Facebook Inc (FB) Friends Can Affect Your Credit Score

Justin Maas, vice president of client relations at social media agency fishbat, says the financial sector is starting to use big data more than ever. “The data compiled from all social networks is highly valuable,” he says. “These social media companies have more personal information on users than the federal government. Major financial lenders are looking to use this information to see if people are trustworthy enough to lend money to. They don’t want to approve loans for people who are likely to default or be late on payments.”

Maas says social media reveals a lot of information about a person. “We are judged by the company we keep,” he says. “Banks and financial lenders are using this mantra to accept or deny people applying for loans. The best way to tell if they are going to be a good borrower is to look at their friends credit scores.”

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