Social Media May Influence Your Credit Worthiness - InformationWeek

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Social Media May Influence Your Credit Worthiness
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Joanie Mann
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Joanie Mann,
User Rank: Apprentice
10/14/2013 | 6:45:44 PM
re: Social Media May Influence Your Credit Worthiness
Whether the economic environment is GǣfriendlyGǥ or not, small businesses will turn to any available funding source to secure lines of credit and get funding to smooth out bumps in cash flow and availability. Getting credit is always a challenge, even in the best of times. When the economy stalls and times are tough, getting the necessary cash to support the business gets even tougher. It's interesting that social media is becoming part of the finance puzzle, and is a testament to the nature of the information to be gained via social platforms. Kind of cool, but kind of scary, too.

http://coopermann.com/2012/08/...
lonnie6a
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lonnie6a,
User Rank: Apprentice
9/5/2013 | 10:32:04 AM
re: Social Media May Influence Your Credit Worthiness
I understand how important it is for a small business to have strong social media presence and that maybe the rule of a bird of a feather flock together which makes sense. I have always been of the order that word of mouth can make or break a small business especially in a small community. I have always been one that believes that a score by the top three that can be hacked by the least savvy should not be a strong determination in whether a small business is worthy of their loan critique and sometimes it does matter in who you know instead of how prosperous your business may be. This does have some merit and I look forward to see where it goes from here.
Thomas Claburn
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Thomas Claburn,
User Rank: Author
9/4/2013 | 8:55:13 PM
re: Social Media May Influence Your Credit Worthiness
I eagerly await the time when would-be borrowers hire Amazon Mechanical Turk workers to post sober, responsible comments to a social network as groundwork for a loan application.
cbabcock
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cbabcock,
User Rank: Strategist
9/3/2013 | 7:11:15 PM
re: Social Media May Influence Your Credit Worthiness
Young people in the future, especially first time borrowers, may have to turn in access to their social media accounts in order to get a mortgage. That's sort of like the bank asking in an earlier age to read all your letters and personal mail. Yes, that could help establish your character but businesses used to have to base their judgment of your character on something other than an ability to poke into your private affairs. The digital age may be institutionalizing the practice.
Cara Latham
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Cara Latham,
User Rank: Apprentice
9/3/2013 | 7:08:14 PM
re: Social Media May Influence Your Credit Worthiness
I think this would hurt individuals, and I hope it doesn't. A lot of people, including myself, interact with family members and friends on social media accounts -- at their leisure. If someone decides to avoid interaction with social media sites on a personal level, this could hurt their credit when they might have great credit otherwise.
David F. Carr
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David F. Carr,
User Rank: Author
9/3/2013 | 5:57:56 PM
re: Social Media May Influence Your Credit Worthiness
Do you see this coming soon to credit scores for individuals, in addition to companies?
OtherJimDonahue
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OtherJimDonahue,
User Rank: Apprentice
9/3/2013 | 2:48:13 PM
re: Social Media May Influence Your Credit Worthiness
I get the concept, but as described it sounds very arbitrary. Like a Klout score, only one that could wreck your business.
Cara Latham
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Cara Latham,
User Rank: Apprentice
9/3/2013 | 2:06:07 PM
re: Social Media May Influence Your Credit Worthiness
I think there is at least some benefit to this. If you are a serious start-up, and you need a loan, the bank will see that you are serious about carrying through and are dedicated to ensuring the business is successful (and thus paying back your loans) if you are actively involved with customers on social media. If you aren't, you might take the same bare-minimum approach with your business, meaning you may not necessarily do well in business.


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