It would be similar, but very streamlined. This website also is limited for lending. There are very few ways to record their actual history. My database would record their total lent or borrowed, debt, number of loans taken and completed, number of late days for their loans, and I was thinking about having people tie their facebook/linkedin accounts as well to their credit.
What do you mean? Prosper uses the credit scoring of its borrowers. There may be some slight problems with the credit score equations but no one doubts that the fico score was a brilliant invention.
If someone can't pay back or is late on their student loan, credit card or mortgage, then they will definitely be late or default on their bitcoin loans.
The score is actually not very useful. I worked in the car industry for a long time and frequently looked at credit reports. The finance department mainly looked at the lending data and not the score, because it had more information about their history. I would rather not implement a cookie cutter solution to credit that people will have an easy time digesting. Lenders need to have a complete understanding of what makes a borrower credit worthy rather than simply looking at a 3 digit number.
