Very well said. The main problem is the poor system in place and people's lack of ability to put constraints on their records.
Given the current state of affairs it is unforgivable that users can't activate higher levels of security for using their information. Given that the cost of the credit industries practices are born by people it is not ok for people to have no say over how casually credit is handed out.
Here is more evidence. "Court records just released last week show that Ngo tricked an Experian subsidiary into giving him direct access to personal and financial data" on millions of Americans http://krebsonsecurity.com/2014/03/experian-lapse-allowed-id... The casual disregard these companies have for what should be private information creates the pain for people.
Europe has much more protection for people versus data brokers (that create huge costs to people with their actions). I think Europe has a much more sensible view.
Given the current state of affairs it is unforgivable that users can't activate higher levels of security for using their information. Given that the cost of the credit industries practices are born by people it is not ok for people to have no say over how casually credit is handed out.