“Birds of a feather, flock together” is their philosophy.
Did you know that being a social media “butterfly” could hinder your credit score? Before you click the accept button for a friend request on your Facebook page or any other social media sites you better think again. According to CNNMoney, some credit lenders are no longer relying strongly on a person’s individual credit score, but they are turning to your friends, your media friends for answers.
How are they doing this you may ask? Well lets just say, companies like Lenddo is applying the “birds of a feather flock together” rule. If you are friends with someone on Facebook who is late on their account and have a bad relationship with Lenddo, they assume that because you are associated with them, you have the same qualities. Here is what the is what the Co-founder and CEO of Lenddo, Jeff Stewart told CNNMoney
It turns out humans are really good at knowing who is trustworthy and reliable in their community. What’s new is that we’re now able to measure through massive computing power.
So, know your purpose of using your social media, because it could very well affect your future lending options. More and more companies are seeking ways to really get in your personal life and you are letting them by the interactions you make and the things you are doing on internet.
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