Equifax is not a monopoly. Furthermore, the root cause of this problem does not lie in any quasi-monopolistic feature of the industry. Appropriate regulation should not be ruled out, as a possible remedial action, on the basis of non-sequiturs.
Suppose we have a solution to the underlying problems. It would undoubtedly be difficult and costly for the financial industry to adopt it, and a startup that implements it will not be in a position to force its adoption. About the only thing that could would be regulation - but I'm not holding my breath.