modeltrains
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Heads up, gang.
This news needs to be spread far and wide and this action stopped dead, stone cold dead.
While looking for some other info, found this.
https://www.pcworld.com/article/246511/how_facebook_can_hurt_your_credit_rating.html
And it is being reported in more than one of the reliable news places.
https://facecrooks.com/Internet-Safety-Privacy/how-facebook-can-affect-your-credit.html
PC World Magazine says this news source is reliable.
https://www.betabeat.com/2011/12/13...friends-might-just-sink-your-credit/?show=all
Remember, Facebook is a CORPORATION, not a commune.
https://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=20765463
And we know what big corporations think about the rest of us.
This news needs to be spread far and wide and this action stopped dead, stone cold dead.
While looking for some other info, found this.
https://www.pcworld.com/article/246511/how_facebook_can_hurt_your_credit_rating.html
How Facebook Can Hurt Your Credit Rating
www.pcworld.com
Analysis: Bank on it -- Financial institutions are checking social media profiles to identify credit risks. It's time to ditch those deadbeat friends.
And it is being reported in more than one of the reliable news places.
https://facecrooks.com/Internet-Safety-Privacy/how-facebook-can-affect-your-credit.html
"According to reports, bankers are hard at work on a tool that would allow them to analyze a persons credit worthiness based on their online profile.
So, what would happen if a bank gets access to your social network profile? Well, for starters, theyre going to get data that they normally wouldnt be privy to. When a person applies for a credit application, there are certain pieces of information that banks cannot ask for, such as marital status and race. This is perfectly reasonable, especially since its illegal to discriminate against certain groups. However, with access to a persons social media profile, they can get easy access to this information without having to specifically ask for it."
PC World Magazine says this news source is reliable.
https://www.betabeat.com/2011/12/13...friends-might-just-sink-your-credit/?show=all
And that's the punchline:"Mr. Rose was just spitballing, and his idea seemed innocuous enough. But theres a nightmare scenario: if banks learn how to use social media, they could gather information they arent allowed to ask for on a credit applicationincluding race, marital status and receipt of public assistanceor worse, to redline segments of the social graph.
In other words: choose your online friends wisely, for they may one day determine your APR.
Lenddo, a Hong Kong-based microlending startup incubated in New Yorks FinTech Innovation Lab, calls itself the first credit scoring service that uses your online social network to assess credit. The first thing Lenddo asks for is a Facebook account; then it wants access to Gmail, Twitter, Yahoo, and Windows Live. The Observer was given a respectable score of 470. But when we tried to apply for a loan, we were told you need at least 3 connections with scores above 400 in your Lenddo trusted network. (We wouldnt have been able to get a loan anyway: Lenddo is only available in the Philippines, although it recently hired an ex-Googler to head up the Americas.)
The companys algorithm is proprietary and secret, said CEO Jeff Stewart, but the primary metric is what Lenddo knows about the people youre friends with. We think that in the age of the internet you should be able to establish your reputation and your identity through your social graph, through your on- and offline community, and use that to get access to financial products and information, he said.
If Lenddo sees one of your best Facebook buddies took out a loan and paid it back, theres a good chance you will too. Our backgrounds are in machine learning and pattern recognition, Mr. Stewart said. Its some serious math.
Theres no reason there shouldnt be thousands of engineers working to assess creditworthiness."
"...if banks learn how to use social media, they could gather information they arent allowed to ask for on a credit applicationincluding race, marital status and receipt of public assistanceor worse, to redline segments of the social graph."
Remember, Facebook is a CORPORATION, not a commune.
‎"Facebook, Inc. operates as a social networking Website. It enables members to look up friends Web pages, as well as share photos and videos. The company also provides messaging services among its users, as well as mobile applications for Java-powered feature phones. Facebook, Inc. has a strategic alliance with The Nielsen Company. The company was founded in 2004 and is based in Palo Alto, California with sales offices in Hong Kong and Singapore."
https://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=20765463
And we know what big corporations think about the rest of us.