"The use of social network contacts as a basis for establishing credit worthiness is questionable."

Patent lets lenders discriminate against borrowers based on social media connections

#Money

Tue, Aug 11th, 2015 11:00 by capnasty NEWS

According to Venture Beast, the U.S. Patent Office granted an updated patent to Facebook that would allow lenders to discriminate against borrowers based solely on who they are friends with.

In a fourth embodiment of the invention, the service provider is a lender. When an individual applies for a loan, the lender examines the credit ratings of members of the individual’s social network who are connected to the individual through authorized nodes. If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected.

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