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Friday, 13 April 2018 16:19

Want credit? Make sure your social media account is squeaky clean!

Sat with smirks on our faces we have been watching the Facebook privacy saga unfold here at Quick Loans. The hysteria of the media and Facebook users has been priceless, if not a little irritating. 

We are not for one minute saying that we find it funny that people have had their personal details passed on and used without their knowledge – in fact we find it completely wrong and believe the company, as well as other social media platforms, have been running riot for far too long. For years they have been lacklustre with their privacy policies and haven’t protected people the way they should have. We’re happy that certain chickens are coming home to roost.

On the flip side of the coin, however, we believe that people need to be a lot more careful when it comes to sharing information online. People are so open these days it’s unreal. At the click of a button you can find out what certain people had for their breakfast, what they will be having for their tea and the pictures you get to see…well, to put it politely, some people don’t seem to have much modesty at all!

We often ask ourselves: ‘Would that person walk up to stranger in a bikini or boxer shorts and tell them what they had for breakfast that morning?’ The answer to this would more than likely be a resounding ‘NO’, so why are people OK with doing this through an online platform?

The people amongst us that like to shout their business out to the masses need to realise the implications of their behaviour, not just from a social point of view, but also a financial position.

How many people realise for instance that firms, including some financial organisations, are using Facebook and other social media entities as a pathway to spy on lifestyles and behaviours? And how many people knew if you were to apply for finance, such as a loan or a mortgage, that certain firms could look at your social media presence and this could help swing a decision? They’d look at how often you appeared to go out using photographs and conversations that are public, as well as try to dig dirt on salaries and the type of house you were currently residing in. The list goes on.

How scary is that? Firms are paid by a select number of banks and other financial outlets to basically scour through timelines, posts and photo libraries to gauge lifestyle choices before deciding whether or not to offer finance.

There’s a Big Brother society and then there is this. It really has been stepped up a level. But then again, who really is to blame? We can all say that this is an outrage and it is a clear invasion of privacy, but how can it possibly be an invasion of privacy when people are openly sharing this information with anyone and everyone?

We appreciate that in this day and age people are going to utilise and embrace the social media society that we live in. Everyone is doing it so in a way you will get left behind in other walks of life if you are not part of it. But people should be aware of the implications of the posts they showcase and the kinds of pictures that they want people to see.

All social media sites are great as a communication tool – people have never been so well connected and that can only be a good thing. But it cannot be stressed enough the care that needs to be taken before sharing information online.

4 comments

  • Comment Link Wednesday, 25 April 2018 02:45 posted by Anonymous

    I actually remember this site being laughed at when they suggested that credit checks via social media were widespread back in 2015. In a way it is sensible for lenders to try and see this data. It shows in real terms what people are spending and what they are spending their cash on.

    Never post to social media ss the only answer.

  • Comment Link Wednesday, 02 May 2018 03:07 posted by Anonymous

    It won't be long until there is a time when you not having a social media account will hurt your chances of being accepted.

    I haven't had one in over 10 years because of the privacy issues and I'm pretty sure that these companies will start to reject people in the next few years.

  • Comment Link Friday, 01 June 2018 14:39 posted by Anonymous

    This is so weird! I was on about this with my husband last night! I'm on Facebook a nd he's not basically cos he doesn't like all the people knowing everyone's business situation. But anyway we said the same, he may be forced into having Facebook because it will be seen as odd if everyone else has got it. I can foresee what will happen, people will be accepoted or rejected based upon their scantily clad pictures next. 'she's got a nice bum, she can have £100.' ''His teeth are bad, he needs to be rejected' LOL. You think i'm joking...

  • Comment Link Friday, 14 September 2018 10:26 posted by Angry Angie

    Social media is the devil and we've only got ourselves to blame. We've all been sucked in through FOMO and now everyone in the world knows everything about everyone else. I give it another five years until the banks make it so if you don't have a social media account whereby they can spy on you and track your every move, then they will give you a bad credit score and refuse you loans a little bit like if you haven't got proof of income or no credit history for them to delve into.
    As always the majority of people are sheep and have wrecked it for the minority of people that can see social media for what it really is, a way for corporate businesses to spy on our every move.

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