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Here’s my dream plan, which would take 5 years and probably less than $5B:
* We replace Social Secutity Numbers (which are like having a username with no password!) with disposable, single-use IDs of similar format, perhaps by adding letters so we have enough identifiers
* People could get a new number anytime from the Social Security Admin website or app, by calling a number, or by going to a post office
* Credit scores and credit info brokers are required to only have info you choose to share
The key thing here: if you are in charge of your new-style SSNs, you know which companies have which ones, and you could just give a freshly-generated SSN to (e.g.) a landlord. No history on that number? Not your problem. Experian/Equifax/TransUnion doesn’t have any data on that new SSN? Not your problem. Privacy is a human right!
@anildash Something to consider here: if creditors were no longer able to get a (mostly) complete, accurate and unbiased view of a potential borrower’s creditworthiness, they will revert to old-fashioned “manual” underwriting, where a person will make a judgement call on how they “feel” about a borrower. We know from history which communities get outsized benefits and which suffer under that regime. Current system is far from perfect, but there have been real benefits too.
@mdelaporta I would argue that they’re still doing that anyway.
@anildash 100% agree, but a question of magnitude. Possible to show that credit score algorithms are slightly biased, like facial recognition or other imperfect ML tech. But pales in comparison to Archie Bunker, licensed mortgage broker.