Have we lived to see the times when the bank will assess our creditworthiness on the basis of social media activity? It seems that is right.
More and more financial institutions are resorting to seeking valuable information to assess the creditworthiness of information on social networking sites.
Personally, we would not recognize social networking sites as a trusted source of reliable information, but we are no longer surprised when the next institution has the courage to ask for permission to view our profiles, so including this information in the assessment of our credibility in the eyes of the bank was a matter of time.
BIK, BIG and Facebook?
Ok, this may seem unreal, but it’s impossible to disagree with the fact that our profile is a valuable source of information about what we like, what we do, and, importantly, with whom we interact.
And it is not about the fact that the bank will scan the creditworthiness of our friends, but more about the fact that it can easily check what relationships we have with people with a specific professional and social position, and therefore also creditworthiness.
That’s right, not everyone shares their privacy online. Thanks to the analysis of what can be found about us, it will not be difficult to determine whether we are successful or maybe we have a problem finding a job – here, surprisingly, activities related to applications or all kinds of social games play a role. Yes, if you log in to feed virtual chickens and brag about your friends, then you get the impression that you are out of work or complaining about too much free time.
This may sound like total nonsense
But looking from the perspective of an institution that is looking for confirmation whether it is worth trusting you in terms of finance, such information may not be meaningless.
The same applies to family issues and possible concealment of information about having children. Here, however, payment records are also helpful. Having children, a car, permanent financial obligations should be shown in a statement to the bank. In checking the veracity of the statement made by a bank customer or financial institution, our Facebook profile may again be “useful”.
The fact that a person reports that he does not have children, and regularly purchases in stores for the youngest and brags about how the child grows healthily, may suggest making a false statement. Similarly to informing the bank that you do not have a car, and paying with the card for fuel at a gas station at the same time.
It sounds naive, but this information has long been of great importance to head hunters, so why should financial advisers not use it? The amount of creditworthiness depends on the monthly cost of customer maintenance – and earnings – which in turn determines the amount of loan granted.
It is much easier to consider surveillance of social networking sites specializing in professional and business contacts. Based on the analysis of our list of friends and the type of familiarity with them, it is quite easy to determine whether it is more likely that our actual creditworthiness is a recent success, or maybe a long-term effect supported by our hard work, but also appropriate acquaintances that can provide us with income at the appropriate level in the long run.
In addition, you can specify whether our relationships can have a significant impact on our finances and our earning potential. Such information may significantly reduce or intensify the risk.
Who will check us?
An example of a website that offers a loan rebate for linking a Facebook account to a credit account is Kredito24.pl. Something for something – the loan company gains access to what a person publishes on its board so that the creditworthiness verification system processes such data, and the customer receives in return PLN 25 rebate on fees related to the loan granted.
Of course, connecting to the Facebook social network is not mandatory and the information that you are applying for a loan at Kredito24 will not be displayed on Facebook.
Not only lending companies, but banks themselves use or in the near future will use information on Facebook, in addition to the client verification required by the Polish Financial Supervision Authority in the Credit Information Bureau.