I do like that idea, because I am looking for information myself about businesses, but the other half of my brain (the leadership side) is screaming "WOW POOL OF EMPLOYMENT!"
I think it's a wonderful idea, considering that we do need transcripts etc. I know that we do have to pay money here to get them and then more money to send them into a college, university, etc.
How would you go about verifying the information though? Would it be a personal contact thing? Would you call the student directly and say "Hello, is this you?" That's the one thing about online applications and services like this. A lot of people have access to a computer.
Just some things for you to think about!