Facebook Friends May Affect Loan Applications

It still blows my mind when I speak with men and women of a certain age and they brag about not being involved in social media. It reminds me of the folks who were still using horses and buggies when the rest of the world had automobiles.

There are those who aren’t adopting because they say they don’t want to be “tracked” on the Internet. What? You don’t think that every time you do a search, you aren’t tracked? Or every time you make a cell-phone call, your footprint isn’t recorded? Are you going to hide in a cave?

But here’s one thing about social media that scares me. I understand that there are certain loan companies who are using (as a factor in consideration for loan approval) who your “friends” are (on Facebook). Yup. Read about it here: http://bit.ly/1adLIPy

What?!! If I associate with someone who has a low credit rating, I could be denied a loan?? Isn’t that illegal? And if it isn’t, shouldn’t it be?

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