> Instead of a credit reporting agency existing at all, new credit applications could ask for your account numbers at existing creditors and then the new creditor can get your credit history directly from them.
How would this even be remotely viable? Why would you expect people to be honest about their credit histories in cases where they had late payments or some sort of default?
> How would this even be remotely viable? Why would you expect people to be honest about their credit histories in cases where they had late payments or some sort of default?
Why would you expect people to not just give someone else's social security number?
Places that extend credit often take into account incomplete data - my girlfriend was denied for an apartment lease because she didn't have __enough__ credit history.
How would this even be remotely viable? Why would you expect people to be honest about their credit histories in cases where they had late payments or some sort of default?