4 ms·
Unfortunately, there's no business justification for any of them to do this. That is, the financial incentives just don't exist. Until we decide we've had enou
by aerotwelve 8y ago
Unfortunately, there's no business justification for any of them to do this. That is, the financial incentives just don't exist.
Until we decide we've had enough of this and pass a real law that holds CRAs liable for the data they collect and store, absolutely nothing will change. Equifax's competitors know that, with no such law on the books, they have enough money to withstand the very few lawsuits that could come their way as a result of a breach. They know the average person doesn't have the spare cash or time to pursue such a case.
Equifax should have been liquidated after demonstrating the degree of negligence they tolerated for years. They're still standing because we let them.
- ModernMech 8y ago> Until we decide we've had enough of this and pass a real law that holds CRAs liable for the data they collect and store, absolutely nothing will change. Correct. This is a problem caused by the market. Expecting market forces (a competitor with better offerings) to just fix it isn't productive.
- conanbatt 8y agoIts not a free market if you cant opt-out of it.
- jakelazaroff 8y agoA market's degree of freedom and your ability to not participate are orthogonal. There are plenty of markets you cannot pragmatically opt out of, e.g. food and real estate.
- munk-a 8y agoIn the food and real estate market are there three companies that have formed an oligopoly on any transactions within the market? I don't disagree that some goods are inelastic and still can have robust free markets (see bottled water) but the credit score market is not one of them.
- conanbatt 8y agoI disagree with this interpretation. Nobody can force-feed you, and you have the capacity to make your own food given the extreme. Real estate you can divide in housing and land. Housing is a free market, you can make your own shelter if you wish. You would have a point for land, it is not a free market.
- yarper 8y agoDoes GDPR cover this?