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Facebook May Use Your Friends’ Information To Judge Your Credibility

Facebook May Use Your Friends’ Information To Judge Your Credibility

Facebook’s main purpose for a lot of us is for us to coordinate with current friends, coworkers, and family, or to reconnect with old friends from way back. However, it may be much more than that in the foreseeable future.

A patent secured earlier in August may allow the social networking giant to help lenders in determining a user’s creditworthiness by tapping into your friends’ Facebook details and information.

How Does This Patent Work?

The patent suggests that lenders may be able to view the FICO credit score of your Facebook contacts to see if you are indeed credible enough when applying for a loan. Your friends’ credit rating on an average, per the patent, would need to be at least the minimum credit score to justify a loan being approved.

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Therefore, with the assumption that you would need a FICO score of 640 or more to qualify for a loan, and that your friends’ average credit score would be at 638, that would mean you would not be able to qualify for the loan.

Pros and Cons of This Patent

Assuming Facebook follows through and uses this approved patent to help lenders ascertain creditworthiness, it will not be the first company to use the invention to determine whether a person is a high-risk or a low-risk customer. It could be a boon for alternative lending as a whole, for consumers looking for another way to be approved.

Nevertheless, there are also several drawbacks to such an arrangement.

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One risk a few publications have pointed out is the chance of predatory lenders convincing people to make use of the technology if and when it sees the light of day. If all it takes is to consider the average of a person’s friends’ FICO score, it could open things up for otherwise non-creditworthy individuals who happen to have many friends with good to great credit.

Moreover, if lenders make use of any Facebook feature that involves the use of the patent, and allow it to cover business owners trying to take out a conventional loan, that could make it even harder for them to do so, hard enough as it is at the present.

But The Patent Draws Controversy

Considering all the ongoing talk about privacy breaches and cyber-hacking endeavors, it is not surprising that this patent has not been a very popular one in the tech press, and among consumers. After all, it would arguably be unfair if one cannot secure a loan, even with their pristine credit, if many of their friends happen to have bad credit.

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In addition, it would not be in good form to unfriend a contact in an attempt to boost the chances of your loan being approved.

Fortunately, Facebook has yet to confirm how it plans to use its patent, and there are existing laws that govern how lenders determine whether you are creditworthy or not. However, the fact that the Menlo Park Company would even consider such a thing has proven to be very uncomfortable and worrying for many consumers.

There are a lot of positive and negative aspects of Facebook judging our credibility. The basics pros are presented in simplifying the tasks for institutions such as banks and companies. Some people have nothing against it, as they see it as an important precaution of identity theft.

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Others see it as an an invasion of personal privacy. Facebook already uses its users interests to collect data which is then delivered to advertising companies, that’s why we see only those commercials that are related to our personal interests and hobbies.

If Facebook checks not only our profile but our friends to judge our credibility, though, then it will invade not only our privacy but the privacy of our friends.

Featured photo credit: https://picjumbo.com via picjumbo.com

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Last Updated on July 29, 2020

19 Best Mac Apps for Productivity You Need in 2020

19 Best Mac Apps for Productivity You Need in 2020

Whether you use your Mac for work or just for your personal projects, you’ve likely found yourself wondering how to improve your productivity. There are only so many hours in a day, and so much mental stamina you can muster before you run out.

There are dozens of tricks you can use to improve your own productivity and outlook, but if you’re looking for a more objective, comprehensive fix, the best thing to do is equip your Mac with productivity apps designed to help you do more in less time.

This Lifehack-exclusive list has some of the best productivity apps to help you feel less tired, improve your energy, and ultimately help you get more done every day:

1. Todoist

    Available for all iOS devices, Todoist is a note-taking and organization app that can keep you on top of all your projects—both personal and professional.

    Its best features are all free to use, including browser extensions, task creation, and interactive boards you can use to organize all your notes.

    If you want to pay the optional $29 yearly fee, you can get even more advanced features like backups and automatic reminders. Even with the free version, you’ll stay far more organized.

    Download: Todoist

    2. 1Password

      You may not realize it, but you probably spend a ton of time recalling your passwords, especially if and when you forget one to an app you use on a regular basis.

      1Password is an app for Mac that saves and remembers all your passwords for you in one place, so you can access all your favorite sites with a single click.

      You’ll save time and keep all your accounts secure simultaneously. A personal plan is $2.99 per month.

      Download: 1Password

      3. Bear

        Bear is a unique kind of note-taking app designed to make it easier for Mac users to jot down notes on the go. With it, you can create to-do lists, give yourself reminders, and outline concepts for future brainstorming sessions.

        It comes with many different inline styles so you can customize your notes to your personal preferences, and remember the context in which you wrote them. The core version is free, with a $14.99 per year version available as well.

        Download: Bear

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        4. Hazel

          Hazel by noodlesoft is an automated organization tool designed for Mac that will help you automatically organize your files based on any custom rules you want to create.

          For example, you can set it to move untouched items from one folder into another folder labeled “action items” if they haven’t been addressed within a week. It can save you hours of organization over the course of a few weeks. A single license is a flat $32.

          Download: noodlesoft

          5. Alfred

            Alfred is an all-in-one app designed to save you time with Mac shortcuts and convenient custom actions. You can use it in a variety of ways.

            For example, you can access Alfred’s clipboard memory so you don’t copy and paste the same material over and over, or set up custom workflows to automate some of your most repetitive tasks.

            It’s a paid app, with multiple price points based on the features you desire.

            Download: Alfred

            6. TextExpander

              TextExpander does exactly what the name suggests; it allows you to type a short snippet of text, and expand that text automatically.

              For example, you can create a custom expansion that allows you to conjure a full paragraph you type repeatedly by simply typing a unique abbreviation. Once you get used to your custom combinations, you’ll spare your fingers from typing thousands of words.

              An individual account is $3.33 per month.

              Download: TextExpander

              7. Backblaze

                If you’ve ever experienced a crash, or theft of your Mac, you know how much time a system restore can cost you. You’ll spend hours replacing the files you lost, and lose thousands of files that are irreplaceable.

                Backblaze is an automated, inexpensive way to back up your entire Mac for just $5 a month.

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                Download: Backblaze

                8. Keyboard Maestro

                  Keyboard Maestro is an older app that still has the power to make your life easier. With it, you can automate any number of tasks based on a certain trigger (such as a hotkey combination, or an event like connecting to a wireless network). A single license only costs $36.

                  Download: Keyboard Maestro

                  9. Snagit

                    There are many applications for a good screen-capture app, whether you’re trying to illustrate a tech problem you have or just want to make an interesting meme. Snagit makes it easy, with built-in editing for both still images and video. A single license covers two machines, and costs $49.95.

                    Download: TechSmith/Snagit

                    10. Bartender

                      Bartender is the cleverly-named app that helps you clean up and organize all your menu bar icons. You can also access them quickly with keyboard shortcuts.

                      If you’re like most Mac users, those icons get cluttered quickly and stop you from working efficiently. It’s free to try for 4 weeks, after which you’ll need a $15 license.

                      Download: Bartender

                      11. Otter

                      Otter is the Mac app for the note taker who hates typing. It’s an intelligent voice-recognition system and note-taking app that will help you transcribe your conversations, keep notes during meetings, and even take contextual notes to yourself in your own time.

                      Best of all, it’s free to get started!

                      Download: Otter

                      12. Flux

                        Do you often find yourself feeling tired throughout the day, or feeling unable to get to sleep after a day of staring at your computer? That could be because of the unnatural blue light that radiates from your Mac.

                        Flux naturally adapts your display to emit light that matches the time of day, so you can sleep better and feel less tired. It’s also free!

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                        Download: Flux

                        13. PDFpen

                        If you deal with PDFs on a regular basis, you probably find yourself wishing for some kind of tool that can let you mark up those PDFs however you want. Without a dedicated app like PDFpen, this can be difficult.

                        PDFpen lets you edit PDFs in almost any conceivable way, giving you more power and saving you time. A single license is $74.95.

                        Download: Smile Software/PDFpen

                        14. OmniFocus

                          OmniFocus is all about task management. It has a clean interface that allows you to tag your tasks, schedule events, and even automate certain features.

                          It’s one of the most comprehensive solutions on the market, so there’s a bit of a learning curve to get the most out of it.

                          A standard license is $39.99, while the pro version is $79.99.

                          Download: OmniFocus

                          15. Franz

                            It’s tiring to switch between dozens of different chat programs like Facebook Messenger, Slack, and WhatsApp, whenever you want to have a conversation with a different contact.

                            Franz’s solution is simple; offer access to all these apps in one convenient package. And best of all, it’s completely open source.

                            Download: Franz

                            16. MindNode

                              If you’re the brainstorming type, you need an app like MindNode to help you efficiently organize your thoughts. There are dozens of tools you can use to connect ideas in a mind map, or simply jot down notes for future reference.

                              The core app is free, with in-app purchases available.

                              Download: MindNode

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                              17. Focus

                                The internet is a wonderful thing, but it can be awfully distracting. And if you’re like the majority of us, you’ve interrupted work on a project because of some attention-grabbing site or bad online habit. That’s where Focus comes in.

                                This app allows you to block the worst offenders with custom time limits and other constraints, so you can focus on the task at hand. A single license is $19.99.

                                Download: Focus

                                18. CleanMyMac

                                  Chances are, your Mac isn’t working as fast as it could, thanks to gigabytes of clutter and unnecessary files on your system. CleanMyMac helps you scan your Mac, monitor its health, and ultimately clean it up—so you can handle all your tasks that extra bit faster. A single license is $39.95.

                                  Download: CleanMyMac

                                  19. Grammarly

                                    A spelling error or grammatical mistake can cost you big time. It could be the source of a worse grade on a big paper, or compromise your credibility in the workplace. Thankfully, Grammarly can help you.

                                    This Mac-integrated writing assistant monitors all your writing and makes live corrections, so you’re alerted to your potential mistakes before they become permanent.

                                    A free version exists, but the premium version will cost you between $11 and $30 a month, depending on how you pay.

                                    Download: Grammarly

                                    The Bottom Line

                                    These productivity apps should help you squeeze more productive hours out of every day, but they aren’t the only tools you’ll have to help you find success.

                                    Make the time to learn about and experiment with all the life hacks that can make you more productive. By improving your devices as well as your outlook and focus, you’ll be able to get far more done in a day, and feel better doing it.

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                                    Featured photo credit: Patrick Ward via unsplash.com

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