Facebook recently patented a new technology that will allow banks to check your friends’ credit history when they decide if you are trustworthy enough to be given a loan.
The social media giants will monitor all of your online friends’ credit ratings and make an average score in order to determine how credit-worthy they are.
If your group of friends ‘failed’ the credit test guess what? So did you.
The patent explains that, “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 authorised nodes. 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.”
People have now speculated how, if at all, Facebook intends to use the patent. They are yet to comment.