The article is evil in large part because it proposes an absolutely Orwellian regime ... well, pretty much precisely as Orwell suggests such things happen. In vague, political, bureaucratic, anodyne language, with no awareness or consideration of consequences, damage, or alternatives.
As a reference to the evil, the article is invaluable. It is the primary source, straight from the horse's mouth. Much as, say, Mein Kampf was, and the reason a young journalist violated copyright to ensure that it was prominently available in the United States in unexpurgated form:
<https://www.latimes.com/archives/la-xpm-1988-02-14-mn-42699-...>
You're presenting a false dichotomy of "making up a the title". The question is how best to find a truth within the mealy-mouthed source. Which has mostly been done (I'm not entirely satisfied with the present HN title "IMF researchers: digital footprint yields better credit assessment", but it certainly improves on the original.
Sunshine ... isn't always a great disinfectant, but it is in this case.
Anyways - in developing countries models along these lines are already being used - there are no or limited credit scores and identity issues can be big. So people are already getting financing as a result of this evil - usually microfinance