And What Not to post on Social Media
We’ve all heard the stories before. Like the ones about colleges who pull a students scholarship offer due to offensive content that the student or future student posted to social media. How about that job offer that was lost over controversial content that was shared via Facebook or another Social Media platform. It is also possible that our credit scores could also be affected by what we post on social media. It’s already happening in other countries.
The Fair Credit Reporting Act is a set of laws to help inform and protect Americans about what their data is knowingly used for, when it comes to credit purposes. Today, though the credit reporting bureaus can monitor your social media accounts if they choose, they can’t legally use it against you without disclosing it, and so they don’t… yet! As I said, this could soon be changing, because it’s already happening in other parts of the world.
As an example, a company in Singapore incorporates a consumer’s social media data, among other online behavior, into determining their financial health and how reliable of a consumer they are likely to be. If the credit scoring entity detects suspicious financial-related posts on social media, they could use it against them. Remember, once it’s on the Internet, it’s probably there forever. This isn’t something that’s an issue right now, but it might be a good idea to always think smart before you post.
Social Media & Your Credit Identity
While credit scoring from social media isn’t yet in the United States, there is one way that social media can burn your credit score today: identity theft. Did you know that hackers can take what you’ve posted on your various social channels to put together pieces of your confidential information to the point where they can open lines of credit in your name? If this happens to you, it can negatively impact your overall credit score in a huge way.
Most of the experts agree that there are a few key pieces of information you never want to post on social media:
1) Your mother’s maiden name: This is one of the security questions that is often asked to gain access to your accounts. While it might be nice to pay tribute to your mom on social media, beware of the dangers before you do so.
2) Your current location: I understand how cool it can be to post about the great vacation you’re on. However, to any criminals monitoring your social channels, this just serves as an open invitation to attempt to gain entry to your now empty home. Remember Home Alone?
3) Your birthday: I know it’s awesome to see your Facebook page blow up with happy wishes on your birthday, but keep in mind that this is another key piece of information that a hacker will need to impersonate you in order to steal your credit identity.
The lesson of this post is to be careful what you put on social media. Facebook, Twitter, Snapchat, Instagram and all of the other social networks are great for networking, and staying in touch with family and friends, but they do have a dark side. That dark side may be getting more, and more complex in our near futures.
If you believe you have been a victim of identity theft, we can help. Simply go to our website www.editmycredit.net and sign up for a Free Credit Analysis or Simply Call Us at: (800) 970-8861
EditMyCredit.Net – a full-service, yet affordable, Forensic Credit Restoration Company.
