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Denied A Loan...You Might Want To Check Your Facebook Friends List

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    PROVIDED BY CNNNEXT.COM
    Published on Sep 6, 2015

    So you might want to be a little more selective about your friends on Facebook.

    Facebook has determi

    ...

    PROVIDED BY CNNNEXT.COM
    Published on Sep 6, 2015

    So you might want to be a little more selective about your friends on Facebook.

    Facebook has determined your friends income level, which could hurt you when you apply for a loan.

    Cenk Uygur, John Iadarola (ThinkTank), Hannah Cranston (ThinkTank) and hosts of The Young Turks discuss.

    Should lenders have access to data like this? Let us know what you think in the comments.




    It might be time to purge your Facebook friends list of people you don’t trust.

    Facebook could soon take the old adage 'you can judge a man by the company he keeps' to the next level.

    A patent acquired by Facebook states that users could be denied a loan based on the credit-worthiness of their connections online.

    Facebook bought a bundle of patents from Friendster for $40 million in 2010.

    The patent in question is intended to prevent spam, however it also contains the following paragraph:

    "In a fourth embodiment of the invention, the service provider is a lender.

    When an individual applies for a loan, the lender examines the credit ratings of members of the individual's social network who are connected to the individual through authorized nodes.

    If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application.

    Otherwise, the loan application is rejected."


    Is this an invasion of privacy? Let us know in the comments below.

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