Trust Rank
Are you aware that bad neighbourhood will not lower your Google page rank. Quite obviously people while blogging give links to some external websites, this term is referred to as outbound linking. When a person gives an external link to any of the sites which are having lower quality or which has content which is penalized by Google has nothing to do with the page rank. Your blog's page rank will not be altered at all. 

You can link as many sites as you want. Initially I too had a fear on linking to external sites with low quality or lower page rank. But now we can freely link to any site. Thanks to blogger team because of rolling new  search engine optimizing features. 

One such excellent feature is the  'rel=nofollow' attribute where you can stop the search engine from indexing an external link. So whenever you link some external site which you dont want search engine to index, you can simply check the  'rel=nofollow' attribute box.

But still if you want to be clean such that you wont encourage any harmful sites you can do them with a tool.
Check Bad Neighbourhood: Here

Just read a small interview extract of Matt Cutts called to be a  SEO expert.
Matt Cutts comments last summer that one can actually be rewarded for responsible outbound linking. Does that mean there is a positive ranking weight for it? I am not entirely convinced of that. I tend to believe that the over-all TrustRank score of a site counts towards it’s authority. What is worth remembering from all of this is that not only shold you be careful with (and audit) the outbound links on your site for low quality entities, but also don’t be afraid to link to other authority sites in your niche/market.
Remember, he said, “parts of our system encourage links to good sites.” – which I take is the inverse; they penalize sites that don’t.
What is more important, or at least what I wanted to impart to you, is that you simply can’t just lockdown the site. You can’t hoard PageRank. Search engineers are people too. If you were building an index, would you trust a page that links out to other authoritative documents on the subject?
So just be sensible in giving outbound links. A Good site always give links to good site a bad site will link to a bad site. So checking a bad link is to gain trust rank but it wont affect your page rank  

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