No it isn't. This "objective, verifiable information" is an open door to using misinformation to frame innocent people of crimes they have not committed.
In many cases it also leads to a case being dismissed because no evidence is found.
I'm honestly pretty surprised that people think this is a new concept.
Good luck piecing back together your life at that point, after years of being unemployable and unable to find rental accomodation (and the house that you bought with your life savings is gone, the bank sold it while you were fighting for your freedom).