Loans: Facebook Friends Mean You’re Creditworthy?

It’s science-fiction but it’s true. The next time you need a loan, it’ll be your friends that will be analyzed to see if you arebone fide enough to borrow the money that the bank is considering lending you and above all if you are able to pay that money back to them. Wealthy people have wealthy friends. The poor don’t have friends, so they should be ok, probably the banks already believe.

Yes, the banks and the loan companies will run checks on Facebook and LinkedIn or Twitter to see if you arebankable enough to lend their (!) hard-earned cash to. If your friends have a good credit-rating, then you can get the money. Isn’t that a wonderful piece of societal cohesion taking place? This is really going to get us into trouble, isn’t it? Since when did I become dependent on Tom, Dick or Harry, just because they are in my friends list? I don’t even talk to any of them, anyhow. It’s just for show. To boot, I paid a company to make me look popular in a moment of isolated depression. Does that mean that a few hundred people that never existed anyway will have credit-checks done on them too to see if I am solvent or insolvent and to be dropped like a hot potato?

Your FICO score determines whether you are high risk or no risk. Some risk is better than none always since if you are no-risk, there’s no point lending to you, is there? Repossession is always good business for banks and loan companies, isn’t it? But now the Fair Isaac Corporation Score will not just take into account the payment history of the borrower, nor just the current indebtedness, the credit history or the type of credit that you have used in the past, but also your friends’ histories.

The banks and the loan companies will be using start-ups that are opening up across the USA today offering their analytical services at a price to determine whether you are good or bad money-wise. Lenddo is one of those companies. It’s not just the fact that they will check your friends, but they will also see if you interact with the slow-payer or the guy that has defaulted and how often. If you communicate with them regularly, it’s bad news for you if it’s the new mortgage you’re going for this week.

There are other companies that even end up knocking you out of the game if you fill out your application form on line using all-caps. People don’t write like that when they’re trustworthy, apparently. It’s not just the National Security Agency that is on our backs, it’s the others too. If you didn’t fill out the application form from the address that you stated was your work address or your home address, then you aren’t likely to get a loan either. At least, not at the rate you thought you were going to get it at.

We should have realized long ago that Facebook and other such social networks would be put to good use for someone. We don’t have things created just for our own benefit. We were lulled into a sense of security; a false one, admittedly. We believed that it would bring us all closer.

How little did we imagine just how close! If all else fails, ask Warren Buffet to be your friend.

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