On 31 December 2013, 757 million users logged on to Facebook. The tremendous number shows the huge size of the Facebook network. 1,23 Billion active monthly users produce more than 30 billion pieces of information every month. The stunning size of information can be used for different analyses. One area of application may be the checking of the creditworthiness of private persons.
In today’s world, the checking of the creditworthiness of private persons becomes more important, due to the increasing distance trade. The different trade partners usually don’t know each other. That leads to an information asymmetry in the sense of reliability. Additionally, the number of private insolvent person increased since 2000 dramatically. In 2000 there were around 14024 private insolvent persons in Germany and in 2013 already 121.784 (see figure 1). Even if the private insolvencies decreased after 2010, it is still on a high level. To resolve this information asymmetry and reduce the risk of the inability of customers to pay, companies can use the provided services of credit reporting agencies like Schufa, Creditreform or Arvato Infoscore. Those credit reporting agencies use different public and non-public sources to evaluate a private person's creditworthiness.
The highly discussed social network data could be a future database for the evaluation of the creditworthiness of private persons. Not only the high numbers of users , but also the available data on social networks, makes it an interesting source of information about a private person's financial situation.
Table of Contents
List of abbreviations
1. Introduction and Relevance within the economy
2. Theory about Credit Reporting Agencies and Scoring
2.1 Credit Reporting Agencies
2.2 History of Credit Reporting Agencies
2.3 Functioning of Credit Reporting Agencies
2.4 Credit Scoring
2.4.1 Data Sources of Credit Reporting Agencies
2.5 Data Protection Act and Criticism towards Credit Reporting Agencies
3. Social Network Data
3.1 Social Network Sites: A Definition
3.2 History and Development of Social Network Sites
3.3 Available Data on Social Network Sites
3.3.1 Likes
3.3.2 Pictures
3.3.3 Places
3.3.4 Groups
3.3.5 Friends
3.3.6 Family status
4. Data Warehousing and Data Mining
4.1 Data Warehousing
4.2 Data Mining
4.3 Big Data
4.3.1 Characteristics of Big Data
4.3.2 Applications of Big Data
4.4 How to access Data
4.4.1 Payolution GmbH
4.4.2 Kreditech Holding SSL GmbH
4.4.3 Problems
5 Facebook profiles of private insolvent persons as an attempt
5.1 Attempt description
5.2 Result of the Attempt
6. Conclusion
7. Bibliography
List of figures
Appendix
A.1 Rating Agencies Rating Guide
A.2 The four V's of Big Data
A.3 Attempt Details
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