Facebook has become a popular source for social interaction that has changed the way a lot of people communicate, but what you may not know is that the people you make friends with on Facebook may become targets for lending institutions to check on your ability to gain credit.
It sounds bizarre, but apparently some lending institutions believe you are the company you keep, at least in terms of paying your bills.
According to a recent article in CNN-Money, your friends on Facebook can now affect your credit score and your ability to borrow money or obtain credit. Some lending institutions are now screening your friends on Facebook to see if those friends have been late with payments.
If you are seeking to obtain money or credit from a new company by the name of Lenddo, be aware that after you apply for the loan, this company will check your friends on Facebook to see if they have loans with the same company and if they are behind with their payments. If so, this could negatively affect you and your ability to borrow money from this entity.
The theory is that if you are friendly with people that miss payments, then there is a greater likelihood that you will miss payments also. We can certainly see that in the future, this policy may apply to more banks, credit card companies, mortgage lenders and credit unions as technology continues to progress.
It may be wise, then, to pick your friends carefully on Facebook. The company you keep could keep you from getting the credit you seek.