If you’re after a personal loan, whether it be for an extension to your home or simply to pay off a few bills in advance, then there may be more to it than you first thought. No more is your credit score simply made up of your financial history. We take a look.
Nowadays, lenders are using certified credit solutions to monitor your credit score information alongside your social networking activities. This is in order to determine whether you a worthy of a loan. This is big! Never before has such a social clampdown been in place. A social credit report will now be generated for you, and in it is the decision whether to accept or decline your loan application.
Therefore, it’s time to clean up your act online. If you’re still uploading drunk photos to Facebook, but are yet to sit and trawl through your privacy settings, then now might well be the time do so. It’s relatively simple to clamp down on what others can see, just head into the account settings page. Similarly, sites like Twitter and Instagram are set to public by default. If you don’t want lenders to see your moany tweets about how you can’t make rent this month, then get online. Either take down those tweets or change your privacy settings! Similarly, you don’t want a potential banker to see that you’ve uploaded a big pile of unpaid bills to Instagram.
It’s not just images and obvious pointers that signal your unsuitability for a loan on social media, however. These generated social credit reports analyse your use and frequency of particular words. This is in order to determine your suitability. Sadly, has these words remained classified, it is difficult to act by preventing their use. However, we reckon they are obviously of negative connotations, so it’s probably best to stay cheery and upbeat on social media! That’s not all, however. Lenders are also checking the financial statuses of your friends on social media. So if you’re knowingly attached to a few bad eggs, then unfriend, today! These algorithms have a surprising level of accuracy, so it’s important to get ahead of the game.
Essentially, there are two different ways to look at this situation. Either, your social credit score is likely to be poor and it’s thus going to hinder your ability to take out a loan. Or, alternatively, your social credit score could be fine, and you’ve had a decent financial history, so a loan or a cash advance milwaukee is surely in the bag! There’s only one way to know, sadly, and that’s to get hold of it. However, this is now possible! You can access both your financial and social information in one simple report. Once you have access to this information, you can see where you need to improve it. That way, the chances of you being rejected a loan application are going to massively decrease.
Ultimately, if you’re after personal loans or installment loans, then it’s clear that it is time to take action. Lenders are upping their game, and you should be too. Remember, now what you do on social media is equally as impactful on your finances as what you do with money on a day-to-day basis. It’s not just bad a bad credit score that can cause you long-term problems anymore.