[Tinned_Tuna]

I am equally suspicious of creating a government agency for tracking all citizens. However, I worry that your proposed solution has three significant caveats.

Firstly, reliability tends to change slowly. Banks might not be tracking this, so it would take a long time for this problem to surface. The article indicates that they're already unreliable, and banks continue to rely on them.

Secondly, there's too little competition. There's no realistic alternative; especially when all three seem to be roughly equivalent in terms of reliability.

Finally, any single bank dropping a credit agency will cause that credit agency problems, but will likely cause themselves more problems. Individual banks have little incentive to act on their own. Some form of banking cartel would probably be needed to put sufficient pressure on the credit reporting agencies to effect change.

[thegayngler]

I’d argue that it should be a system where any number of companies can compete in the credit reporting industry. Why should it be only 3 companies competing?

The laws need more fleshing out. The current iteration of laws is insufficient.