this post was submitted on 30 Mar 2024
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Ah, thanks for the explanation.
Over here, when you're applying for a loan, you're the one who has to bring the proof of your credit worthiness - typically your employment contract, bank statement etc. - they can't have it automatically without your consent. Also you have to prove your identity with your ID (either the physical card which is mandatory to have, or I guess nowadays a secured electronic identification if you were to do it remotely somehow). So I was genuinely lost in this comment thread, not knowing what the exact process was in America.
Yeah, we're heavily leaning toward making borrowing easy to the point that any security breach puts us at risk. It's trivial with just a little private data to take out a loan or buy a car in someone else's name. It really sucks.