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Nobody really has "control" of their SSN anymore; most have been leaked one way or another. The only effective control is locking your credit files.

Even if you generate a new private key for every loan it wouldn't help much. A significant fraction of borrowers will still lose control of their keys during the life of the loan. So the reality is that to make such a scheme workable would require one or more trusted central authorities to perform identity management and key recovery. Who would do that work and what's the funding model?

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