Why do banks want to check out my Facebook friends

Lenders could soon be able to access a borrower’s social media accounts to assess their credit worthiness for a home loan, personal loan or credit card.

Facebook has been granted a patent in the United States of America for a new system allowing lenders to analyse an applicant’s friend list.  A lender could use the average credit score of the friends to approve or reject a loan application.

Rebecca Hona, a mortgage expert said the system is unlikely to be rolled out in Australia.

Source: Broker News

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