Social Media Friends May Affect Your Credit

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According to a report on Credit.Com, lenders may soon consider one’s Facebook friends when deciding whether to approve a loan application. In August 2015, Facebook procured a patent for technology that would allow a lender to use your social media network to query the credit worthiness of people in your network. If your friends are bad credit risks, that may reflect badly on you and could cause you to be turned down for a loan.

To protect your credit and personal information, take time to consider who you really want to follow you on Facebook before accepting every Friend request or soliciting multitudes of Likes on your business pages.

Also, be mindful of who is looking at your Facebook profile. While you might participate in social media for fun and feel expansive about social sharing, criminals will take advantage. Information you freely provide—such as your birthday, home town, relationship status, schools, pets names, and interests—can come back to haunt you. Exercise caution when building social media profiles to prevent identity thieves, scammers and debt collectors from wreaking havoc in your life.

If you have been attacked by identity thieves or Internet scammers, notify the State Attorney’s office and learn what you can do to prevent further damage. If your credit already has been compromised and you need legal assistance, the Daley Law team is available to help.

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