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.
|Snowden's Revelations Hurting the Profits of American Tech Companies|
|World is Drowning in Corporate Fraud|
|A.I.G., Grateful for the Bailout, May Now Sue the U.S. Government|
|Here Comes the Latvian Robin Hood|
|Sony Music Hikes Whitney Houston Album Price After Her Death|
|“These planets are more likely to look like giant eyeballs whose gaze is forever fixed on their host star.”|
|“This allows rail operators to instead focus on deeper psychological manipulation.”|
|Fake Name Generator|
|“A new privacy scandal that’s getting far less attention.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|How to Avoid Jury Duty|
|The (Very Scary) People of Public Transit|
|CaptchaTweet: Write Tweets in Captcha Form|
|Knowing how to operate a smartphone does not qualify as being tech savvy.|
|When the Wrong Hastag Can Get You Killed by an Assassination Drone|
|“We need to attack the root cause of almost all bodily defects: aging itself.”|
|Bird Shit Advertising|