Disrupting Credit Bureaus


It would be nice to promote businesses to utilize personally provided credit worthiness data


Oh yeah! :slight_smile:

This was basically the motivation for when I posted this on verifiable aggregate claims.

We just got this law in Norway where there is a bank-run central registry of consumer debt. The Data Inspectorate warned in the hearing that it may result in lenders pushing more loans on people, if they can afford it.

I advocated an approach where Solid would be used with aggregate verifiable claims to produce a zero-knowledge proof of credit worthiness. Your Solid app would gather all the data in your POD, and produce a yes-or-no proof, which is then sent to your bank if you apply for a credit card or a loan. The bank would not know the background data from every other bank, just if you are credit worthy by the rules (that they can set or influence).

I had a meeting with a tech committee of several banks, but they weren’t interested at the time, but I really think this would be worthwhile.