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The Secret Way Companies Are Using Big Data To Score You

Thursday, April 3, 2014 - 8:36 AM
From Yahoo Finance:
Once we’ve passed our last high school or college exam, most consumers only have one score to worry about for the rest of our lives — our credit score.

Or so we thought.

As technology has improved, so has the ability of businesses to mine pools of highly identifiable public information and use that information to create brand new ways to “score” consumers. Based on hundreds of pieces of public and private data (e.g. “Big Data”), these so-called consumer scores are used by marketers, government agencies, financial institutions, and other businesses  to predict a range of consumer behaviors, from how likely we are to wind up in the hospital to how often we’ll ditch our cable providers or collect unemployment. Most consumers don't know these scores exist and, more alarmingly, these databases could be juicy targets for cybercriminals.

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