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If all they need is a database of basic consumer info, they could buy that list from one of the other credit reporting agencies and avoid the public scrutiny of
by Johnny555 9y ago
If all they need is a database of basic consumer info, they could buy that list from one of the other credit reporting agencies and avoid the public scrutiny of themselves and the industry itself.
- fastball 9y agoWhy would one of the other two sell it to them?
- Johnny555 9y agoavoid the public scrutiny of themselves and the industry They'd probably give it to them for free if that would avoid a huge public disclosure. Though the proposed scenario is impossible, if Equifax really did lose most of their database, asking users to type in their current name/address/SSN (or buying it from a competitor) wouldn't help them, the valuable data is in the credit history, and without that data, Equifax has no business, so they'll go bankrupt. Even if they asked consumers for the data, few people know all of the data that the credit agencies have on them.
- mjcl 9y agoThey do it now. Typically businesses only report credit information to one of the bureaus. They exchange information with each other so information eventually makes it around to all three.