Be warned. Could the time come when “what is your Facebook password” is one of the questions on your loan application?
Beta Beat has an extremely alarming story:
But there’s a nightmare scenario: if banks learn how to use social media, they could gather information they aren’t allowed to ask for on a credit application—including race, marital status and receipt of public assistance—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.
(the image above is my social graph on LinkedIn – are we connected?)
Interested in Learning More?
I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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