Without some sort of central authority, surely this is just vulnerable to a rollback attack?
i.e. if I am a bad actor, and had just defaulted on a loan, why would the next document I send not be my copy of the previous 'clean' record before I got that loan?
Or what prevents me from sending out the same copy of the document to 10 other parties and getting 10 loans concurrently?
These are the sort of scenarios that the existing credit agencies prevent.
Then we follow it through and get to some sort of decentralised ledger to protect against these attacks, but that's then vulnerable to not being able to be expunged (how do we make sure it's possible to correct the record, as the CRA's are legally required to do when information has been written incorrectly).
i.e. if I am a bad actor, and had just defaulted on a loan, why would the next document I send not be my copy of the previous 'clean' record before I got that loan?
Or what prevents me from sending out the same copy of the document to 10 other parties and getting 10 loans concurrently?
These are the sort of scenarios that the existing credit agencies prevent.
Then we follow it through and get to some sort of decentralised ledger to protect against these attacks, but that's then vulnerable to not being able to be expunged (how do we make sure it's possible to correct the record, as the CRA's are legally required to do when information has been written incorrectly).
So we end up with some sort of central authority.