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That is a total nightmare. How are employers allowed to give that kind of information to Equifax? I do not get why Americans allow this.
by biafra 9y ago
That is a total nightmare. How are employers allowed to give that kind of information to Equifax? I do not get why Americans allow this.
- astura 9y agoIt's not different than credit card companies giving payment histories to credit bureaus or insurance companies giving claims history to LexusNexis.
- mcv 9y agoShouldn't this be handled by a government agency? It seems awfully risky to have unaccountable companies trade your sensitive information around for profit.
- KekDemaga 9y agoThe government is at least equally incompetent if not more so, at least if a private entity screws up you can sue.
- emodendroket 9y agoThe government is also not operated on a for-profit basis incentivizing doing the bare minimum level of security to shield yourself from liability.
- KekDemaga 9y ago>The government is also not operated on a for-profit basis incentivizing doing the bare minimum level of security to shield yourself from liability. No instead they hire contractors for that purpose.
- emodendroket 9y agoOK, well, while I'm making proposals, let's go ahead and hire people to be employed by the government instead.
- KekDemaga 9y agoThe reason the government doesn't do that is talented people don't want to work for them. Virtually all the government jobs are union and pay is primarily based on time served. You'd be getting third rate talent at best.
- emodendroket 9y agoI don't think that's the real reason, to be honest. More like some combination of anti-hiring ideology and a handful of people getting rich off the process. The British government did it with, apparently, real success. And are government contractors really much better places to work?
- mcv 9y agoI guess we'll see how that turns out with Equifax.
- astura 9y agoSome of this stuff is handled by the government, such as your driving record (which includes accidents and tickets). You can obtains a copy of yours from your state's DMV. They aren't totally unaccountable, there is some regulation, notably the Fair Credit Reporting Act, as well as other laws that regulate data brokers. Americans, in general, are much more comfortable with private for-profit industries handling these sorts of matters over governments. Anyways, there's absolutely no laws that salaries should be kept secret, your employer can post that information anywhere it wants. In fact, government employees salaries are expressly public information. The reason why employers limit access to salary data is because it keeps salaries lower, it gives them an upper hand in salary negotiations due to information asymmetry. That's why the salaries of professional athletes are public information, they have unions who make sure this information is available. For me it's a good thing this information is available. I pay lower interest rates, lower insurance premiums, have more access to credit, have no trouble renting before I bought a house.