There's a difference here between the concept and implementation though.

I agree, giving up that much information to a third party, opens too many risks for me, and I don't want it to be standard.

However, I'm sure there is some middle ground here that isn't so violating to your privacy. Like mentioned before, having a default limit that can only be surpassed if you're willing to go through some form of qualification. The limit can be set in place without any audit required, if its low enough.