Can Facebook Improve Your Credit Score?
Apr 5th 2013 10:31AM
Updated Apr 5th 2013 10:36AM
Everyone wants a better rate on their home mortgage and car loan -- but how do you improve a credit score to get it?
In the first week of April, Fair Isaac Corporation made an acquisition that gives us a hint. Taking Infoglide Software in-house, FICO instantly gained access to technology that monitors social networking sites and mines them for data about credit habits and other personal information.
Fair Isaac says it will use Infoglide's software primarily to root out fraud and money laundering for its banking clients -- but do you really think they'll stop there? Chances are, FICO will soon be incorporating social networking data into how it calculates credit scores in short order. And this means that if you want to improve your credit score, it's essential to monitor your Facebook page, Twitter feed, and other social networking sites to ensure the information you put up there doesn't contradict what you're saying on your loan application.
Fool contributor Rich Smith further explains.
The amount of data we store every year is growing by a mind-boggling 60% annually! To make sense of this trend and pick out a winner, The Motley Fool has compiled a new report called "The Only Stock You Need to Profit From the NEW Technology Revolution." The report highlights a company that has gained 300% since first recommended by Fool analysts but still has plenty of room left to run. To get instant access to the name of this company transforming the IT industry, click here -- it's free.
The article Can Facebook Improve Your Credit Score? originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Facebook. The Motley Fool owns shares of Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.