In the Philippines, credit checks based on social media profiles
Lenddo is a financial lender based in the Philippines that takes into account customers' social network activity when determining their credit score.
Recruiters are already using social media sites to find out more about job applicants’ histories and personality, so it stands to reason that other industries might follow suit. Sure enough, Lenddo is a financial lender based in the Philippines that takes into account customers’ social network activity when determining their credit score.
Recognizing that there are consumers who have the ability and intention to pay back a loan, but don’t have a credit history because they’ve never borrowed before, Lenddo offers its financial services to those who can be vouched for by members of its customer community. When applying for a loan through the service, Lenddo measures the trustworthiness of applicants by analyzing their social data. The LenddoScore takes into account the relationships made on social networks and gives more weight to those friends that users interact with most. If those friends already borrow through Lenddo and have a good credit history, applicants’ scores will be higher. If not, users’ online reputations may harm their chances of securing a loan. The following video explains more about the concept:
Much like Twistock, which equates social reputation on Twitter with market stock, Lenddo believes that consumers’ standing in the community is a financially valuable commodity. Are there other that web users can cash in on their online influence?
Spotted by: Murray Orange
17th September 2013