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> an event that should bankrupt a company such as Equifax That's a ludicrous thought. They were the victims of a crime, not the criminals. Should Target have
by g051051 9y ago
> an event that should bankrupt a company such as Equifax
That's a ludicrous thought. They were the victims of a crime, not the criminals. Should Target have been bankrupted? Or Home Depot?
- kevin_thibedeau 9y agoThe Target and HD breaches were of customer data. You can choose not to shop at those stores and be safe. You can't keep Equifax from handling your data without disconnecting from society.
- coldcode 9y agoNot mention I just saw yet another commercial where Equifax was selling a service to protect your data "on the dark web". Which they allowed go there. It's like a bank losing your money and then for a fee offering to keep other people from using it.
- g051051 9y agoAre you sure that wasn't Experian? I can't find anything from Equifax advertising that service.
- mplewis 9y agoEquifax is government-mandated extortion.
- mikestew 9y agoThat's a ludicrous thought. They were the victims of a crime, not the criminals. This is in no way similar to Target or HD, other than data were taken. The whole system upon which Equifax was built relied on a semi-secret number that cannot be changed. Those numbers, or at least the majority of them, are out in the open. There was a certain degree of trust that the person sitting across from you at the auto dealer finance desk was who they say they were, and that the report stating that they're good for a loan was accurate. That was not 100% true for a number of years, and it's potentially wildly inaccurate now. IOW, Equifax's sloppy work resulted in a broken system from where I sit. If you're thinking I'm wishing bankruptcy upon Equifax, well, I didn't write that, sorry. But if the shaky foundation upon which your business model rests collapses, I would expect severe financial penalties. But, hell, Moody's is still in business.
- g051051 9y ago> The whole system upon which Equifax was built You mean "which the credit industry was built"...not Equifax. Equifax is just one of the big 3 CRAs. Singling out Equifax in this context is taking a very narrow view.
- mikestew 9y agoI don’t disagree. However, when I’m buying call options for a particular incident, I’m picking Equifax in this case, which was the context, and hence the singling out of one company amongst the three.
- coliveira 9y agoEquifax is more than just a company in this business. It is part of cartel with just two other participants. It is not completely inaccurate to single out Equifax as a controller of this industry.