Put aside developing countries for a moment - in the US, the three credit bureaus are very heavily regulated, and as a consumer, you have a lot of rights regarding your credit report.
Experian must provide you with free access to your credit report every year, they must explicitly mark any negative information, they must give you the right to challenge any incorrect information, and even if negative information is correct, they can only hold onto it for a certain period of time.
They also are limited in the ways that they can share this information with others, and in the ways that they can join the information from your credit report with other information that they or others may have in order to create a more "complete" profile about you.
This regulation is all very good, as it limits the extent to which one's credit history can harm one's prospects at financial progress (or even basic necessities of life, as even rental applications often ask for your credit history). It also means that someone in their 40s is not still being held back by poor credit decisions from their 20s that caused them to declare bankruptcy in their early 30s.
If Facebook were actually subject to all of these same regulations (and we trusted them to abide by them), it would be one thing, but I'd be very skeptical of how Facebook would handle this responsibility either in the US or in developing countries.