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you _could_ do it Plaid-style, where you consent to share your history (either raw transactions and liabilities to run through a model, or a pre-calculated scor
by twelve40 4y ago
you _could_ do it Plaid-style, where you consent to share your history (either raw transactions and liabilities to run through a model, or a pre-calculated score) with a potential creditor. That would solve the formal consent problem. But the essence of it is the same: unfortunately, you have to furnish your verified history to every creditor rando if you want their money.
- judge2020 4y agoAlso, they can't really verify what you give them. Income verification is already "hopefully they aren't lying" for low-risk credit cards and "we have to call their employer to verify this income" for high-risk loans like housing loans. Verifying this amongst dozens of auto loan departments and credit card operations, likely with different hours of operation, would be extremely labor intensive which is why everyone gets to pull applicant credit history from a central database to determine creditworthiness if they also contribute to that database.
- readonlybarbie 4y ago[dead]