New York, NY (PRWEB) September 20, 2013
Finance Acceleration encouraged readers to be very careful when looking for loans in conduct as well as company research. This came on the heels of a September 18th Mother Jones article titled: “Your Deadbeat Facebook Friends Could Cost You a Loan.” The article revealed the increasingly often-used practice of loan companies using social networking sites such as Facebook to determine whether loan applicants are qualified to receive loans, or low interest rates. Bearing this in mind, consumers should be cautious with their online personas, behaving responsibly and appropriately.
Erika Eichelberger revealed the practice of searching sites such as Facebook, Twitter, and LinkedIn for more information regarding loan applicants to determine whether they are a trustworthy borrower. Though this method of background checking is not always used in large banks, it is being adopted by more and more lending companies. Companies typically pay attention to the frequency of interaction between people and their friends, consistency in posting, updated information and photo content. These are used to determine whether a person or family is considered stable, dependable, and responsible. Because the laws regarding sharing information from social networks are hazy, this practice is not illegal, and cannot be prosecuted. Though it is not illegal, Eichelberger cautioned readers against posting any information that could be considered offensive, or indicative of irresponsible or immature behavior.
Following Eichelberger’s article, Finance Acceleration urged consumers to pay close attention to the stamps they create on social media and online platforms. Though posting photos of a late-night party or sharing a potentially offensive thought may seem harmless, it could easily affect not only friends and family, but also potential employers and banks. As social media is used, take care to behave in a mature and responsible manner, treating others with kindness and respect. Also attempt to maintain consistent in posting to convey a sense of stability. For those interested in taking out loans, pay strict attention to all methods of self-presentation, including one’s online presence. If information on personal loans or credit is needed, read the information and articles found here.
Erika Eichelberger is a writer for Mother Jones, a not-for-profit online news source and magazine with a focus on politics, social issues, and investigative pieces.
Following the release of an article revealing lending companies’ increasing use of social media and other online platforms in determining loan eligibility, Finance Acceleration urged consumers to tread cautiously when using social media. Social media is becoming a significant means of research in all areas of life, including job hunting and entering into loan agreements. Though Facebook, Twitter, and even personal blogs may seem like private sources of information, these sites are often able to be viewed by anyone, including banks. Keep this in mind before seeking a loan, as a poor social networking presence may cost a decent interest rate or a loan altogether.
Finance Acceleration is a resource for consumers interested in learning more about the financial world and how to handle personal finances.