Can your social media presence affect the your loan

social media presence affect the your loan

Lenders are learning a lot from you before accepting your loan, she taught history, credit, pay stubs, but the Bank may not be what we look at in the future.

According to the Wall Street Journal, and some lenders, dealing mostly in small business loans, and combing through advanced social media accounts, status updates, Tweets, posting CVS.

It may not be a simple fad. The magazine reports that FICO looks forward to the possibility of using social media to determine credit worthiness. If this idea take root, your mortgage lender may be the next to see your profile on Facebook.

Consider how long the activity of social networks remains online, it’s a good idea to set up the check in front of the tanks now forgotten opportunities your consent. Here’s what you should and shouldn’t do:

Do not rely on privacy settings

Your account status to “just friends” is not enough to keep unwanted lenders (or anyone else) to see some of your social networking activity. Many of these sites update their own privacy settings and conditions often, and if you don’t keep up, you may find your personal information available for anyone to see.

 

Not complaining about the work

Could be bragging about playing hooky, and complains of your workload, or ranting about how much you hate your boss online come back to haunt you. If potential lenders see these posts, they might think your work is not stable as you say.

If you would like to discuss your business on social media, keep things positive and not show off skip out of work, even if the lender does not see, force your boss.

Do not post about financial

If you have a financial problem, it might be tempting to write a quick status update and crowdsource your friends and family for advice, but lenders may not be the full context. This can lead to them investigate whether a one-time problem or part of the pattern, and that can hurt you.

You’d be better off discussing temporary setbacks with friends and family in person, keep the conversation now.

Do you update your resume

Your lender may check personal and work your LinkedIn search sites like monster to see if your resume online matches what you provided on your application. The catch here is that some people create an image once and never updated again. This can lead to confusion with your lender.

Before applying for a loan, and make sure all of your resumes are up to date and include current employer and job title.

Are you building a powerful social network
Should not be ashamed just away from social media. If you have a strong online presence and a lot of friends or followers, which can actually help your loan application. Lenders like to see someone who is trusted, established and well-liked, so go forth and build your social network.

 

Do you brag about good service
If you are self-employed or own a small business, social networking can enhance your loan application, especially if you have good reviews and high ratings. After all, if your business is in good shape, and your income is likely to be on the rise.

Update your commercial accounts on social networks, and connect with customers and promote reviews across multiple sites to build a good reputation.

The impact of social media on the business world

Social media allows companies to communicate directly with their customers, with strong relationships, and even to leave the space for them to collaborate on projects.