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Being ‘wasted’ on Facebook: Damaging your credit score

Experts have warned that factors such as stating you are “wasted” on Facebook might upset your credit score. 

According to the Financial Times, top credit analytics firms are spending new approaches to evaluate customers’ credentials for getting loans. 

They comprise utility and phone bills and info from film-renting organisations and also old-style practices such as checking credit card records. 

Credit Rating Company Fico is currently working on a mission to consider millions more people’s appropriateness for loans. 

Chief Executive Will Lansing said the organisation was using a huge variety of material to notify scores – from credit card repayment history at one end, to information from sites such as Facebook at the other. 

Mr Lansing told the Financial Times, “If you see at how many times a person says ‘wasted’ in their profile, it has some significance in predicting whether they’re going to repay their debt”. 

“It’s not much, but it’s more than zero.”

Fico, and TransUnion, which are also investigating with finding data from non-traditional bases to inform decisions on loans, say they are responding to demand from banks that fear they may be missing out on potential new patrons who have not made up credit scores.

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