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Your Credit Score May Soon Include Your Facebook and Twitter Profiles

Social MediaMore lending companies are mining Facebook, Twitter and other social-media data to help determine a borrower’s creditworthiness or identity, a trend that is raising concerns among consumer groups and regulators. Lending companies—some of which are backed with venture funding from Google Ventures, the venture-capital arm of Google Inc., and Accel Partners, an early Facebook Inc. investor—are looking at potential problems such as whether applicants put the same job information on their loan application as they posted on LinkedIn, or if they shared on Facebook that they had been let go by an employer. A small business that draws negative reviews on eBay also could undermine its chances of getting more credit, lending companies say. The practice is being used largely by startups that grant smaller loans, but the concept seems likely to spread. Fair Isaac Corp., which provides the credit scoring used in more than 90% of lenders decisions, says it is weighing possibilities for incorporating social media.

Read the full story at The Wall Street Journal.

 

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More Stories By Shelly Palmer

Shelly Palmer is the host of NBC Universal’s Live Digital with Shelly Palmer, a weekly half-hour television show about living and working in a digital world. He is Fox 5′s (WNYW-TV New York) Tech Expert and the host of United Stations Radio Network’s, MediaBytes, a daily syndicated radio report that features insightful commentary and a unique insiders take on the biggest stories in technology, media, and entertainment.