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

Are social media friends hurting your credit score?

Posted: Updated:
  • NationalMore>>

  • Police raid LA Times building after threat reports

    Police raid LA Times building after threat reports

    Saturday, April 19 2014 12:31 AM EDT2014-04-19 04:31:15 GMT
    Police say they have locked down the Los Angeles Times building in downtown LA after receiving reports of a possible gunman inside.
    Police took a man into custody Friday night inside the Los Angeles Times building after it was locked down because of a shooting threat report, the newspaper said.
  • Health care site flagged in Heartbleed review

    Health care site flagged in Heartbleed review

    Saturday, April 19 2014 12:22 AM EDT2014-04-19 04:22:56 GMT
    People who have accounts on the enrollment website for President Barack Obama's signature health care law are being told to change their passwords following an administration-wide review of the government's...
    People who have accounts on the enrollment website for President Barack Obama's signature health care law are being told to change their passwords following an administration-wide review of the government's...
  • From Clinton to Obama, many parallels

    From Clinton to Obama, many parallels

    Saturday, April 19 2014 12:22 AM EDT2014-04-19 04:22:42 GMT
    The National Archives is releasing about 7,500 pages of documents Friday from former President Bill Clinton's administration.
    Thousands of pages of documents from President Bill Clinton's White House affirm a longtime adage: The more things change, the more they stay the same.

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

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

Some local residents were shocked to hear about the new checklist some lender companies are using when it comes to borrowing money.

It boils down to who you are talking to on your social media page. But not everyone is against it.

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

"Somebody that 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 see what your lifestyle is and things like that, see what you are talking about your employment to make sure it's legitimate and for real that's okay," said local resident, Laura Fish.

Debra Taylor is the vice president of lending at Liberty Bank in Jonesboro and said this process makes you guilty by association.

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

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

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

But one resident says it might be not be so bad.

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

Copyright 2013 KAIT. All rights reserved.

Powered by WorldNow

472 Craighead Co. 766
Jonesboro, AR 72401
(870) 931-8888

FCC Public File
publicfile@kait8.com
(870) 336-1816
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KAIT. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.