Creepy Credit – Using Social Media to Screen Customers
Source Newsroom: Cornell University
Jeff Hancock, social media expert and associate professor of communication and information science at Cornell, comments about financial institutions using social media to determine consumer creditworthiness.
“It reminds me of one of my favorite books: ‘Super Sad True Love Story’ by Gary Shytengart. In the near future our credit scores are displayed on our apparats – equivalent of an iPhone – that hang around our neck and on the telephone poles – now called credit poles – as we walk past.
“So, not only will these companies use our social networks to determine our creditworthiness, the people in our network may use that information to judge us too!
“More seriously, given all the network dynamics that show that various personal aspects can spread through a network, it might make sense that creditworthiness would too.
“That said, it feels creepy.”