They could do that, yes. They could also open an account automatically in your name and then sue you over it. I expect both would be equally successful.
The former could be a natural consequence of neglect + shareholders asking why the cash influx is too low considering the number of actual subscribers.
Many if not most agreements these days seem to specify charging up front and reserve the right to cancel your service for any reason, so credit doesn't enter into it. I don't know about Netflix specifically.
What seems more likely is that they would blacklist you if you're obnoxious.
