In my experience there are only three credit reporting agencies of note. There isn’t competition in the industry, and we have all been affected by data breaches. In many respects, these companies have a degree of market power that puts consumers at their mercy.
With contemporary information technology resources, only poor business practices can account for slow and convoluted procedures for correcting errors on consumers’ credit reports. Enabling consumers to conveniently and efficiently make banks and other credit granting businesses aware of disputed information in their credit reports will help hold the three agencies accountable. It will also give average people a better financial playing field.