I'm not so sure about that, the data they have just gets resold to some other party when they go bankrupt, possibly many other parties and shit gets worse.
Think about it: if every person in america put a freeze on their credit, all of these companies would go out of business because they would no longer have a product to sell. It gets even worse if you're a victim of identity theft because they cannot charge victims of identity theft to freeze or un-freeze a credit report.