Mass surveillance laws don't prevent a bank from doing due diligence on a loan when you ask for a loan, or from suing you if you lied. In Germany it's hard to get a liability shield and there's no compassion for idiots — if you borrowed $20k by lying to the bank about your other loans, your wages will be garnished for life until you pay it back including punitive interest. They could rely on that instead of mass surveillance.

I have a feeling FICO would be more destructive than beneficial for Europe. Look what it's done to America. Borrowing $20k for a startup is not worth that.