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Financial Power to the Consumer

Why is it that when applying for a home, car or bank loan we have to submit an obscene amount of paperwork that is scattered everywhere? Let me rephrase, I know WHY we have to do this but why do we have to go through a grueling manual process to gather all of this paperwork? I already fill out paper documents when I apply for a job, do my taxes, open a bank account or apply for a credit card. Not to mention the credit agencies already have all of my paperwork stored digitally.

The idea I have is one which would solve the problem I have with gathering all my paperwork manually. I would like to create a web application which would extract tax information, bank information and credit information to allow any consumer to have this information available to them immediately. Not only is this information available but the web application will analyze the data and inform the consumer of the possibilities to receive any type of loan or credit they’re looking for without having to submit an application (and a hit to their credit) first. Any feedback on this idea whether it be recommendations for modifying or implementing is appreciated.

  • Nov 19 2012: I don't believe that the idea is to take away all of the security questions but rather create a service that makes this more simplified for the consumer. Paperwork or no paperwork; if someone wants to steal your identity then they are going to do it no matter what the process.
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    Nov 19 2012: Paperwork is meant to minimize risk to the lender. Fraud is rampant. Criminals can easily abuse the credit system. The more questions asked on an application, even to the point of repetition, the more difficult it is to gain credit under false circumstances. If you have an idea that will give the lender satisfaction and make it easier for the applicant you've got something! I must say a "Universal Application" sounds frightening in terms of security. Identity theft is real. Such a concise, comprehensive listing of one's personal data would be devastating to lose control of. You have a very real fear factor to consider.
  • Nov 21 2012: Get rid of the monetary system.
    It is unjust, breeds greed, crime, inequality as just a few of its needs.
    Take away the false power they have and this power resides in the monetary system.
    It is intentionally manipulated to reduce the value of your money,
    intentionally creates depressions, recessions and inflationary periods,
    in which all citizens pay dearly, with all they have and do work for.

    The monetary system can only function on corruption, with no ethics or compassion and the rampant,
    consistent, and intentional deception of the public.

    It can never be made just so unless people really want to get rid of the real causes for their problems, problems we all face together, then they really don't want to get rid of the problems.
    It's a sickness, really, thinking you do when you don't.