The competition between MySpace and rival Facebook has been ongoing. MySpace claims a user-ship of 100 million users compared to the 500 million Facebook maintains. MySpace says the main component of the change is that the site is not content-focused rather than people-focused as it was in the past.

Personal profiles still are used on the site but the site now boasts the latest content updates on celebrities, TV shows, bands, and movies instead of updates from long-lost friends. The welcome page of the site will consistently update with the latest news. Logged in users will have information displayed the pertains to their specific preferences.

Users have the option to choose between three user homepages including the traditional, a grid view, and a player view. The traditional uses a list view for information. The grid view is similar to a magazine-style content provider. The player view is a new television-style format that places an emphasis on video.

MySpace has also partnered with entertainment partners including MTV, Access Hollywood, New York Times, Los Angeles Times, Village Voice, and Just Jared celebrity blog. Resident ‘experts’ will be enlisted to provide information on certain topics in the entertainment industry and cultural trends.

MySpace has also instituted a reward program where users can earn badges for their social activities on the site. The reward system has been called ‘Reputation’. The company is also planning to release a web-based mobile version of the new site. It plans to release an app for the iPhone and Android later in the year.

Currently the site is still in beta version but will be made available to worldwide users effective at the end of November.

MySpace Revamps Site for Entertainment, Not Profiles was created by and is property of American Consumer News.

How can it work against you? Here are just some of the current trends in social networking sites:

Hiding From a Debt? They’ll Find You
Collection agents, not always known for their above-the-line practices, will often scour the internet in search of your contact information. Since many debtors will refuse phone calls or ignore written correspondence, they stand a good chance that active social media players will be online. If you are posting about the new outfit you bought or the great vacation you just took, you can bet they’ll step up their aggressive collection tactics since they know you have the money. While laws will not allow collection agents to contact you through your profile, some will still disguise themselves in order to secure good contact information for you. Some especially unethical agents will even sabotage you on your home page.

Need a Loan? Good Luck
Even creditors have been using social networking searches to find out what kind of risk you might be. Considering a personal loan or a mortgage? Banks and other lenders are getting very tight with their money and outside of your credit score they want to know what kind of person you are and what risk you might pose to defaulting on the loan. While there is no scientific formula for a lender to assess your Twitter account, they may be scared enough about what you say to refuse your loan.

Loose Lips? Lose Your Job
Potential employers can easily do searches on candidate names since social media profiles are often at the top of search engine results. Employers will be looking for negative comments about your current employer, coworkers, and other job-related activities. They can also look at the times you post to see how hard you are really working each day. If you have naughty pictures associated with your profile, they too can cost you a potential position in a company.

Gone Phishing – Took All Your Money
Since people often have no problem typing in a ton of personal information on their home page because they want everyone to know how well they are doing in life, scammers have made a happen of targeting social media users. It’s nice to let friends know who your grandma is but providing her last name will give scammers insight as to what your mother’s maiden name is. This is one of the top security questions people have to answers to gain access to their financial and personal accounts.

Ultimately it is up to consumers to use common sense when it comes to posting information that essentially the world can see. Protecting your information can sometimes be as easy as not providing any. Remember that while your friends can see and appreciate your updates, the whole world can be watching.

Social Networking Can Damage You Outside Your Social Circle was created by and is property of American Consumer News.