3 ms·

> I want Equifax as a company to be dissolved for incompetency with private data I want the system to be changed such that the burden of proof is on the lender

• jrockway 7y ago
  > That is, if someone who is not you uses your information to get a credit card, then the bank loses their money for not following due diligence. That's pretty much how credit card issuing goes, but the risk is not in someone stealing from a bank under your name, but rather your file now looking so bad that you can't legitimately get credit if you want it. I think what we want here is "the bank has to pay you money if they reject your credit card application / home loan because someone else hacked Equifax." I doubt that will ever happen.
  • u801e 7y ago
    > but rather your file now looking so bad that you can't legitimately get credit if you want it. Yes, but under the new system, the bank can't just tell a credit reporting agency that a person they never interacted with failed to make a timely payment. If the bank can't prove beyond a reasonable doubt that they actually entered a contract with you, then they can't affect the actual person's credit rating.