These blogs and the information contained in them may no longer be current and therefore much of the information/figures quoted could be out of date and shouldn’t therefore be used as an indication of the current situation. If you require any further clarification please contact Derngate Wealth.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Did you know that some banks will look at your social media account before offering you a mortgage, or an insurer will grant you cover? In fact, there are even some companies that will check what banks may see – for a fee.
How does it work?
Some credit score apps are working with lenders to see if you will be able to meet your repayments and financial obligations and they are doing this by checking whether there are signs of irresponsible purchasing behavior and interests.
Companies like Experian have always analsysed consumers to give banks a picture of how much of a risk you are, although Experian has stated that they do not use Social Media for this purpose.
However, whenever you apply for a loan or a job, your social media may be vetted by other companies and they even charge you a fee to see the information and assumptions about you, that they are providing to these organisations.
These companies may put together a report of the impact your social media has on your borrowing ability. It will give you an indication of the predictions companies are likely to make about you based on the data that is available online.
You can then use this report to change aspects of information publicly available in order to paint a more reliable picture to potential lenders.
What do they check?
These information gathering companies will look at your Facebook, Twitter, LinkedIn and Gmail profiles, as well as online shopping receipts to see whether you are a competent spender. It can also look at newsletter sign ups and log-ins, so be wary as you may be unwittingly sharing information about your preferences.
What can you do?
In fact, by signing up to things through Facebook and Google it may save you time, but it is giving the app a picture of your interests and spending habits, so it’s worth taking the time to register fully for access to these online services otherwise you are giving access to your contacts, images, your location and your browsing history.
Most of the time, this data is analysed by machines and you’ll be given a score. Therefore it’s essential that you set your your account to private so that only you have access to your account and information posted. Everything you share or post online publicly tells people something about you, your habits and your behavior. It can also help criminals steal your identity.
Our advice is to go into Facebook and use the option to view your profile from the public’s point of view and adjust your privacy settings You could also download your entire Facebook history in the privacy section so you can see exactly what’s been stored about you and make changes to protect yourself in the future.
If you would like advice on buying a property, contact Derngate Wealth today.
Read more: https://inews.co.uk/inews-lifestyle/money/can-your-social-media-account-affect-your-mortgage/