With Its Nose Resting Comfortably in Your Personal Business, Facebook is Coming for Your Financials

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If you use Facebook, you understand that Facebook owns a very large portion of your life – and by owns, I mean that they will make it public in whatever way suits their business model. If they can make money off of it, then it’s fair game, and you have no ability to say no.

We’ve heard many cases of employees being terminated, or applicants not being hired due to something that they have placed on their Facebook page. But what if your Facebook page stopped you from being able to purchase a new car or house? Well it’s coming.

Yesterday Facebook secured a new patent, which will help lenders determine your loan eligibility based on the credit scores of those in your social network.

In the language of the patent: “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.”

You know, I remember when Facebook was a way for friends and family to stay in touch. Back before it broadcast your exact location to those that aren’t even on your friends list. Back before it shared your phone number with people you never wanted to have it. I remember when it was fun. Now, it’s just frightening. And getting scarier. Our location, our personal lives, next, our credit and ability to get loans, at some point this needs to stop right?

Oh, and don’t forget to like us on Facebook.

Yeah, that happened.

Source: Business Insider

Brad

BlackBerry Elite Founder & Owner of UTB Blogs and UTB Geek. When I'm not talking or writing about BlackBerry, you'll find me using my BlackBerry.

  • Canuckvoip

    I have a pet name for Facebook. Can’t use it here…

  • Or course with Facebook already essentially merging with Whatsapp to spread your phone number, how long before all the numbers in your Whatsapp contacts are deftly attached to their Facebook profiles and they are all now your ‘friends’…?

  • Anthony

    Employers are seeking-out your Facebook and LinkedIn information. They Google or Bing your name and now your picture can prevent further interest in your application.

    Using people in your network for a credit score algorithm is pure evil. This can’t be true. locco_smiley_7

  • jubatus

    Never used Facebook despite constantly being pressured by friends and family. Never will use Facebook. Used whatscrap once saw it didn’t like it. Sticking with BBM and texting. Whatscrap felt like a borg hive.. assimilation..

  • Schmurf

    My darling wife stated quite emphatically that this was yet another reason NOT to use Facebook. I on the other hand used Facebook against itself and shared the article with my friends on Facebook.

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