Pricing Loans Using Facebook and LinkedIn

What an interesting concept – using the information people post on their Facebook page to evaluate credit risk, verify application information and help in skip tracing.  And if someone has the potential to refer others to the bank, they may also get a better rate on their loan.  Read the full article: http://www.americanbanker.com/issues/177_18/movenbank-social-media-lending-decisions-brett-king-1046083-1.html

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2 Responses to Pricing Loans Using Facebook and LinkedIn
  1. susmansremarkabletoolbox
    March 29, 2012 | 12:36 pm

    To me, what’s interesting is how facebook has curled its ubiquitous fingers around so many areas of our lives. Should granting a loan be based on a posting that states, “Made the most delicious soup for dinner?”

    • loconnell1
      March 29, 2012 | 2:16 pm

      No, unless you also say your soup has an illegal substance in it…

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