Can Facebook Improve Your Credit Score?


Everyone wants a better rate on their home mortgage and car loan -- but how do you improve a credit score to get it?

In the first week of April, Fair Isaac Corporation made an acquisition that gives us a hint. Taking Infoglide Software in-house, FICO instantly gained access to technology that monitors social networking sites and mines them for data about credit habits and other personal information.

Fair Isaac says it will use Infoglide's software primarily to root out fraud and money laundering for its banking clients -- but do you really think they'll stop there? Chances are, FICO will soon be incorporating social networking data into how it calculates credit scores in short order. And this means that if you want to improve your credit score, it's essential to monitor your Facebook page, Twitter feed, and other social networking sites to ensure the information you put up there doesn't contradict what you're saying on your loan application.

Fool contributor Rich Smith further explains.

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Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Facebook. The Motley Fool owns shares of Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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