Facebook is doing what?

Facebook is doing what?

If you have a Facebook profile, you really do need to read this.


Facebook has just bought a patent which allows it to sell your friends lists to banks.

In short, what this means is that if your Facebook friends are not good with money, some banks might refuse to give you a loan.

New technology patented by the social media giant may mark you as a risk, based purely on the friends you keep on Facebook.

So, what that means is that you might be found guilty by association.

Say what? Crazy, right?

Mark Zuckerberg reportedly bought patents for approximately R520 million, including the right to sell on friends lists to financial providers. 

The patent reads: “When an individual applies for a loan, the lender examines the credit ratings of members of the individual’s social network who are connected to the individual through authorized nodes. If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected.”

So, will you be re-evaluating the people on your Facebook friends list after reading this?

Find East Coast Drive on Facebook right here.

Show's Stories