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We offer an IDSwitch System and as a consumer, I can switch my account to OFF by default and turn it ON only when I know I'm applying for credit. Merchants, banks and other businesses that extend credit, mortgage loan or grant an account to an individual
will have to check with this system before granting the credit or account. This is not a mop-up system. It actually prevents IDTheft.
But you are quite right. This system would eliminate a lot of these clean-up services. It would also eliminate a lot of the work that some organisations do, such as compiling fraud statistics, reporting them, and defending financial institutions to consumers.
This post is from a series of posts in the group:
A place to share stuff that isn't at all fintec related but is amusing, absurd or scary.