Facebook friends can ding your credit rating
Updated: Thursday, August 29 2013, 12:32 AM EDT
(NEWSCHANNEL 3) - It turns out in some cases, your Facebook friends could damage your credit rating.
Lenders overseas are using social media to check loan applicants' credit-worthiness.
Lending companies have found that social connections can be a good indicator as to whether or not you will pay back a loan.
They look at your Facebook activity to see if any of your 'friends' make late payments or have bad credit scores.
In some cases, they will even contact your Facebook friends and ask them what kind of risk you will be.
SO far, only lenders in the U.K., Mexico, and the Philippines are using social media as part of their checks.