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