Thursday, January 09, 2014

Lenders starting to look at social media postings of applicants: do they find the right ones?

NBC Washington is reporting that a few financial institutions or loan companies are starting to check social media to help determine if people are good credit risks, in addition to using credit reports and FICO or Vantage scores.

Lenders may look for comments about job loss, specifically. They would be less likely to find comments that are whitelisted to friends or followers only.

It’s pretty obvious that there would be a risk of finding the wrong social media profile, as many names are similar and not so easy to distinguish.

Of course, the issue with employers is well known.
  
This report will be followed carefully.


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