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October 26, 2011 / Jessica

Should your Facebook status determine whether or not your bank gives you a loan?

big brother

Click here for scary stuff.

This article discusses the potential for financial institutions to link social media profiles to marketing strategies and lending decisions. For example, if I were to update my Facebook status one day to “sooo brokeee!” it could potentially affect whether my bank approves a loan request in the future. Alternatively, if my relationship status changes to “Engaged,” my bank would be able to use that information to start sending me brochures on “How to buy your first home!”

If financial institutions could in fact properly aggregate and organize all the seemingly inane data like status updates and time spent playing FarmVille, it probably could result in greater profits and lowered risk for banks, and maybe even better, tailored service for customers.

However, my biggest issue with this article, and the whole idea in general, is that it doesn’t adequately address the giant question mark of privacy. Should I be penalized for having Facebook friends that aren’t in great financial positions? Should my tweets determine whether I deserve a mortgage loan?

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