Banks are now active participants in social media networks, and they are befriending their customers and their customers’ friends. As a result, banks are receiving and keeping huge amounts of data on their customers. In the last year or so, financial institutions have started exploring ways to use data from Facebook, Twitter and other networks to round out an individual borrower’s risk profile. A recent article in the online tech journal Betabeat discusses this concept and how your friends can one day determine your APR.
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