Well done to Bryce Covert here

In at least 40 other countries — including Belgium, France, Germany, Italy and Spain — credit reporting can be done by a public credit registry. It is usually operated by a central bank that already oversees the financial institutions that feed information into the reports. These reports tend to be more accurate because the operators have a legal right to demand data from banks as well as a mandate to ensure it’s correct and that errors are fixed.

The United States government is, of course, not impervious to data breaches, nor does it have a perfect track record of fending them off. In 2015, it announced that hackers had stolen “sensitive information” on 21.5 million people. But the government is at least accountable to public pressure. Equifax never will be, even under the tightest regulation. Credit bureaus have proved to be complete failures at safeguarding the public. Let’s demand we get our data back.

She’s saying nationalise Equifax and the other two. And, from her own reference source about those public registries:

With regard to public credit registries, it is clear that they are not a substitute for private
sector registries, but rather, a complement.

Ho hum. Don’t these people ever even read their own sources?

8 thoughts on “Well done to Bryce Covert here”

  1. But the government is at least accountable to public pressure. Equifax never will be, even under the tightest regulation.

    First sentence, dubious. Second sentence, ridiculous.

    Private company will never be accountable to public pressure.

    For. Fucks. Sake.

  2. @ Rob
    Equifax is a public company (using the English English definition of “public company”) with shares quoted on an exchange and annual shareholder meetings where angry shareholders will get to their feet (that’s a dead cert this year) and castigate the management for their failings. So, apart from “private”, you are completely right.

  3. I’m not convinced Equifax will be around for their next AGM. They must be looking at class actions with potential damages running into 9 if not 10 figures. Of course, their data will survive, and must have significant value to someone.

  4. @ Chris
    I think that such class actions *are* public pressure (and it will take months to get them into court so there will be a next AGM)

  5. @Chris Miller, September 21, 2017 at 6:00 pm

    Equifax probably has insurance for this. However, there will be limits and small print. I imagine underwriters are already investigating.

    Equifax concealing the breach for months whilst directors sold their shares will not please regulators, banks, shareholders or insurers.

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