And if a bank refuses you a loan because of your Facebook friends? – Point

An amazing patent was filed on August 4 by Facebook. This could allow banks to grant you a loan or not. Explanations.

Title “Authorization and Authentication based on the social network of the individual,” the patent filed by the US giant aims to better understand the social network users based on their “friends” Facebook. For what purpose ? Improve the quality of personal data collected for resale to other companies.

Valuable Information

This technique would allow “third parties” to have access to information precious about users and their “friends”. Nothing surprising so far except that the text also provides for the possibility for organizations such as banks, to use this technique. The latter especially would allow them to assess your ability to repay a loan by scanning your friends’ profiles.

In the document filed, spotted by the SmartUpLegal website and taken by several French media, said Facebook that “when an individual applies for a loan, the lender reviews the credit scores of members of the social network this individual via a licensed node. If the average credit score of its members reaches the minimum credit score, the lender continues examine the loan application. Otherwise, the request is rejected. “

A juicy business

A bank could therefore refuse or accept to grant you a loan based on the ability to your Facebook friends to repay their explains Le Nouvel Obs, recalling that this technique is already in the US.

According to the weekly, many startups would specialize in this business. This is the case of Lenddo that would sell to third parties the information collected on social networks. The online companies LendUp credits Affim or Inventure as they would use the data found on social networks to assess the potential and credibility of their clients.

What about France?

Several French banks would close Facebook, reports Le Nouvel Obs . This is the case of the Postal Bank to its advisors open accounts on the social network to maintain contact with their customers. BNP Paribas-would also have taken the plunge in early summer in alliance with Facebook, but also Twitter, Google and Linkdin to improve “the relevance of its offerings based on customer needs.”

However, not to worry for the credit by now. According to the site Juicer, “it is quite possible that Facebook never use that patent or at least not the part that could really angry users.”