News of Facebook’s new patent for using friends' credit ratings and other personal data for scoring your credit opens a discussion of the good and bad about collecting social data.
For this episode on The Heart Of Marketing with John Gregory Olson and Jayme Soulati, we went back and forth about where to point the fault finger about credit scoring, Facebook, and online data collection.
Facebook is now as formidable as ever with its new patent on social data relationships to credit scoring. Turns out, Facebook isn't even the first mover in this realm. Other companies like Kabbage, Kreditech, and Lenddo are leaps and bounds ahead.
Did you know you may be denied a small business loan if you rub shoulders with friends who have poor credit ratings? The practice is transparent in Europe, but in the U.S. credit scoring as it relates to your friends' circles may be more front and center with Facebook.
We dive in pretty deeply about the pros and cons and how you can use this to your advantage as a Facebook marketer using target audiences for your campaigns.
Jon Loomer is an advanced Facebook marketer. Take a look at his #RockHot material.
Mark W. Schaefer wrote a blog post about the shifting sands of Facebook marketing.
CNN Money shares a story about Facebook friends and credit scoring with a variety of the players already in the landscape.