A shell company can safely be set up offshore to sell the information. A bank officer can use his home computer, get access to an Antigua-based Web site, and see if a loan applicant had a bankruptcy nine years ago. Your argument seems to be that, because data-protection laws can be broken, we shouldn't have them. That's like saying we shouldn't have taxation laws because companies can move funds offshore to avoid tax. Tax laws can be upheld by getting information.
Taxation becomes fairer in direct proportion to increased openness.
You are trying to forbid and erase information, which is infinitely duplicable and concealable. If you make information contraband, you will only create an underground information economy that will make the drug war look like nothing. Well, I don't wish to comment on the drug war. But, plainly, many countries function very happily with requirements that information be timely and relevant, and that it be destroyed after a reasonable period. They'll pay whatever it takes to get the information.