Facebook's New Plan: Help Banks Figure Out How Poor You Are to Deny You Loans

"The use of social network contacts as a basis for establishing credit worthiness is questionable; just because some of my friends have bad credit scores doesn’t mean I do."

I'd wager that if you're friends have bad credit scores it is more likely that you will have a bad credit score. Does the author seriously think that Facebook / banks will assume that someone has a low credit score because they went to school with somebody who has a low credit score?

If you are statistically more likely to default on a loan you can't reasonably expect not to pay a higher interest rate.

OK so it's not new, it seems. Here's Venturebeat. http://venturebeat.com/2015/08/04/facebook-patents-technolog...

In some ways this looks more and more like sesame credit in China.

We could say that this is another reason to get off Facebook, but realistically we'll just get used to it and continue using the service.