Banks and loan agencies can not put down social media as a reason why they are denying someone a loan. However, many banks are using social media sites such as Facebook as a way to double-check customers before making credit decisions. The Fair Credit Reporting Act regulates these processes to make sure customers are getting equal treatment.Collection agencies are even beginning to use social media as a way to track people down when they have not made credit card payments etc. This idea is not new, and is actually similar to how eBay allows its customers to rank each other. The American Banker claims that Prosper Marketplace Inc. is the eBay of peer-peer lending. The simplest aspect of this is how Lenders, banks, etc. just take the information on you that they already have (your name for example), and type it into social media sites, including Monster and LinkedIn, to verify contact information. They also check sites such as Twitter to make sure you aren’t lying about important factual information, like your employment. Some companies such as PersonalLoanOffers conversely “condemn” the new use of social media to pry into people’s lives for the sake of loans and pricing according to this article by Tim Grant. However, major credit scoring companies such as Fair Isaac are discussing the possibility of beginning to use social media while businesses like Moverncorp Inc. are offering customers a chance to check their financial-behavior based on their own social media activity. Since social media is new for many businesses, especially in the banking industry, it is hard for these companies to get on board with this trend. Many worry about violating regulations.