Some lending companies have taken to checking what an applicant has reported on Facebook. Are the Applicants noting a lost job or money problems? Do they have too many friends for comfort? This may already be costing some people loans their current FICO score would approve. You might be interested to know that some Lenders factor your Facebook friends into their loan decisions.
This may make you cringe, but it is looked at as an exciting new source of data by FICO. In addition, some lenders are using Facebook and other social media to put pressure on delinquent loan holders to pay their debt. Lenddo, one of the noted lenders, will broadcast messages to their delinquent customers to pay up on Facebook. They also can use Facebook to see if your friends have paid their loans.
There is hope for some control in the future. Laws have been passed to protect the public in similar situations and many governments have already started to look into appropriate protections here.
http://www.theverge.com/2014/1/9/5292568/fico-may…
Understanding debt collection and background screening best practices can save your business big money. Building up front applicant screening into your business processes costs you very little, but saves you so much in the end. If you haven’t already, partner with a full service debt collection and applicant screening company to guide your business to a place of security and prosperity. Contact us to sign up for a free account and get started protecting your business today.
ABOUT EXECUTIVE CREDIT MANAGEMENT, INC.
Executive Credit Management is a full-service Debt Collection and Applicant Screening agency with over 20 years experience located in Central New Jersey. We provide excellent service in the following areas: Employment Screening, Business Screening, and Tenant Screening. Executive Credit Management belongs to a number of Skip Tracing databases and offers services to help locate and confirm the current address of missing debtors. Other services provided are: litigation evaluation on all lawsuit decisions, improvement of the quality of the applicant data, Lawsuit Monitoring, Handling of Debtor Disputes. Executive Credit Management features the best Call Monitoring System in the Debt Collection industry.