Are social media friends hurting your credit score? - KAIT Jonesboro, AR - Region 8 News, weather, sports

Are social media friends hurting your credit score?

JONESBORO, AR (KAIT)- A person's Facebook friends could determine whether they are approved for a loan.

According to CNN, more lending companies are turning to social media to evaluate a person's loan eligibility. Companies such as Lenddo and Kreditech screen their applicants by checking their Facebook, Twitter and LinkedIn accounts.

"I reallythink it's over the top, it's an invasion of privacy," said local resident, Sonya Coleman.

"To me Ithink they are crossing the line," said Jonesboro resident, Debra Butler. 

Some localresidents were shocked to hear about the new checklist some lender companiesare using when it comes to borrowing money.

It boils down to who you are talking to onyour social media page. But noteveryone is against it.

"Theyprobably need all the information they can get in order to determine if theycan make a reasonable loan," said local resident, Eddie Cooper.

"Somebodythat can look nice may have a bad personal life that you don't know about," said Colton Fish.

"If they want to look at your site and seewhat your lifestyle is and things like that, see what you are talking aboutyour employment to make sure it's legitimate and for real that's okay," said local resident, LauraFish.

Debra Tayloris the vice president of lending at Liberty Bank in Jonesboro and said thisprocess makes you guilty by association.

"If you havea friend that's commenting on Facebook that they're not able to meet their debtor maybe they're past due, they are using that against you," Taylor said. "Either toraise the interest rate or even lower your credit limit."

Taylor saidLiberty Bank has never considered using social media to make credit decisions.

"We tend tofeel like using the social media you're not able to treat your customersequally," she said. 

But oneresident says it might be not be so bad.

"If you don'thave anything to hide , I don't think it's a problem," said Laura Fish.

Copyright 2013 KAIT. All rights reserved.

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