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I would think big data and machine learning could disrupt this industry completely, allowing much more accurate trustworthiness scores.

Is anyone working on it? Seems like a lot of money just sitting on the table.

There already are some companies in that space that are using big data and machine learning for credit scoring. A few that come to mind: http://hellosoda.com/ http://bigdatascoring.com/

In case of Hello Soda they are using social media data for credit scoring.

PS I'm not associated with any of these companies.