Could Social Media Influence Credit Report? - Philadelphia News, Weather and Sports from WTXF FOX 29

Could Social Media Influence Credit Report?

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PHILADELPHIA -

Your activity and even who your friends are on Facebook and twitter can affect your credit-worthiness! FOX 29 financial expert Dan Roccato explains more on Good Day.

"Mom was right," he said. "Be careful who your friends are."

Smaller lenders and growing number of companies are studying behavioral finance, which is a science that looks at how our brains and behaviors are wired to save and spend.

They look at our friends because "we tend to behave and associate with people like ourselves."

If we have good credit scores, we tend to hang out with people with good credit scores, says Roccato. The same is true for the opposite.

"We shouldn't assume privacy," said Roccato.

Could this be a good thing? Hear what some people say by watching the segment above.

Finally Roccato has some tips for all of us:

  • Be careful who your friends are

"Avoid the bankrupt boys of Philadelphia," Roccato jokes.

  • Be careful what you post on social media.

"Never come home and say, ‘just lost my job, LOL.'"

  • Focus on your credit score, so you're already armed and equipped in a good way.

Annualcreditreport.com is the site for you

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