I realize this isn't immediately realistic, but please brainstorm with me:
1. Change privacy laws so that consumers own their own data. (Something like Germany's BDSG?)
2. Repeal the Fair Credit Reporting Act.
The idea is that once consumers have the weapons and wherewithal to sue irresponsible credit rating authorities out of existence, perhaps fewer "regulations" will be needed.
Equifax already has 23 class-action lawsuits pending. But it would be better for consumers if a breach of this type were a crime investigated by the government, so individuals don't have to proactively go to court themselves.
By default, incumbents and big players have the advantage in the market, so without regulation I doubt anyone could unseat the Big Three agencies. They can afford to have a some inaccuracies and even a breach here and there and still be hard to beat. Remember the people whose data they lost are not their customers. Using the government to force companies to protect that data could level the playing field and increase competition.
1. Change privacy laws so that consumers own their own data. (Something like Germany's BDSG?)
2. Repeal the Fair Credit Reporting Act.
The idea is that once consumers have the weapons and wherewithal to sue irresponsible credit rating authorities out of existence, perhaps fewer "regulations" will be needed.