How credit rating companies mining your Facebook profile could demolish your credit score
- 9 years ago
CHICAGO — Credit rating companies like FICO are mining social media profiles like Facebook to decide how worthy people are of credit cards and loans, the Chicago Tribune reported.
This is just the latest in a variety of schemes that big data is using to keep an eye on digital activity and judge customer's financial habits. "If you look at how many times a person says 'wasted' in their (Facebook) profile, it has some value in predicting whether they're going to repay their debt," FICO chief executive Will Lansing told the Financial Times.
Also included in the scoring are payment histories of everything from credit cards to movie rentals, and apparently moving house a lot is a bad sign because it might mean the person wasn't able to pay their rent.
Jim Wehmann, executive vice-president for scores at FICO told the Financial Times: "We can now score the previously un-scoreable." So the moral of the story is pay your bills, and don't post status updates to Facebook about how wasted you were on payday when they turned off your utilities.
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This is just the latest in a variety of schemes that big data is using to keep an eye on digital activity and judge customer's financial habits. "If you look at how many times a person says 'wasted' in their (Facebook) profile, it has some value in predicting whether they're going to repay their debt," FICO chief executive Will Lansing told the Financial Times.
Also included in the scoring are payment histories of everything from credit cards to movie rentals, and apparently moving house a lot is a bad sign because it might mean the person wasn't able to pay their rent.
Jim Wehmann, executive vice-president for scores at FICO told the Financial Times: "We can now score the previously un-scoreable." So the moral of the story is pay your bills, and don't post status updates to Facebook about how wasted you were on payday when they turned off your utilities.
-------------------------------------------------------------
Welcome to TomoNews, where we animate the most entertaining news on the internets. Come here for an animated look at viral headlines, US news, celebrity gossip, salacious scandals, dumb criminals and much more! Subscribe now for daily news animations that will knock your socks off.
Visit our official website for all the latest, uncensored videos: http://us.tomonews.net
Check out our Android app: http://bit.ly/1rddhCj
Check out our iOS app: http://bit.ly/1gO3z1f
Get top stories delivered to your inbox everyday: http://bit.ly/tomo-newsletter
Stay connected with us here:
Facebook http://www.facebook.com/TomoNewsUS
Twitter @tomonewsus http://www.twitter.com/TomoNewsUS
Google+ http://plus.google.com/+TomoNewsUS/
Instagram @tomonewsus http://instagram.com/tomonewsus