Lenders check borrowers worth on social media

Credit agencies are depending on social media posts for determining how high net worth individual one is. Credit can now be had on the basis of one's rating in the social media determined by the credit agencies concerned. These agencies look to who your friends are, whether you keep cordial relations with friends and colleagues and so on. Are you getting credit for your posts in Facebook, Linked in and other social media? If yes, then you are a high net worth individual and you will get credit from financiers. The nature of one's posts in the social media and the response those are receiving are the credit-determining factors. The social media agencies are said to be co-operating with the finance agencies on speeding up credit and fixing the interest rate also. These agencies determine one's social worth as well as defaulting risk involved in giving credit. Nationalised banks and NBFCs are following up on the data gathered from the social media for giving loans, according to Ranjit Poonja who is founder of a credit agency. Early Salary, a Pune credit agency, is believed to have checked the social credentials of some 1000 people based on their social media activity.