How social media can decide your credit worthiness?
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Now a days there’s a question arising among many people and they are running behind everything on social media but are not able to catch the very exact thing and how it work, that is how social media can decide your credit worthiness. How financial companies can decide your credit worthiness by just seeking into you social media profiles? Is this really possible? Yes now it is, as many companies look into your social media profile before actually hiring you, financial companies have also adopted some same activities before lending you money. Normally before lending you money financial companies analysis your financial history, CIBIL score & relations with the banks if you have previously taken loan and how was your payment behavior, after collecting all this data lender decide how much loan they can provide, but all this traditional practices have add on with your social media profiles.
Let’s see what actually they looking into and what you can do to improve you social credit score.
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What They Are Considering?
After collecting all your CIBIL and past loan data companies are analyzing your social media profiles because even by any mean one have fooled financial companies by documents but they can’t do that with their own social media profiles. Mainly on social media we are connected with our friends, colleagues, teachers and influencers etc. sharing our daily life humdrum, travel photos, memories and much more. All this activities are nothing but data for companies, they also have eye on from where you have completed schooling & higher education the companies you have served with the duration, friends list with their qualifications and source of income, posts you share and pages you like overall they see each and every activity you do on social media platforms.
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Things to keep in mind to improve social credit score
Choose friends wisely
Most entities using social media being calculated for their credit scores will be refereed by the persons on their social networks, so be choosy and don’t end up having dishonest or indebted friends.
Lots of positive engagement on posts, whether through likes, positive reactions, or comments, would make you out to be a popular individual with an active network and connections, suggesting that you would be a low-risk person to lend to.
Every social profile is in radar
Whether it is your LinkedIn, Facebook, Twitter or Instagram every major network is possibly fall into the scanner of these social credit scoring methods. You won’t be able to keep one profile sparkling and presuming it to work if your other profiles throw up warning signs.
Don’t be a troll
Upsetting, violent and invasive posts on social media are inappropriately all too common and this behavior is frequently overlooked because of lack of options. Though, such behavior is likely to be considered to be a negative factor in determining your creditworthiness.
Disclaimer: The words and opinions written above in the blog are of authors and do not reflect any organizations policy.