Aside from data that could be used to discriminate, mining social data could mean that hyperbolic tweet about being broke from a few years back could come back to haunt you when you go to apply for a loan.
This isn't just a distant dream for banks; it's already beginning on a small scale. Hong Kong micro-lending startup Lenddo requires at least three social connections to apply for a loan. The company's CEO told The Observer:
“We think that in the age of the Internet you should be able to establish your reputation and your identity through your social graph, through your on- and offline community, and use that to get access to financial products and information.”
Your social presence can be your downfall too; borrowing money gives Lenddo the right to notify your friends and family via social networks if you fail to repay your loan.