Image credits: Lenddo


Would you be willing to trade access to your social media and browsing history in exchange for a credit score? In order to assign credit scores to those who are unbanked or unable to establish credit, the private company Lenddo accesses their customers’ social media and other data directly from their mobile phones. Lenddo’s marketing video explains how this can help people in developing nations get loans – a potential market of billions of customers. They are one of many companies using their customers’ social media and other digital metrics, such as geolocation or browsing history, to assess whether to give them insurance, a bank account, credit or a loan. In 2016, for instance, Admiral Insurance in the UK announced that it would use the social media profiles of young drivers to determine their car insurance premiums. The system was scrapped hours before launch after Facebook said the scheme breached its privacy rules. Would your social media posts meet the standards to earn you a loan or a better insurance rate?