How Facebook May One Day Affect Your Credit Score

We’ve all been warned that how we behave on Facebook could come back to haunt us when it comes to finding a job, since more and more employers are looking to social media to find out about perspective employees. But it sounds like in the future it won’t be just employers evaluating you through your social media accounts.

Financial technology expert Gi Fernando tells The Daily Mail that one day Facebook and other social media sites could affect your credit score. Fernando believes that in the future, banks may penalize clients who don’t have social media accounts. He thinks that banks will seek access to your social media, and will judge whether to give someone credit based on their network. “You are defined by the company you keep,” said Fernando, who suggests that people with a stable network may be perceived as less of a credit risk than ones who change and cut friends regularly. Adds Fernando, “By giving up a bit more information to the banks, you might stand to benefit in a wider choice of products.”

He also believes that in order for banks to stay current, credit cards and debit cards may soon be a thing of the past. They’ll likely be replaced by apps on mobile phones that could be used to pay for goods and services with simply a tap. And in something out of a sci-fi movie, Fernando believes one day we’ll be able to pay simply by scanning our fingers or retinas into a computer.

Do you worry about being judged by your social media accounts?