Could Facebook Hurt Your Credit?

Linkedin: Lenders can use the social network to check to make sure that you supplied the same employment information on your credit application that you have on your Linkedin page. If the application and Linkedin don’t match up, it can raise a red flag for lenders.

Facebook/Twitter: If you give away any information about your finances in a post, it can help lenders determine if you can handle a loan or not. If you are complaining you can’t afford something, it can send up a red flag. On the other hand, if you are bragging about a promotion or raise, it can actually help you get the loan you applied for.

Klout: If you have a high Klout score in financial categories like credit, credit cards or other lending categories, lenders might view you as a worthy candidate for credit.

Sadly, at this point in time, there is no law that says credit lenders can’t use the information at their disposal to determine your credit worthiness. Everything that you post to your Facebook page or Twitter feed is public information, which is also a good reason to keep your social media profiles as private as possible. However, as social media becomes more of a determining factor in our overall lives, there is no guarantee that social media companies will not grant access to companies like FICO to your personal information to help them determine your credit worthiness.

On Social Media: First and foremost, make sure that all of your social media profiles have all of the privacy setting set as high as possible. This includes your Twitter feed, Pinterest page and even Instagram account. Any personal information that lenders can access could be used to determine your credit worthiness.

Know Your Credit Score: Keep track of your credit score. If you get denied for a line of credit or a loan, but you know your credit score should be high enough to qualify, you can ask the lender why you were denied and what outside factors were considered. You can access your credit score for free (seriously, you don’t even need to give your credit card information) at a site like Credit Sesame, which will track your score each month. If your credit score has taken a hit because of social media use, you can do things to help recover your score, like paying off your debts, disputing negative items on your credit report, or hiring a credit repair service to help you do it. Read credit repair reviews to do your research on credit repair companies to find a legitimate service.