7 ms·
If you want to live in such a "free market" world then if I'm a bank and someone fraudulently used your information to obtain a loan then I don't want to issue
by vostok 9y ago
If you want to live in such a "free market" world then if I'm a bank and someone fraudulently used your information to obtain a loan then I don't want to issue any more loans to anyone who uses your information.
If one person used it fraudulently then there's a much higher probability that any subsequent loan application with the same information is also fraudulent.
- reacweb 9y agoWhich mean that if a bank has failed to correctly check the identity of a client, the client will be punished his whole life by banks refusing him.
- Filligree 9y agoYes. If you consider this a poor outcome, then you should consider regulating the banks.
- Eridrus 9y agoI think this is even broader. If it becomes harder to verify identities any products that involve post-paid billing will become rarer.
- Retric 9y agoBanks need to make loans, if they reject people based on such things they will quickly go out of business as there is an ever smaller slice of the population left over. Instead, all that's going to happen is banks will simply require someone to show up in person and present sufficient identification.