watching your every move without you knowing it.
If you need more information on how to improve your credit score, please don't hesitate to contact me. I am at your service. More information on www.jamesteamrealestate.com
No comments:
Post a Comment