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(CNN)   Applying for a loan? Better make sure that none of your Facebook friends are deadbeats   (money.cnn.com) divider line 84
    More: Stupid, Facebook, Facebook friends, credit rating  
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9500 clicks; posted to Main » on 26 Aug 2013 at 9:51 AM (48 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



84 Comments   (+0 »)
   
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2013-08-26 08:41:57 AM
I'll fool them.  I don't use Facebook.

Seriously.  I don't.
 
2013-08-26 09:23:20 AM

BizarreMan: I'll fool them.  I don't use Facebook.

Seriously.  I don't.


You'd better get started building a Facebook history now before it becomes mandatory for a loan.  I got pretty good and raped buying my first used car after college, due to my total lack of credit history.  Wouldn't wish that process on anyone.
 
2013-08-26 09:32:21 AM
serial_crusher:
You'd better get started building a Facebook history now before it becomes mandatory for a loan.  I got pretty good and raped buying my first used car after college, due to my total lack of credit history.  Wouldn't wish that process on anyone.

The strange thing, actually, is that a BAD credit history is better than NO credit history.  The minute my bankruptcy was discharged, I got a flood of junk mail from people wanting me to buy a car.
 
2013-08-26 09:48:47 AM

serial_crusher: You'd better get started building a Facebook history now before it becomes mandatory for a loan. I got pretty good and raped buying my first used car after college, due to my total lack of credit history. Wouldn't wish that process on anyone.


Hmm that could start a whole new industry.  Having a good credit history and friending people.
 
2013-08-26 10:01:13 AM
Discussing this article will hurt your credit.
Loading the article will hurt your credit.
Need I go on?
 
2013-08-26 10:05:44 AM
Tell me something I don't already know.
 
2013-08-26 10:09:51 AM

nekom: serial_crusher:
You'd better get started building a Facebook history now before it becomes mandatory for a loan.  I got pretty good and raped buying my first used car after college, due to my total lack of credit history.  Wouldn't wish that process on anyone.

The strange thing, actually, is that a BAD credit history is better than NO credit history.  The minute my bankruptcy was discharged, I got a flood of junk mail from people wanting me to buy a car.


Rich Fairbank of Capital One started this.  Before them, credit cards were generally sent to people who could afford to have them. Fairbank's contribution to the world was giving credit cards to users who can almost afford them.
 
2013-08-26 10:11:57 AM
Or you can just hide your friends list from public view.
 
2013-08-26 10:14:15 AM
Ha that's awesome.  With giving them access to your facebook account I hope they start posting on your behalf when you're delinquent.  Public shaming is always a good way to get someone to pay up....
 
2013-08-26 10:17:54 AM
I have a Facebook account using a nickname. An organization I'm with sends out a lot of updates via Facebook so I pretty much need an account but nothing on the account can be tracked back to me (unless you get my IP address from FB, of course)

Interviewer: do you have a Facebook account?

Me: no
 
2013-08-26 10:24:55 AM

serial_crusher: BizarreMan: I'll fool them.  I don't use Facebook.

Seriously.  I don't.

You'd better get started building a Facebook history now before it becomes mandatory for a loan.  I got pretty good and raped buying my first used car after college, due to my total lack of credit history.  Wouldn't wish that process on anyone.


1. Buy used car at  high interest rate
2. Pay off  24 month loan in 14 months
3. Refund, get one.
What I did...
 
2013-08-26 10:25:03 AM

HotWingConspiracy: Or you can just hide your friends list from public view.


I'm always surprised by how many people leave their entire page wide open.  No one I don't know needs to see a damn thing about me.
Looks like it's really starting to become more and more of a liability to even have a fakebook account these days.
 
2013-08-26 10:25:06 AM
One more way to keep the lower classes lower.
 
2013-08-26 10:28:01 AM

KidneyStone: I have a Facebook account using a nickname. An organization I'm with sends out a lot of updates via Facebook so I pretty much need an account but nothing on the account can be tracked back to me (unless you get my IP address from FB, of course)

Interviewer: do you have a Facebook account?

Me: no


I seriously thinking of setting up a dummy account with my real name. Nothin but charity work.
 
2013-08-26 10:29:35 AM

nekom: serial_crusher:
You'd better get started building a Facebook history now before it becomes mandatory for a loan.  I got pretty good and raped buying my first used car after college, due to my total lack of credit history.  Wouldn't wish that process on anyone.

The strange thing, actually, is that a BAD credit history is better than NO credit history.  The minute my bankruptcy was discharged, I got a flood of junk mail from people wanting me to buy a car.


The logic behind that is, seeing as you just filed for bankruptcy they know you have no other creditors, they also know that (depending on what chapter you filed under) you cant file again for 4-8 years.
 
2013-08-26 10:31:32 AM

GoodOmens: Public shaming is always a good way to get someone to pay up....


i.imgur.com
 
2013-08-26 10:35:27 AM

North_Central_Positronics: GoodOmens: Public shaming is always a good way to get someone to pay up....

[850x597 from http://i.imgur.com/X6qimt2.jpg image 850x597]



Public shaming is bad practice as an independent contractor. More power to him I suppose, but I wouldn't be doing that.
 
2013-08-26 10:43:24 AM

Pangea: Public shaming is bad practice as an independent contractor. More power to him I suppose, but I wouldn't be doing that.


I always find that servile groveling before all other human beings works best myself, especially if they don't pay for services or treat me poorly.

/ if that is OK with you, most wise and gloriuos Pangea
 
2013-08-26 10:50:56 AM

ReverendJasen: HotWingConspiracy: Or you can just hide your friends list from public view.

I'm always surprised by how many people leave their entire page wide open.  No one I don't know needs to see a damn thing about me.
Looks like it's really starting to become more and more of a liability to even have a fakebook account these days.


FTFA some of the companies are demanding (and getting) access to the applicants FB, PayPal etc accounts.  You want a loan?  Give me your user id and password.   How about no.
 
2013-08-26 10:52:36 AM
"I'm sorry sir. But after going through your application, we have to decline based on the fact that "deadbeat" exists in print in a dictionary that you read in the third grade."
 
2013-08-26 10:56:05 AM

serial_crusher: BizarreMan: I'll fool them.  I don't use Facebook.

Seriously.  I don't.

You'd better get started building a Facebook history now before it becomes mandatory for a loan.  I got pretty good and raped buying my first used car after college, due to my total lack of credit history.  Wouldn't wish that process on anyone.


Well never cosign a loan for your GF,BF, fiance etc. I'm sure at your assraping they at least used a little lube.
 
2013-08-26 10:56:37 AM
It turns out humans are really good at knowing who is trustworthy and reliable in their community

Yeah, that's why I know some people I wouldn't put in a position where they could screw me over. I don't just stop talking to people because they suck at being adults.
 
2013-08-26 11:05:21 AM
Wow, look at that. I now know the exact instant at which I became old enough for the world's changes to frighten and confuse me...

BizarreMan: Seriously. I don't.


I logged in once. To create an account just after they opened it to everyone so nobody else could take the name. Haven't logged in since. No friends, no posts, literally no activity for over five years. They still periodically try to find people I might know, but since I never responded to the ones I actually did know the suggestions have gotten very weird.

/ many of the people using "social media" under their real identity are going to deeply regret it some day
 
2013-08-26 11:06:47 AM
This will get odd for the millions of people who have face book profiles but have never signed up.
 
2013-08-26 11:11:48 AM
Is this another instance where you are an upstanding citizen, but some degenerate idiot on Facebook who has the same name as you is going to ruin everything?
 
2013-08-26 11:12:42 AM

skozlaw: / many of the people using "social media" under their real identity are going to deeply regret it some day


I got you beat... I live in a shack with no services; I come into town once a month to purchase supplies using gold buillion and do my infrequent Internet transactions at an Internet cafe with no trail.

You'll regret having an electricity bill in your real name when Obama merges the Democrat and New Black Panther Parties, imposes martial law, and has you escorted to a FEMA Concentration Camp.
 
2013-08-26 11:15:26 AM
The crazy thing is some of this stuff actually results in data that while it seems ridiculous, becomes relevant when large amounts of data are analyzed.  I work with big data analysis, and things like how many friends you have, how often you post, how often you "like" certain things, how many times you post about something you bought, etc., become pretty interesting when cross referenced with other data from other sources.

I can see how companies risking lending money, when they see a 59% correlation between people who "like" of "friended" Dollar Tree or whatever have been sent to collections, may take that into account when giving them money.
 
2013-08-26 11:18:06 AM

The_Gallant_Gallstone: I got you beat... I live in a shack with no services;


You have a shack? Pfft. Come talk to me when you move into a crevice and suck the mold off cave rocks like a real man.
 
2013-08-26 11:19:00 AM
This is a stupid, stupid idea.
 
2013-08-26 11:24:33 AM
Any bank, employer, or any other group that requires me to get a facebook account to be on board with them can eat shiat and die in a fire; I'll go someplace else.

/Closed down account once
//Never getting another
 
2013-08-26 11:26:06 AM

spartacus_prime: This is a stupid, stupid idea.


Why? If the statistics work it accomplishes the same goal as traditional mechanisms. If people with deadbeat friends have a statistically significant higher incidence of becoming deadbeats themselves why not use that data when determining if people are going to become deadbeats?
 
2013-08-26 11:37:35 AM

FuzedBox: Any bank, employer, or any other group that requires me to get a facebook account to be on board with them can eat shiat and die in a fire; I'll go someplace else.

/Closed down account once
//Never getting another


My feelings exactly. Why would I set up a facebook account I will never use, an account that leaves my data prey to whatever set of apps my facebook friends have set up. Now someone is telling me, those say friends who don't care about their own data will now help determine my ability to get a bank loan?

Who needs enemies when they have facebook friends?
 
2013-08-26 11:47:52 AM

BizarreMan: I'll fool them.  I don't use Facebook.

Seriously.  I don't.


Then you have no credit history in the New America.  That's worse than bad credit.  Srsly.
 
2013-08-26 11:49:52 AM
Being judged by the company you keep is racist or it will be soon especially since banks and loan are involved.
 
2013-08-26 11:51:54 AM
missiv:

Who needs enemies when they have facebook friends?

THIS. A Thousand Times THIS.

/FB. I has it. But only for some of my family.
 
2013-08-26 11:58:18 AM
People really should be taught in high school (home economics is surprisingly less about that and more about bullshiat these days, at least to my experience way back in the last part of the 90s) things like how to open checkings/savings and basic credit before they get out in the real world. You know, the basics about credit pings. My boyfriend, when going to buy a house this past year, had a biatch of a time because he had no credit. He paid of his truck when he got out of the Navy and had nothing. I worked in finance for years and already knew that it was going to hurt him.... no credit, as someone already mentioned, is worse than bad credit. He eventually got a great mortgage rate, but it was like pulling teeth.
 
2013-08-26 11:59:15 AM

KidneyStone: I have a Facebook account using a nickname. An organization I'm with sends out a lot of updates via Facebook so I pretty much need an account but nothing on the account can be tracked back to me (unless you get my IP address from FB, of course)

Interviewer: do you have a Facebook account?

Me: no


Unless you are over 50 the interviewer will then be checking the box that says you a liar.
 
2013-08-26 12:02:08 PM

Onkel Buck: Being judged by the company you keep is racist or it will be soon especially since banks and loan are involved.


So if you have a bunch of rich friends who are racists bastards but pay their bills are you a better credit risk or not?
Banks don't care if you are outstanding in the community, they want to know if you will pay them back with interest.  Sometimes they don't care if that is 3.5% very consistently or 25% but are late with a few payments as long as their risk works out.  If you hang out with a bunch of people who bought houses they can't afford and all bought boats and cars and are missing payments, then maybe your new boat loan shouldn't be approved.
 
2013-08-26 12:07:39 PM

skozlaw: spartacus_prime: This is a stupid, stupid idea.

Why? If the statistics work it accomplishes the same goal as traditional mechanisms. If people with deadbeat friends have a statistically significant higher incidence of becoming deadbeats themselves why not use that data when determining if people are going to become deadbeats?


For the sake of argument we will say that I'm the only member of my family that is actually doing something productive with their life, but I am obligated to be Facebook friends with my family members because it's family.  A credit agency observing this without any additional information, may well use that as a black mark on my credit report.

Also, the three credit reporting agencies do not communicate with each other, so who's to say that I might not even notice this negative data unless I pull all three (which would naturally cause my credit score to take a hit by virtue of pulling all three reports).

This idea laid out in TFA is based on speculation and guilt by association, and I would be extremely shocked if any of these startups were successful on this business model.
 
2013-08-26 12:08:56 PM

skozlaw: To create an account just after they opened it to everyone so nobody else could take the name.


Facebook would be even more of unworkable abomination if it didn't allow duplicate names.
 
2013-08-26 12:09:17 PM

The_Gallant_Gallstone: Pangea: Public shaming is bad practice as an independent contractor. More power to him I suppose, but I wouldn't be doing that.

I always find that servile groveling before all other human beings works best myself, especially if they don't pay for services or treat me poorly.

/ if that is OK with you, most wise and gloriuos Pangea



I've seen people disable a website in that manner after a company hadn't paid for hosting a week after sending the invoice. Not realizing that most corporate entities pay net 30 days.

Perhaps it is also a challenge for you to understand that he is poorly reflecting on the Fresh Market corporate brand, in an effort to shame one specific franchisee. Likely closing the door on franchisees in neighboring cities who may have generated lucrative contracts, while leveraging work invested in building a corporate template for the first site.

Although your condescension indicates that you probably don't understand why most corporations won't alter their policy for some whiny asshole working out of their spare bedroom.
 
2013-08-26 12:11:22 PM

DON.MAC: Onkel Buck: Being judged by the company you keep is racist or it will be soon especially since banks and loan are involved.

So if you have a bunch of rich friends who are racists bastards but pay their bills are you a better credit risk or not?
Banks don't care if you are outstanding in the community, they want to know if you will pay them back with interest.  Sometimes they don't care if that is 3.5% very consistently or 25% but are late with a few payments as long as their risk works out.  If you hang out with a bunch of people who bought houses they can't afford and all bought boats and cars and are missing payments, then maybe your new boat loan shouldn't be approved.


Guess I didnt have the sarcasm cranked up loud enough on my post. I agree with everything you said.
 
2013-08-26 12:11:34 PM

spartacus_prime: This is a stupid, stupid idea.


Welcome to Fark America
 
2013-08-26 12:12:56 PM
So I guess they are implying that people who work for charities helping the homeless or poor, and who let their clients Facebook them, are all categorically bad credit risks. Sounds like a potential lawsuit to me.
 
2013-08-26 12:13:45 PM
If you fill out the application typing in all-caps (or with no caps), you're knocked down a couple pegs in Kreditech's eyes.

I'm OK with that.
 
2013-08-26 12:18:11 PM
Onkel Buck:
Guess I didnt have the sarcasm cranked up loud enough on my post. I agree with everything you said.

No worries mate, I'm at the 2 am wine.  I wouldn't be able to hear your sarcasm over the music anyway.

At work I checked on a coworker on facebook and started getting ads for groups that help depressed people. Another cowoker did the same with his gf and got similar ads.   I can see a bank adding a % to a loan to them if they can sneak it in.
 
2013-08-26 12:29:50 PM

Pangea: The_Gallant_Gallstone: Pangea: Public shaming is bad practice as an independent contractor. More power to him I suppose, but I wouldn't be doing that.

I always find that servile groveling before all other human beings works best myself, especially if they don't pay for services or treat me poorly.

/ if that is OK with you, most wise and gloriuos Pangea


I've seen people disable a website in that manner after a company hadn't paid for hosting a week after sending the invoice. Not realizing that most corporate entities pay net 30 days.

Perhaps it is also a challenge for you to understand that he is poorly reflecting on the Fresh Market corporate brand, in an effort to shame one specific franchisee. Likely closing the door on franchisees in neighboring cities who may have generated lucrative contracts, while leveraging work invested in building a corporate template for the first site.

Although your condescension indicates that you probably don't understand why most corporations won't alter their policy for some whiny asshole working out of their spare bedroom.


Never since reddit have I seen someone misunderstand a post so badly
 
2013-08-26 12:35:06 PM
spartacus_prime:
Also, the three credit reporting agencies do not communicate with each other, so who's to say that I might not even notice this negative data unless I pull all three (which would naturally cause my credit score to take a hit by virtue of pulling all three reports).

That is called a "soft hit" and actually doesn't effect your credit score at all, unless you are going to (for example) your bank and having THEM pull your credit.  Additionally under federal law you are allowed to pull your credit history from each of the major 3 once per year, for free; however you don't get a numerical score.  Some states (like VT) allow you an additional credit report from each institution per year.

Furthermore, even multiple hard hits (for example, applying for a car loan from a dealership where they digitally apply for a loan with several lenders at once looking for the best rate) are only counted as "one" hard hit, provided they are within a certain time window  for the same item.  Hard inquiries also only stay on your credit report for 24 months before falling off.
 
2013-08-26 12:35:55 PM

Matrix Flavored Wasabi: Never since reddit have I seen someone misunderstand a post so badly


i.qkme.me

Not the first time I missed the point. Unlikely that it will be the last.
 
2013-08-26 12:38:02 PM

jtown: BizarreMan: I'll fool them.  I don't use Facebook.

Seriously.  I don't.

Then you have no credit history in the New America.  That's worse than bad credit.  Srsly.


I have a habit of not taking anyone who uses the word "srsly" seriously.  Seriously.
 
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