Lends might start using your social media habits to gauge credit worthiness

[Mook]

Ive heard of this before but its been a long while since I last saw that it might become an actual thing.

Thats fucking ridiculous.

Lenders May Look at Your Social Profiles to Judge Your Creditworthiness

Many of them, including Singapore-based Lenddo and US-based Moven, both established in 2011, and Score Assured, founded in 2015, are looking for keywords – on the basis that if you say ‘drunk’ or ‘party’ too often then you’re less likely to be reliable, negatively affecting your score – but others are going a step further….Hello Soda have developed a technology called PROFILE, which they’re aiming to provide to other lenders. It analyses a customer’s complete social presence, using language processing and psycholinguistics in order to identify life events, dates of pay, location, age and employment, among others, and generate their social credit score...InVenture and Friendly Score skip reading applicants’ posts and instead look at their browsing history and what sites are visited...Searches for ‘payday loans’ or information on debt management stand out as their first ports of call in these analyses, but they’ll even check out your mobile phone call history, scanning for premium rate numbers and other financial companies.

Click to read more...

 

[Bruce Jibboo]

every day the millennial's are getting fucked 7 different ways from sunday

on the basis that if you say ‘drunk’ or ‘party’ too often then you’re less likely to be reliable, negatively affecting your score

 

[Chet Donnelly]

From 18-25 I would drink 5 nights a week, get completely smashed at least 2 or 3 days a week, and was always at parties or bars.

I've never been late on a payment or overspent my credit in my life....

 

[The Beast]

From 18-25 I would drink 5 nights a week, get completely smashed at least 2 or 3 days a week, and was always at parties or bars.

I've never been late on a payment or overspent my credit in my life....

What about that night at Carl's ? Don't lie

 

[Bruce Jibboo]

just another reason not to tie your real name or email address to fb, fawk all that noise

 

[Chester Copperpot]

Great. Another thing millennials can bitch about and have another unproductive "march" for.

 

[Chet Donnelly]

What about that night at Carl's ? Don't lie

I used to make a stop at Carl's every couple weeks. When are we going?

 

[Bruce Jibboo]

Dennis Rodman is fucked.

https://www.facebook.com/VICELANDTV/videos/289225961442662/

 

[cap42]

Reading things like this makes me glad I don't use social media for personal use. I am a bit worried about mining of website and browser data.

 

[Gone_2022]

I am not sure the legality in this? I am just speaking from someone in the insurance business not lending. But I know we cannot use evidence against a customer that's on social media that requires a "log in" and "password" to view.

Example logging into my Facebook to see a customers page where he posted racing videos.

Maybe the same would apply to lending? If my page is private and you need to log in or become my friend to view it is it legal to use against said person?

 

[Bruce Jibboo]

social media information gathering is not discrimination unless based on race, sex, region, and all that other stuff. So I don't know they are breaking any laws?

 

[Yaj Yak]

social media information gathering is not discrimination unless based on race, sex, region, and all that other stuff. So I don't know they are breaking any laws?

this.

not to mention, it's them giving money out. they can do what they want.

 

[Gone_2022]

Gathering basic info such as your name, sex etc is one thing. Making a decision based on key words that can only be found when logging into said site is another? I have a feeling this will be scrutinized heavily and if the wrong decision is made by said company they will have a lawsuit the next day

 

[Chester Copperpot]

Gathering basic info such as your name, sex etc is one thing. Making a decision based on key words that can only be found when logging into said site is another? I have a feeling this will be scrutinized heavily and if the wrong decision is made by said company they will have a lawsuit the next day

What?

A bank is lending money. THEIR money ("their" money). They can do what ever the fuck they want as long as it's not race, sex, ethnicity, yada yada yada.

 

[Gone_2022]

Example: for shits and giggles.

I'm johnny manzel. I have millions, I have never missed a payment. I have a house and 3 cars and credit cards. 800 score.

However my social media is plastered with drinking and drunk and wasted.

I am denied a home mortgage that I could have been approved of before. How is this not discrimination if I meet all requirements?

 

[blakbearddelite]

Well it's good that I'm an old, practically non-drinking dad that goes to bed by 11pm on the weekends. I'll be sure to get that loan.

 

[Chester Copperpot]

Example: for shits and giggles.

I'm johnny manzel. I have millions, I have never missed a payment. I have a house and 3 cars and credit cards. 800 score.

However my social media is plastered with drinking and drunk and wasted.

I am denied a home mortgage that I could have been approved of before. How is this not discrimination if I meet all requirements?

Are you sure you're not slim? Because this is some pretty stupid fucking mental hoops you're attempting to jump through.

 

[Gone_2022]

What?



A bank is lending money. THEIR money ("their" money). They can do what ever the fuck they want as long as it's not race, sex, ethnicity, yada yada yada.

Isn't basing a decision off of random posts discrimination? You deny me this loan because I post drunk stuff, but you give it to the next person who is identical to me except for the "posts"?

 

[Bruce Jibboo]

ya but dat party life isn't covered under discrimation

 

[Yaj Yak]

partygender

 

[Chester Copperpot]

Isn't basing a decision off of random posts discrimination? You deny me this loan because I post drunk stuff, but you give it to the next person who is identical to me except for the "posts"?

I crash multiple cars, have multiple tickets for speeding. Why is my insurance higher than yours with none of that? You're discriminating against me merely because I'm higher risk but I'm a great person!

Risk. Is the word of this thread. Except banks want to take it one step further and say "fuck that".

 

[Gone_2022]

I crash multiple cars, have multiple tickets for speeding. Why is my insurance higher than yours with none of that?

Risk. Is the word of this thread. Except banks want to take it one step further and say "fuck that".

That is a proven track record with paid out claims that you are a significantly higher risk than myself.

Much like a 600 score is a higher risk than an 800 because of attributing factors. Late payments, no accounts, no history.


I am asking honestly though. How is this any different than denying a loan to an African American because he's statistically more likely to default on the loan based on race? Vs denying someone a loan because people who party like crazy make worse financial decisions? With nothing else to base the decision on. Nothing verifiable

All I am saying is I feel this will be reviewed heavily before it actually becomes main stream

 

[sickmint79]

I am not sure the legality in this? I am just speaking from someone in the insurance business not lending. But I know we cannot use evidence against a customer that's on social media that requires a "log in" and "password" to view.

Example logging into my Facebook to see a customers page where he posted racing videos.

Maybe the same would apply to lending? If my page is private and you need to log in or become my friend to view it is it legal to use against said person?

i think plenty are still public, but also people agree to shit all the time for facebook access. even if it's just something stupid like a little quiz to take one time. oh sure you can access x/y/z and sell my shit click click done. probably a lot more legislation around insurance and lending as well, vs. some private organization arbitrarily coming up with a way to score your risk, particularly in using techniques that were not even technologically available before.

i really wonder how much of the stuff they get wrong/right or use to adjust actual risk. example, allstate and many others have odb2 things to track your mileage and usage. if they see lots of speeding, will your rate go up? or will they use that data to inform themselves that just plain speeding didn't seem to correlate with accidents, and other factors were much more important, and punish you for those?

 

[sickmint79]

Example: for shits and giggles.

I'm johnny manzel. I have millions, I have never missed a payment. I have a house and 3 cars and credit cards. 800 score.

However my social media is plastered with drinking and drunk and wasted.

I am denied a home mortgage that I could have been approved of before. How is this not discrimination if I meet all requirements?

then your 800 score with social factored in would be 790, not 590, you'd still get a loan bruh

 

[Bruce Jibboo]

banks be all like, he functioning now, but may cease to function one day