Can Social Networks Impact Credit Scores?

facebook-logo-posted-daily-business-news-manufactured-home-marketing-sales-management-mhpronews-comLenddo, Kabbage  and Kreditech are among the companies that use Facebook, PayPal, eBay or Amazon to determine if people without traditional FICO scores may be credit worthy.  CNN Money tells MHProNews that some of these start ups are finding that while traditional lenders steer clear of no/low credit score customers, that social connections can be a good indicator of a person’s creditworthiness. “It turns out humans are really good at knowing who is trustworthy and reliable in their community,” said Jeff Stewart, a co-founder and CEO of Lenddo. “What’s new is that we’re now able to measure through massive computing power.”  German Kreditech states it uses up to 8,000 data points when assessing an application for a loan. The lesson in part is that what you do online with social networking matters.  ##

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