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UK startup judges tenant’s credit score using social media

Now, social media decides your financial stability!

Introduction

Want to know your tenant’s financial stability before renting your house? Being a landlord, it’s important for you to check the in and out of your tenant, and specially his financial stability. If your tenant has no money in his pocket, then what’s the meaning of renting your house?  Also, it is difficult to trust strangers, today. You, landlords no more have to worry!

About the Startup, Score Assured and its Functions

UK based Startup, Score Assured has developed a software that is sure to help landlords globally.  The software lets landlords analyze their potential tenants using data from their social media accounts. Landlords can utilize the startup’s Tenant Assured program, to send requests to those profiles, who could be their potential tenants. It then provides the program data access from one or more social media platforms (including Facebook, Twitter, LinkedIn, and Instagram).The report, thus produced on the individual by the software is said to be of one-time use.

The process scans private chats as well as public posts to record information about the user’s personality, life events etc (like birth or marital status), and even their “financial stress level”. This is said to measure how easy it is for them to pay their rent, based on the frequency with which keywords like “no money,” “poor,” and “staying in,” that appear in their posts.

Tenant Assured from Arise Web Design, Dev & SEO on Vimeo.

User Response

Well, this software is already being used by landlords. But, it hasn’t received good response from its users. It is reported that by simply scanning for Keywords, the results don’t seem up to the mark. Also, some information collected by the startup, seems to have violated the US housing discrimination law. But, the company says that it currently doesn’t have any plan to enter the US market. Besides, the lawyer specializing on the subject says that the designer of (Tenant Assured)might be legally exposed, regardless of the fact that it is only passing the information.

Conclusion

The startup also thinks that its algorithms could be used by employers and private citizens.  With Score Assured, landlords can now judge whether their tenants are financially stable to pay their rent or not, through their social media accounts. It’s time for the tenants to be careful with your social media updates, because your Landlord is secretly eyeing you.

Takeaways :-

  • UK based Start-Up, Score Assured has developed a software that lets landlords analyze their potential tenants using data from their social media accounts.
  • The report, thus produced on the individual by the software is said to be of one-time use.
  • Some information collected by the startup, seems to have violated the US housing discrimination law.
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