According to CNN, social media data is being used to determine whether or not you are eligible for a loan. For example, financial lending company Lenddo checks to see who you're friends with on Facebook to determine "who is trustworthy and reliable." If you are friends with someone that "was late paying back a loan to Lenddo" or if this is someone you frequently interact with, "that's bad news for you."
A German company called Kreditech says that it uses up to 8,000 data points when assessing an application for a loan.
In addition to data from Facebook, eBay or Amazon accounts. Kreditech also gathers information from the manner in which a customer fills out the online application. For example, your chances of getting a loan improve if you spend time reading information about the loan on Kreditech's website. If you fill out the application typing in all-caps (or with no caps), you're knocked down a couple pegs in Kreditech's eyes.
Kreditech can determines your location and considers creditworthiness based upon whether your computer is located where you said you live or work.
The individual data points may not have meaning themselves, but can paint an good picture of the applicant when brought together, said Sebastian Diemer, a co-founder of Kreditech.
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