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I think this shows that inanity of centralized credit rating agencies. How do we disrupt this? What if every person you owed money to (Credit cards, mortgage co
by anonu 9y ago
I think this shows that inanity of centralized credit rating agencies. How do we disrupt this? What if every person you owed money to (Credit cards, mortgage companies, car loan companies) basically reported your payment status on a monthly basis on the blockchain? I think this could work... Anyone could check your credit history - but at least it would be decentralized. There's obviously a lot of questions: How do you protect privacy of individuals? How to identify individuals with a number other than your SSN? Or maybe you do anyway... keeping your SSN secret in this day and age is clearly not viable longterm.
- throwawayjava 9y agopermanent and unrevokable authentication tokens are dangerous.
- bunderbunder 9y agoThe Fair Credit Reporting Act requires Consumer Reporting Agencies to do two things that are fundamentally at odds with the idea of using a blockchain: Negative information must be removed from your record after a certain amount of time. And false or inaccurate information - which some studies suggest exists on about 25% of consumer credit reports - must be removed or amended upon request. Both of these are Good Things. One of the most important things our legal system provides is opportunities for remediation when something goes wrong.