This article was originally featured on VentureBeat.com
By Dusty Wunderlich
Remember that friend from college who never quite matured out of the “party every weekend” mentality? Who defaulted on every student loan? Who thinks a good job is measured by how well it accommodates hangovers? Facebook does. And it might ruin your chance to get your next loan.
Facebook recently updated a patent it has held since 2010. It’s primarily used to prevent users from spamming each other. But when updating with the United States Patent and Trademark Office, Facebook described a new use that could allow lenders to analyze the credit score of a loan applicant’s Facebook friends. The more creditworthy your friends are, the more likely you are to get a loan.
Such a plan isn’t without reason, but this particular idea bodes poorly for Facebook — another example of Silicon Valley’s failed approach to entering regulated industries.
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