Protect Your Credit When Using Social Media

Tara Tandon By Tara Tandon, 29th May 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/2bwhdl_2/
Posted in Wikinut>News>Media

Some credit agencies use social media to determine if someone is credit worthy, but its not entirely a bad thing. The information that you post on sites such as Facebook and Twitter may be used for or against you. If you are aware of your online identity you can promote yourself and look good to creditors, but if you are trying to get a loan and post about how you're broke, you could be flagged by creditors as a risk not worth taking.

Social Media Can Help You Financially

A demonstration of popularity gives a lender confidence. A person who is starting up a small business can easily demonstrate to a bank or a lending company that they have people interested in their product or service by having a page that gets many hits, comments, and “likes”. Even if you have no credit history or bad credit, this alone could be enough for some lenders. sThe flip side to this is if you don’t use social media, or keep your account private, that could also affect you. It’s easy for people to make themselves appear worthy of credit when they may not be also.

Creating Threats to Your Financial Well Being by Over-sharing on Social Media

You may be judged negatively based on what you post. Potential lenders may use what you reveal against their assessment of your trustworthiness, dependability, and ability to be responsible. For example, if you have a small business that’s failing and you complain about it on Facebook, you are revealing that you have money problems and that is undesirable to a lender. They may conclude that lending money to you will be a loss.

Social Media Sites Sometimes Have an Interest in Not Protecting Your Privacy

Unlike many other things that the public is involved with on a massive scale, the government has little oversight of social media. The social media sites themselves are concerned with making money, which is closely linked with selling your information to advertisers. They do not have an interest in educating users on security and privacy due to this. Certain information can be used to directly try to steal your identity or to try and trick you into trusting a phishing scam.

Information That Should Not Be Shared Publicly on Social Media

-full name
-date of birth
-hometown
-relationship status
-names of pets
-interests and affiliations

Do You Need to Pay for Identity Theft Services?

Identity protection is a matter of prevention. There are many simple ways to protect yourself if remember to implement them. In reality, the overwhelming part comes if its too late and your security has already been compromised. In these cases, you may need professional help recovering your identity and credit. Remember each time you give out information that you take a risk. Think it over first.

Tags

Credit, Credit Repair, Credit Score, Creditor, Identity Theft, Secure, Security, Social Media, Social Network, Social Networking, Social Networking Websites, Social Networks

Meet the author

author avatar Tara Tandon
Wikinut is an experiment for me with variations in tone and subject matter. I just want to understand what people who come here like to read, so I'm trying lots of different things.

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Comments

author avatar vpaulose
30th May 2013 (#)

Good info. Thank you. Also for your comment.

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author avatar Retired
3rd Dec 2013 (#)

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