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The Future of Finance is Facebook – how social data is used by credit companies

social-credit-score
_A new study from credit comparison experts TotallyMoney.com shows which companies are using which alternative data sources and making traditional credit checks look like a thing of the past.      _ It’s not an unusual concern in this day and age to be worried about how your online presence might come across to potential employers, but now the consumer internet footprint has another important use: helping applicants secure a loan. The stellar new tool from TotallyMoney.com lets you explore a universe of credit companies - start-ups and industry heavyweights alike - to find out what online and phone data is used, and by whom. Focus on the data to see how it’s used, or check out the companies to see what goes into building their customers’ financial profiles. Global Developments Social data isn’t just the prerogative of the industry’s start-ups; the whole finance sector across the world is starting to take notice of information beyond financial history. Some of the major names to take notice of include:

  • Affirm, founded by Max Levchin (co-founder of PayPal) – who use all sorts of unusual data, such as contributions to code library GitHub
  • Movenbank, who have started with Facebook, Twitter, Google and LinkedIn, but are looking to include more data as the technology develops
  • The Chinese government, who plan to institute a nationalised system of social credit scoring and rank every Chinese national by 2020
  • Branch, who focus on East Africa for their customer base, and check SMS history, call logs and contact lists to build an applicant’s financial profile
  • FICO, the US firm with significant ties to Experian and Equifax in the UK, are looking into a variety of smart-phone and social media details

The use of non-traditional data sources for credit scoring might well be the natural evolution for the finance industry, but the impact won’t just be felt by loan-seekers and FinTech aficionados – the new technology is also being made available to landlords and recruiters to check out a potential tenant or new hire. Changing Data “The way the credit industry uses data is changing,” Said Joe Gardiner, head of brand a communication at TotallyMoney.com, “We believe everyone should have the best information available when it comes to credit scoring – and that means staying on top of the latest methods and technology.” The future of the finance industry is in the consumer internet footprint. Explore the interactive piece and find out exactly how.

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About TotallyMoney

With a focus on the one in three UK adults financially under-served by the financial services industry, TotallyMoney is the credit app on a mission to help everyone move their finances forward.

TotallyMoney believes people’s financial data should work for them, and not against them and with more than four million customers, they provide the UK’s only free, live credit score and report.

Its service helps customers understand their financial position and provides personalised recommendations so they can start creating financial momentum. TotallyMoney also works closely with leading lenders, to ensure eligible customers are matched with the right products, underpinned by its robust data, product and tech capabilities.

TotallyMoney is regulated by the Financial Conduct Authority (FCA).

We're on a mission to help everyone move their finances forward and gain financial momentum.


TotallyMoney is an independent credit broker, not a lender. Our comparison service works with most leading lenders, covering the majority of the market. Though we may be paid a fee by lenders or brokers this never influences how our products are ranked.

We don't provide financial advice. Product information is obtained from independent sources and rates displayed may vary depending on your personal circumstances. While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider.

TotallyMoney is owned and operated by TotallyMoney Limited which is registered in England and Wales (Company Registration Number 06205695). TotallyMoney Limited is an Appointed Representative of TM Connect Limited, which is registered in England and Wales (Company Registration Number 06967012) and authorised and regulated by the Financial Conduct Authority in respect of consumer credit related activities (FCA FRN: 511936). Trading Address and Registered Office: Chapter House, 16 Brunswick Place, London N1 6DZ. Credit is available, subject to status, only to UK residents aged 18 or over.

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