If you have a Facebook profile, you need to read this
If your Facebook friends are not good with money, some banks might refuse to give you a loan.
RE-EVALUATING the people on your Facebook friends list could save you from future financial difficulties.
The social media giant recently acquired a patent which states that users could be denied a loan based on the credit-worthiness of their connections online.
Facebook bought a number of patents for R520 million, including the right to sell on friends lists to financial providers.
Although intended to prevent spam, it also contains a statement implying that when an individual applies for a loan, the lender examines the credit ratings of members of the individual’s social network who are connected to the individual through authorized nodes.
If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected.
Users could also be denied a loan because their Facebook friends have defaulted on theirs.
A patent like this could have a serious impact on Facebook user’s lives by affecting their credit-worthiness and blocking access to money – all without them even knowing it’s happening.
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