You can Bank on It!

vault(47)

So I’m watching the news the other day and the story was about how banks are going to start using Facebook as a way to approve or deny clients for loans…by their Facebook friends. 

Say what?

Apparently banks are going to look at your “friends list” and make the decision to approve you based on the list.  The rationale is that people tend to hang out with people who are like themselves, so if you hang around people that pay their bills, you will get approved.  However, if you hang out with people who are frequently delinquent, you most likely won’t get approved.  What the heck?  Last time I checked, an application was based on the individual’s credit score and payment history, not their neighbor’s.

Does that mean they are going to run a credit check on all my friends?

Or is this a nice way of stating: “racial profiling is in full effect at our bank…”

How crazy is that?

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5 comments on “You can Bank on It!

  1. That’s crazy. I wouldn’t give them my social.media information. So if i have friends who are criminals does that mean I’m one. Or what if I have family that are in foreclosure does that mean I will do the same thing.. This world is going crazy. We have to learn the game to play I guess.

  2. Some just use Facebook as a way to promote their business or blog so outside of words exchanged online, we don’t actually know those people. I am not surprised that this is being considered though since banks were a big part of the blame, several years back when we hit the recession.

  3. I doubt very much it is racial, but I wouldn’t be at all surprised to hear that facebook information is used for collecting information about people, and used to make judgements. I’m surprised that users of facebook expect that the information that they unwittingly reveal about themselves wouldn’t be used for purposes such as this.
    Jane x

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