Your Facebook friends could be used to determine your loan eligibility

IF you’re after a loan, you better start sorting out your Facebook friends as the social network was granted a patent for authorising and authenticating a user based on their social network on Facebook.

The patent which helps filter spam emails and offensive content and improve searches also explains that if you apply for a loan, your lender could check out the credit rating of your Facebook friends to decide whether to approve the loan or not.

This means that potentially the average credit rating of your friends may determine the success of your loan.


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“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.”

The patent has been criticised with many stating that you should be judged on your own merits when applying for finance.

As for Australians, consider yourself lucky – it’s believed the patent would most definitely fall foul to Australia’s privacy laws.

 

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