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And yet we still use it with no end in sight. The only reason your identity isn't yet stolen and financial history ruined is likely literally that they haven't
by seanp2k2 8y ago
And yet we still use it with no end in sight. The only reason your identity isn't yet stolen and financial history ruined is likely literally that they haven't gotten to you yet.
What incentives are there for Equifax, Experian, TransUnion, Innovis, etc who profit from this system existing to make it better?
Who in the government will go after them, or even better, come up with something which will render them obsolete?
- tokyodude 8y agoAnd yet bring up any kind of negative incentive here on HN and you’ll br greeted with “that would stifle innovation” and “negative incentives will just make companies try to keep breaches secret” couldnt that logic be applied to all laws making bad behavior have negative consequences?
- Someone1234 8y agoThey profit from this system and also profit from breaches. All of them have been making money hand over fist on this, thanks to their exclusive ability to monitor and lock/unlock their own credit reports. Even if you aren't paying these companies directly, you're paying a company paying them for credit reporting to watch for identity theft. Calling it a perverse incentive is an understatement. Only the US Government could have stepped in and made it unprofitable, but it appears as there will be no significant punishment for Equifax, and instead as a result of this the Congress made it harder to file a Class Action Lawsuit against companies like Equifax, so the next time you won't even have that option...
- ams6110 8y agoSome states by law require that there be no charge for credit report locking/unlocking.