The Equifax disaster points to a much bigger problem
Just as a point of reference, in The Netherlands there is a central agency for recording the debt of people who mostly have fallen behind on payments. They only record debts that last longer than 3 months and of those delete all record of them after 5 years after being paid off. It is forbidden for this agency to record that you have a mortgage unless you fall behind on payments. Only negative information is stored on borrowers. If you pay your loan down on time nothing will be stored about you.Also, it is forbidden for information in this agency to be used for identifying purposes by banks and the like. This means considerably less risk for me as a citizen, and it also means the information is less valuable for hackers. Mortgage interest rates are currently 1-2 points less in The Netherlands than they are in the USA, so there's no correlation I can see between America's vampire capitalism credit model and cheaper loans.