I don’t think government should do it at all. That would be same broken thing.
I just don’t want a selected (not by me) set of companies collect information about me without my consent.
I would rather have an opt-in system where I can select a vendor to make a report on me to provide to lender. Only when I want it.
I'd want a non-profit to handle it. I'd want full public disclosure of internal processes, data sources and data buyers. I'd want strong, unhindered oversight provided by a fully independent public board along with separate oversight provided by the FTC - with oversight entities able to exhort meaningful influence over methods, sources and customers.