It’s Not Just Your FICO Score Anymore!Posted: November 18, 2013
In this hyper connected era, your FICO score is out of date. Lenders and employers are starting to use social media to check your creditworthiness. Upstarts like Lenddo and Kabbage are reviewing prospective borrowers’ online footprints for lenders…checking if your Facebook friends pay on time. A German company, Kreditech, even looks at Amazon purchasing and payment history and uses GPS data. The venerable FICO score dates back to 1989, so it’s no surprise that lenders are looking to supplement it. So now we have to worry about Facebook friends that might be deadbeats…but how many of them will co-sign your loan with you?