alt Hacker NewsThis hurts me. I want lenders to have good access to the data that shows I am a high quality borrower. Less access adds risk to the lender which they will respond to by taxing me with a higher interest rate and it benefits scammers and people who don't pay their bills.
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Leynos • today at 8:17 PM
You can consent to your data being shared with other lenders when you apply for credit under such regimes.
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Imagine that you have (on some blockchain) an encrypted history of prior transactions between you and lenders, etc (signed by you, signed by the entity). You can submit through zero knowledge a certificate certifying a certain percentage of on-time payments/ net worth against this self-owned history.
It would seem that no one gets to monetize your data but you (to avoid overly invasive questions, the govt could, e.g., regulate the kinds of ZKP questions that the mortgage lender is allowed to ask).
In practice, I'm sure this has some problem, because societies can't function without trust. But in theory, you could imagine something that is more private and harder for other entities to monetize.