A person may open a credit card at 18 and be given a limit of $2,000. That card may still be open 10 years later, when the issuing bank raises the limit to $20,000. Many banks do not even require attestation of income to raise limits like this. This is what I mean by no meaningful income verification.

Income verification is what happens when you buy a mortgage. It has nothing in common with the credit card process.

> If you lie, you may be committing credit card fraud.

It seems like we're heading for a society lying and fraud are engaged in and almost tolerated a lot more, and certainly where resources for enforcement are stripped.

Hence, the key word "VERIFYING"

These issues are abstracted by the delinquency rate. Some X% will not pay on time.

By reducing the information taken, do we add sufficient additional users to overcome the X% loss expected.

It's a high trust process in a high trust society. Assuming that most people are honest, it works out well. Verification bogs down the process and may discourage people from applying. Clever fraudsters can probably pass that anyway.