No credit is already somewhat worse than bad credit so I don't quite see it as implausible.

Yep. I also heard a podcast about a woman who was born at home and never got a social security number. So to the government and to creditors she didn't exist and it was a nightmare for her to do anything financially that most people don't even think about.

Well, your data is used for that model, and without the data, your credit can't be computed anymore.

This has already happened with GDPR... remember the credit unions are private companies, not government outfits.