Applying for a loan is annoying–the paperwork, the waiting, the vague fear that the financial institution where you’re sending your social security number, address, bank statements and tax returns could definitely steal your identity at the drop of a hat.
Now, as it turns out, some companies are going even farther than scrutinizing every dime you’ve spent over the last year: they’re combing your social networks to find out if you fraternize with lowlives so that they can deny you for a loan.
“One such company, Lenddo, determines if you’re friends on Facebook with someone who was late paying back a loan to Lenddo. If so, that’s bad news for you. It’s even worse news if the delinquent friend is someone you frequently interact with.”
Another company, the German firm Kreditech, “says that it uses up to 8,000 data points when assessing an application for a loan,” CNNMoney reports, including data from Facebook, eBay and Amazon. They even judge you for your typing style, frowning upon people who fill out their application forms in all-caps because apparently it’s irresponsible to be SUPER EXCITED these days.
The trend is growing, CNNMoney says, but it’s cool because you can totally engineer your social media identity to make yourself appear more responsible. BRB, gotta go unfriend everyone who’s never been to grad school and tweet about my (nonexistent) IRA.