This happened because your personal information is valuable, and Equifax is in the business of selling it. The company is much more than a credit reporting agency. It’s a data broker. It collects information about all of us, analyzes it all, and then sells those insights.
Again, Bruce is not wrong. The market can’t fix this. It has been proven again and again and again. Still we let it just happen.
Market failures like this can only be solved through government intervention. By regulating the security practices of companies that store our data, and fining companies that fail to comply, governments can raise the cost of insecurity high enough that security becomes a cheaper alternative. They can do the same thing by giving individuals affected by these breaches the ability to sue successfully, citing the exposure of personal data itself as a harm.
Yeah. Your FTC has no teeth, it might quack a bit like the lame duck it is, but that’s all. Class action lawsuit? Maybe, I don’t think there will come much of it. So as it is they’ll get away with it.
If you don’t like how careless Equifax was with your data, don’t waste your breath complaining to Equifax. Complain to your governmen.
Trump will save you right? Right?