This was my response to a class colleagues’ post on credit bureau’s use of social media to determine credit score. Original post: http://digitalmarketing.temple.edu/mis5001/?p=994.
I agree with Michael’s comment that “past performance does not guarantee future success,” however, I understand why credit granting agencies use a snapshot of our financial history to determine if we are a worthy risk candidate. It’s all they have to work with in making an informed decision. Although people may not like to hear this, privacy has been lost once you use the internet to send an email, post something on a blog, or use social media. Especially with the passing of the Patriot Act in 2001 (https://en.wikipedia.org/wiki/Patriot_Act) and subsequent extension, none of us should believe that if we post any information on the internet or our phones that is it private.
Privacy no longer exists with the invention of the internet. Therefore, we need to be more conscience, careful and intentional about what we post. Remember information is powerful. People will always look for a way to monetize information. They can only do that if we give them that information.
On the flip side, because of access to large sets of this information, we are able to create more, refine more, and improve our businesses and lives. There are advantages and disadvantages to sharing our information and big data. I would argue that the advantages outweigh the disadvantages. I appreciate the refinements that have come about due to access to information to make better decisions.