Yep, and the downside of that is that so many people will lie that lenders will assume everyone is lying. People with good credit who have nothing to hide woul

Yep, and the downside of that is that so many people will lie that lenders will assume everyone is lying. People with good credit who have nothing to hide would be worse off under a self-reporting regime because lenders won't believe them and will turn down their applications or demand an invasive level of financial information.