You be a good little boy or girl and you will get candy. You be bad and you get nothing.
We’ve been warned about this for years. The elites in charge of the world community may soon set loan rates and other variables based on more than your financial activity. In the future, these items will be based on your social score as well. Facebook had the ability to do this years ago.
This spring Merrill Lynch was reported as dealing in social scores.
Others have pointed out how digital currencies could have this mechanism as well.
Now elites at the International Monetary Fund (IMF) have posted research on their site describing a social score used to rate your ability to apply for a loan.
In the not-too-distant future, your internet habits could help determine how much house you can buy and the rate on your next auto loan.
Sounds ridiculous? Right now, your credit score — that three-digit number that tells lenders how responsible you are — is based on simple financial information, like your payment history and debt level.
But research posted to the International Monetary Fund (IMF) website suggests companies will soon be looking at a lot more data to get an accurate picture of the risk you pose as a borrower…
…Lenders could soon use data from your browsing, search and shopping history to create a more accurate credit score, researchers say.
Much of that information is publicly accessible, while some might need to be provided to credit bureaus. Taken together, that data forms your “digital footprint.”
The working paper cites other studies showing that combining credit information and your digital footprint “improves loan default predictions.”