[jsemrau]

No it isn't. Lending is next to Prostitution one of the industries that exists for the longest time in some cases 5000 BC [1]

Trust relationships are mostly subjective and do not scale well to individuals that do not have established networks. You can compare that to modern Venture Capital businesses where it is incredibly hard to even get a pitch if you are not well connected.

You might have heard the story of Adam Neumann raising 300M for his new PropTech business. Why would he get this amount of money? Because (1) he has shown that he can build businesses that generate revenue in the Billions (2) he is connected to the right people worldwide allowing him to raise funds and attract talent with ease. That places him in the 0.0001% of entrepreneurs.

And that is what modern credit bureaus deliver as a SaaS product. An easy way to understand if people can repay a loan (execute), run a profitable business, and are trustworthy.

[1] https://en.wikipedia.org/wiki/Usury