New Ways Bankers Are Spying on You

[Elmore Furth]

The new Information Society has laid your financial life open to data mining by bankers. At this moment they are using it for limiting risk but there is no guarantee that it couldn't be misused. Remember how credit scores were used to evaluate prosective hires?

Big Banker is watching you—more closely than ever.

With lenders still skittish about making new loans, credit bureaus and others are hawking services that help banks probe deeply into your financial closet. The new offerings include ways to look at your rent and utility payments, figure out your income, gauge your home's value and even rate your banking habits based on details like whether your direct deposits have stopped.

Your credit record still matters, of course. But here are some newer ways lenders and financial-services companies are sizing up your financial behavior and credit-worthiness:

Bank-depositor behavior scores. Fair Isaac, the creator of the widely used FICO credit score, is marketing bank-depositor behavior scores, which are used by banks to assess their own customers.


New Ways Bankers Are Spying on You

[dmr]

1. No one is safe from scrutiny anymore.

:kick:

[DoctorK]

2. if you're going to loan someone money for 30 years

it makes sense to look at the income and expenditure history.

"stated income" loans were part of the problem in the bubble.