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#FriendlyScore - Assessing Your #CreditScore from #SocialMedia #Data

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There are so many different contributory factors in fully working out what kind of credit score (or credit rating) you're likely to get that it's hard to make anything close to a pinpoint estimate, but a new London start up thinks that social media might be the key.

Called FriendlyScore, they pull together detailed data from your Facebook, Twitter, LinkedIn and other accounts about activity ratios, wording, relationships and basically anything that might be even remotely pertinent and put it through an algorithm which measures it all against the kind of things that creditors like to see in background checks.

They're keeping reasonably tight-lipped about which parameters end up scoring higher, other than that greater family connections seem to do better, as well as more working activity in the daytime, rather than at night. The service is being marketed more towards the actual creditors and lenders than to actual customers.

That might seem somewhat elitist, but the idea is that if creditors have access to this data, they can more easily communicate to customers about what kind of credit score they're like likely to get, and how to improve it. The ability to simply check the score is open to everyone, as well.

It also means that it will be far easier for lenders to verify people who don't have a localised credit history already, either because they haven't been overly financially active or because they moved over from abroad. Assessing someone for a loan is easy enough when they have a long, active credit history, but when there's just a clean slate, it's very hard to ascertain whether or not they're liable to meet their payments.

Currently FriendlyScore is only fully active in Europe, but it's rapidly increasing in scope and the developers plan to eventually take it worldwide.


Callum Davies

Callum is a film school graduate who is now making a name for himself as a journalist and content writer. His vices include flat whites and 90s hip-hop. Follow him @CallumAtSMF

Contact us on Twitter, on Facebook, or leave your comments below. To find out about social media training or management why not take a look at our website for more info http://socialmediacambridge.co.uk/.
#FriendlyScore - Assessing Your #CreditScore from #SocialMedia #Data Reviewed by Callum Davies on Sunday, August 30, 2015 Rating: 5

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