Research & Find- Loans

I was interested in finding out more about “Could Banks Deny your Loan based on your Facebook Friends?’ because I come from a low-income family, and right now I am the only one who is able to provide for those in my house, this means that at any moment we might have an emergency related to money. My social media is filled up with people who I am somehow closed to, but also meme pages. If I ever find myself in financial need will I need to fear about not getting help because I like to have a laugh here and there? On this article found in John Jay’s Library, “Think Finance Turns to Social Media for Clues to Creditworthiness”, the article talks about how many banks use social media to target future customers, but it can also be a good way to know who is likely to commit  fraud and who is truly having financial difficulty. They believe that not having an account is a ‘red alert’, how about those who are not friendly of technology, but have an impeccable credit record and have never committed fraud? Should they be deny a loan if they ever need one for not falling into today’s needs of having a social media account? Another article, “Borrowers Hit Social-Media Hurdles,” expresses that some banks use reviews in applications such as yelp, and eBay to check small business reviews and decide on their loan applications. Some businessman believe that the data provided by, us, individuals through social media “says more about them than their FICO,” and even though I agree to this part, I still cannot seem to change my mind about redlining someone because of the people around them. It is unfair to those who work hard to maintain a well-organized life, in all aspects, but in this case economically.

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