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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 November 5, 2019

5 Best Language Learning Apps to Master a New Language

5 Best Language Learning Apps to Master a New Language

Learning a new language is no easy feat. While a language instructor is irreplaceable, language learning apps have come to revolutionize a lot of things and it has made language learning much easier. Compared to language learning websites, apps offer a more interactive experience to learn a new language.

The following language learning apps are the top recommended apps for your language learning needs:

1. Duolingo

    Duolingo is a very successful app that merged gamification and language learning. According to Expanded Ramblings, the app now counts with 300 million users.

    Duolingo offers a unique concept, an easy-to-use app and is a great app to accompany your language acquisition journey. The courses are created by native speakers, so this is not data or algorithm-based.

    The app is free and has the upgrade options with Duolingo Plus for $9.99, which are add free lessons. The mobile app offers 25 languages and is popular for English-speaking learners learning other languages.

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    Download the app

    2. HelloTalk

      HelloTalk aims to facilitate speaking practice and eliminate the stresses of a real-time and life conversation. The app allows users to connect to native speakers and has a WhatsApp like chat that imitates its interface.

      There is a perk to this app. The same native speakers available also want to make an even exchange and learn your target language, so engagement is the name of the game.

      What’s more, the app has integrated translation function that bypasses the difficulties of sending a message with a missing word and instead fills in the gap.

      Download the app

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      3. Mindsnacks

        Remember that Duolingo has integrated gamification in language learning? Well, Mindsnacks takes the concept to another level. There is an extensive list of languages available within the app comes with eight to nine games designed to learn grammar, vocabulary listening.

        You will also be able to visualize your progress since the app integrates monitoring capabilities. The layout and interface is nothing short of enjoyable, cheerful and charming.

        Download the app

        4. Busuu

          Bussu is a social language learning app. It is available on the web, Android, and iOS. It currently supports 12 languages and is free.

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          The functionality allows users to learn words, simple dialogues and questions related to the conversations. In addition, the dialogues are recorded by native speakers, which brings you close to the language learning experience.

          When you upgrade, you unlock important features including course materials. The subscription is $17 a month.

          Download the app

          5. Babbel

            Babbel is a subscription-based service founded in 2008. According to LinguaLift, it is a paid cousing of Duolingo. The free version comes with 40 classes, and does not require you to invest any money.

            Each of the classes starts with with a sequential teaching of vocabulary with the help of pictures. The courses are tailor made and adapted to the students’ level, allowing the learning to be adjusted accordingly.

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            If you started learning a language and stopped, Babbel will help you pick up where you started.

            Download the app

            Takeaways

            All the apps recommended are tailored for different needs, whether you’re beginning to learn a language or trying to pick back up one. All of them are designed by real-life native speakers and so provide you with a more concrete learning experience.

            Since these apps are designed to adapt to different kinds of learning styles, do check out which one is the most suitable for you.

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            Featured photo credit: Yura Fresh via unsplash.com

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