That would actually most likely not go through. As a powerful person, you're likely considered a person of public interest, at which point your right to be forgotten is forfeited, because it conflicts with free speech. (A judge will decide whether that's actually the case or not.)
The former would clearly run into 1st Amendment concerns, but I'm hopeful the latter can be allowed without the same concerns. Does the EFF oppose the latter type?
There are quite a few startups in the lending space. But most I've encountered rely pretty heavily on existing, underlying infrastructure, i.e. legacy finance.
But I’m imagining a distributed reputation rating scheme. There’d have to be some PageRank-analogous feature (I think that’s how PageRank works), so that a high rating from an entity with a high rating is worth more.
Still plenty of issues to remedy... spam, sock puppets, etc. But I’d bet that a distributed credit rating system could be built.
If you make a search engine vulnerable to a libel lawsuit because, for example, their search results make it look like Joe So-and-So was arrested for DUI (when it was actually Joe So-and-Sew or some such thing), they'll just stop indexing that stuff entirely.
Best to avoid creating new laws where old legal concepts will work fine.
If it's basically just non-newsworthy information about private citizens, then I do not think they should be shielded from liability.
The trouble with the right to be forgotten in censorship. The concept is nice, but in the end, the right to be forgotten can mean corrupt powerful people can censor their misdeeds.
I think something similar in the US would be problematic without our freedom of speech. Even if you get a criminal record expunged, anyone who scooped up that data, that was once public, does have the right to hold onto and sell it.
Not to say that's a good thing. It does encourage Labeling Theory, preventing people with criminal records from being able to find legit work (a counter example, the sex offenders registry in Australia is confidential. It can only be accesses for very specific things, like employment at a school).