By statute, credit agencies can only keep 7 years of credit history on you. Wouldn't lenders be even better served without that 7-year limit? Yet the limit remains in place, because ultimately the point of all of this is to serve consumers and society at large, not just lenders. It's about finding a balance where economic value is maximized while reasonably protecting consumers. And given the Equifax breach it's not unreasonable to question whether the appropriate balance involves this system continuing to exist at all in its current form.