Technology is becoming more and more entwined in our lives. Did you know that now, the ways in which you use technology can affect your credit score? Many companies have already started to go beyond the traditional queries – if you pay your bills on time – and started to take into account how much you have in your savings or retirement accounts, but also some far flung things you might not suspect.
Credit card companies now use where you shop as a marker for your credit. If others who frequent an establishment have poor credit, your credit card company might assume that you will have a poor repayment probability if you shop there too. Companies are now also looking at technological factors such as what you post on Facebook and how often you text and putting that into how your credit score comes out.
Some analysts say that these factors will be good for some people – people who don’t have any credit which mostly includes young people just joining the work force. However, for others, this new way of interacting may hurt them, if they have a habit of partying and sharing about it on Facebook, or other unsavory behaviors. Still other analysts believe that credit bureaus will still use the traditional methods of evaluation for the most part, and just consider these new factors as ways to tip the scale.
Will you watch what you say on social media to protect your credit?
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