It's widely known now that what you do on social media sites tells the website what kinds of ads to show you or friends to suggest to you. But now, lenders are also looking at your social media to determine whether or not they want to lend to you. These businesses hold the theory that birds of a feather flock together, meaning that responsible members of credit will speak to other responsible members of credit. In other words, they're thinking about who you're interacting with on social media and how you're interacting with them.
Credit software can get your score back up, but it's up to you to make sure that your reputation stays solid.There's a new company that offers cash advances to small businesses called Kabbage. Sure, they look at the customer's FICO score. But they also look at online data from major sites like eBay, Facebook, Twitter, Paypal, and many others.
Small companies are incredibly dynamic and they are changing all the time. To understand the true color of the company, they wanted to use some thing real-time and current than a FICO score, which is still useful to us.They say that they have found a 20% correllation between online data and borrowing.
Say you are just an individual who used credit software to fix their credit. Will you also be affected by these new trends? In the future, surely every person will be scrutinized in much the same way.The reason lenders see these social data points as a good thing is that they can help prove that the company is reliable and can actually do what it claims to do, whether they are selling a good or service. More and more, individuals and companies will be pressured into being reliable and doing business well since they can be scrutinized for credit in this way.
The only way social networking data would be used to decide whether or not to do business is if that data is actually meaningful. So when your Facebook activity suggests that you're less inclined to be a profitable prospect, then it is completely reasonable to expect that businesses may not want [to do business with you].
Basically, consumers and businesses need to understand that their social media use isn't without consequence. Not just lenders, but employers, cops, and teachers are all watching what you do. It's important to at least be aware of how you act online. It's not something that anyone could have predicted. Who would have known that Facebook and other online services would end up playing such a serious role in our lives? So, if you are using credit software to fix credit online, be aware of social media factors as well.
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