Be warned. Could the time come when “what is your Facebook password” is one of the questions on your loan application?
But thereâ€™s a nightmare scenario: if banks learn how to use social media, they could gather information they arenâ€™t allowed to ask for on a credit applicationâ€”including race, marital status and receipt of public assistanceâ€”or worse, to redline segments of the social graph.
In other words: choose your online friends wisely, for they may one day determine your APR.
And if you don’t have a Facebook account? Maybe you won’t even be considered for a loan.