The 'Social' Credit Score: Separating the Data from the Noise
Published: June 05, 2013 in Knowledge@Wharton
If you have a lot of friends on Facebook, it means you are popular in certain circles. Now, some lenders think you may also be creditworthy.
Lenddo, Neo Finance and Affirm are among a growing number of credit companies that use personal data found on social networking sites such as Facebook, LinkedIn and Twitter to assess a consumer's credit risk, according to an April 1 story in The Wall Street Journal. They believe that a person's social standing, online reputation and/or professional connections are factors that should be considered when extending credit, especially to someone with a scant or spotty credit history who might otherwise have trouble getting a loan.
anuj
Anuj K. Jain
Sr. Coady Fellow| Microfinance and Development| COADY International Institute
St. Francis Xavier University, Antigonish, Nova Scotia, B2G 2W5
we should make things as simple as possible, but no simpler.
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