In recent years, the credibility and extent of privacy across social media platforms has become questionable to a certain degree. The scandal regarding Cambridge Analytica, a data analytics firm, revealed the ease with which they could acquire data by harvesting profiles of a large number of people.
The social media company has become infamous for being one which focuses on its own growth and disregards privacy and data rights of millions of its users. However, while the founder and CEO of the company foresees a vision for the company which focuses more on privacy, he omitted mentioning ways of curbing data sharing.
Does this mean that various companies can access information related to you and can this impact your credit score?
Let’s take a look at how the phenomena of social media impacts your credit score and how companies like money lenders look at you.
Why social media?
The first question we need to ask ourselves is, why do lenders or credit card companies need to access your social media. They don’t.
Some companies may be irked by a few rare scenarios and snoop around your personal data. However, this is rare and traditionally they are more likely to refer to the three main agencies for your credit history i.e. TransUnion, Equifax, and Experian.
In what circumstances do you become the exception?
A lack of credit history
If it’s your first time applying for a loan, your probably don’t have a credit history. There’s no basic information for a lender to verify if you make timely payments. This can prompt them to look at your lifestyle to determine your financial behavior.
Borrowing from a digital lender
In an increasing digital world, financial technology has emerged as a solution to inefficient financial services. Some examples of these companies include Qudian, Xero, Avant, Lufax and much more. These companies are more inclined to using big data to assess various applicants.
Applying via your Facebook profile
Any company which asks you to sign in using a Facebook account is essentially making it easier for themselves to collect your data. This can happen despite whatever efforts you have taken to enforce privacy settings.
There are pros and cons to this. You can either carefully craft a social media profile to get approval for loans. On the other hand, it can hamper the way you’re perceived by financial companies.
Maintaining a good credit score is the most foolproof way to get lenders to be on your side. We can help you with credit repair in Spartanburg County so you don’t have to worry about your online privacy being breached. For more information contact us at 1-844-620-8796.