Naively, credit is if you can pay, and if you will pay.

For the latter it’s whether you’ve had a judgment against you, which is a matter of public record.

For the former it’s based on how much money you have and what you spend, including on servicing existing debt. Lying about this would be fraud. In that sense, my proposal does indeed open up a new avenue for fraud but I don’t think that’s the same as it being unworkable!