"A handful of growing companies are turning to social media sites like Facebook to assess the risk of lending to potential customers. Instead of heavily relying on one’s FICO credit score, as is standard in the lending business, newer companies turn to a host of online behaviors in offering loans. Creditworthiness of customers is judged on a guilt-by-association basis for lending company Lenddo, which takes into account one’s Facebook friends, especially those with frequent interactions. Have friends late in paying a loan? Your credit takes a hit also, according to Lenddo’s standards. Lenddo offers loans in emerging markets like Philippines, Colombia and Mexico, but has hopes to expand." ~GameChanger
Posted on: Wed, 28 Aug 2013 03:16:46 +0000
Trending Topics
Recently Viewed Topics
© 2015