Be careful what you post on your social media accounts! Recent studies have shown that many of the top credit rating companies are now using social media accounts to assess one's ability to repay debt.
Credit history is the main influencer of credit scores but using non-traditional sources of information such as social media allows credit companies to view more about a person who does not have an in-depth credit history. Not only are creditors beginning to look into social media, but they are also paying close attention to things such as payment history on phone bills, utility bills and even movie rentals. If a person has moved several times in a short time period, creditors may take it as a sign that this person had trouble paying their rent.
While this kind of research into a person's life can be great news for a homebuyer with a positive digital footprint, it can be detrimental for people who were previously "unscorable." Before you post on your social media accounts, be aware that what you write is a permanent piece of your digital footprint. Then, carefully consider what the outcome may be.
Interested in purchasing a home? Let's discuss your credit, finances and homebuying options! Call to make an appointment today!