1.)??We’ve all heard the stories about police using social media to prevent or investigate crime, and of people losing their jobs over stupid things they’ve posted on social media. The Financial Times is reporting that your social media posts may now even?affect your credit score.
FICO is working with US credit card companies to find new ways to assess credit risk in order to approve loan and set interest rates. This includes checking your?social media accounts like Facebook.
If you look at how many times a person says wasted in their profile, it has some value in predicting whether theyre going to repay their debt, said Will Lansing, chief executive officer of FICO, according to the Financial Times. Its not much, but its more than zero.
Why is FICO?doing this? To get more customers for their?clients, the banks.
FICO, whose scoring is used in 90 percent of ?credit decisions, say their goal is to find data to help score people who were “off-the-grid” and haven’t generated enough traditional data (car loans, monthly DVD subscriptions, utility bills) to score, which may prevent them from getting a loan.??This will help build new customers by?giving credit scores for younger customers and those who are new to the country.
The market was absolutely hungry for a solution, said Jim Wehmann, executive vice-president for scores at FICO.
Financial experts say that the new scoring approach could lead to cheaper loans for consumers, such as those who may have “bumps in the road on credit,” but make more than their minimum payments.
2.) Eat, drink and be merry at?Intoxikate’s Silver &?Gold Party on Dec. 4 from 7 to 11 p.m. at Empire City Casino. This holiday event includes four hours of unlimited beer wine and signature cocktails, an IntoxiKating menu (check back at intoxikate.com for the delicious menu Kate is creating for her guests) and encourages guests to dress festively in silver and gold.
The Silver and Gold party will?take places in the casino’s event space where they is a bowling alley and space to dance all night!?Tickets are on sale?until Dec. 2 here.
3.) Here are today’s headlines:
- Hudson River developments part of waterfront revival
- Yonkers ‘pimp’ found guilty of kidnapping teen, sex trafficking
- Fortina To Open Up New Location In Yonkers
- Drones’ Near Misses At Westchester Airport Spark Push For Stricter Rules
- Police Prevent Suicide Attempt At Ardsley Rest Stop
- Westchester May Hire Firm For Hotel Online Tax Lawsuit
- Westchester Musicians Earn Acclaim In New York Times Story