[bonoboTP]

I don't think society would need to be restructured.

Many countries do fine without private third party entities managing people's credit history and score. Instead, you have to provide data on your credit worthiness each time you request credit from a particular bank. Such as bills, income proof, assets etc.

[closeparen]

In which countries can you default on a loan and then go get another one like it never happened? Sure it might be the state hosting the mechanism instead of a private company, but that mechanism is pretty important.

[bonoboTP]

Yeah, if you default on it and there's a court decision etc. then it gets recorded in a government system and you are on a blacklist.

It's quite different and a lot less fine-grained than feeding all your credit-related and non-credit-related history into some ML model to estimate your credit worthiness.

[closeparen]

Sure, and nationalizing or limiting the scope of credit reporting are both fine ideas.

It is still a third party collecting a fact about someone and repeating it to others, to the data subject's detriment and against his will.