Want a Loan? Get Rich Friends

[Virgil Showlion]

From the "truth is stranger than fiction" archives (bold by me):

The patent — which was actually applied for by Facebook back in August 2012 — is for a system of authorization and authentication based on an individual’s social network. It could have several uses, including filtering out spam email and offensive content, and improving searches on the site.

However, it’s the use related to approving or denying a loan request based on the friends you keep that is a bit worrisome.

“When an individual applies for a loan, the lender examines the credit ratings of members of the individual’s social network who are connected to the individual through authorized nodes (connections),” the patent states. “If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected.”

According to the patent, the lender would be able to access a potential borrower’s social circle by submitting a request for information from Facebook’s databases. They would then receive a series of lists – grey, black and white – that would be used to determine the average credit score for the would-be borrower’s friends.

Best of all, these are the loans being repackaged by the securitization doomsday machine and sold to your pension fund, mutual fund, and municipal infrastructure fund.

It's a good thing everybody on YM has identical creditworthiness.

[Deleted]

Aug 7, 2015 12:13:24 GMT -5 Virgil Showlion said:

From the "truth is stranger than fiction" archives (bold by me):

The patent — which was actually applied for by Facebook back in August 2012 — is for a system of authorization and authentication based on an individual’s social network. It could have several uses, including filtering out spam email and offensive content, and improving searches on the site.

However, it’s the use related to approving or denying a loan request based on the friends you keep that is a bit worrisome.

“When an individual applies for a loan, the lender examines the credit ratings of members of the individual’s social network who are connected to the individual through authorized nodes (connections),” the patent states. “If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected.”

According to the patent, the lender would be able to access a potential borrower’s social circle by submitting a request for information from Facebook’s databases. They would then receive a series of lists – grey, black and white – that would be used to determine the average credit score for the would-be borrower’s friends.

Best of all, these are the loans being repackaged by the securitization doomsday machine and sold to your pension fund, mutual fund, and municipal infrastructure fund.

It's a good thing everybody on YM has identical creditworthiness.

My home (personal info) computer is air gapped. I don't use any of the social networks except for untraceable  forums and sites like this one.  Am I the last living dinosaur that doesn't need credit ?  I think I'm good with this one.

[Deleted]

Like, my Facebook friends? 

[zibazinski]

No silly, us!!

[Virgil Showlion]

Aug 7, 2015 13:19:16 GMT -5 oped said:

Like, my Facebook friends? 

Yep. Their ability to get a loan will, in short order, depend on your creditworthiness.

Zucker!

[Deleted]

business can base loans on whatever they want, as far as I care.    You should support  free markets.