Could your social media profile kill your loan application?

social media cloudWe’ve all heard the rumours that employers are starting to trawl social media sites when vetting potential new recruits. But would you expect banks and lenders to do the same?!

Big data is big news at the moment and according to a new report by the ABC, as consumers we’re giving social media sites such as Facebook way too much personal information, including how well your business is doing, what products and services you are buying, what specific items you are selling, how you are spending on your credit card and even what shopping rewards programs you use, such as Fly Buys.

Facebook likes to share their big data – for a price, of course – and this is where property owners may need to be careful.

The banks are also starting to collate their own powerful information stores.

Westpac has a program called ‘Know Me’ that follows the internet browsing history of its customers and then offers them products and services based on that data.

How much do you share online and could it impact a future home loan application?

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http://www.abc.net.au/news/2014-11-18/banks-using-social-media-to-assess-loan-
applications/5900680

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