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Can startup shake up this tripoly - TransUnion, Equifax and Experian? I am curious, what are the hurdles? To imagine any other way is impossible - if it is year

Can startup shake up this tripoly - TransUnion, Equifax and Experian? I am curious, what are the hurdles? To imagine any other way is impossible - if it is year 2050, I can't imagine these 3 to keep holding Americans hostage. Edit: Changing from SV to startup.

0xbadcafebee 6y ago
What makes you think a Silicon Valley company will result in a better outcome than a non-Silicon Valley company? There are a lot of people angry at Silicon Valley companies.
- systemvoltage 6y ago
  I mean broadly in the sense a startup that’s funded by YC. After all, we are on YC forums. It was an earnest question and not implying anything to do with what non-SV companies can and cannot do. That said, many startups from SV have shaken up the industry veterans. I was mostly interested in the roadblocks and challenges. Not really about which city and whom can solve this problem which is far less interesting to discuss.
- esrauch 6y ago
  SV companies tend to be better at account security then this.
vkou 6y ago
I can't imagine SV producing anything better. Remember - you're the product, not the customer of the credit agencies. You aren't a first party in that relationship - it's a service about you, not a service for you - which is why the agency's interests are not remotely aligned with yours. The only way to make it aligned with yours is through regulation, which forces your concerns to be taken into account. Unfortunately, in the valley, that's a dirty word.
- systemvoltage 6y ago
  I really regret posing this question with "SV". Forget about SV, I wanted to open up a discussion about why do we have just 3 agencies monitoring our credit history? Why are they privatized? What are the checks and balances to keep them incentivized?
  - vkou 6y ago
    > why do we have just 3 agencies monitoring our credit history Because there's a lot of barriers to entry to collecting your financial data, and any industry with lots of barriers to entry, the costs of which are lessened at scale will result in a monopoly, or duopoly, or something of the sort. > Why are they privatized? Because we don't have any laws against them existing, and they are providing a valuable service to creditors, landlords, and employers. > What are the checks and balances to keep them incentivized? There are a few legislative ones, but there aren't really enough of them.
PascLeRasc 6y ago
American Express has their own somewhat automated underwriting program for immigrants of certain countries, I wish they’d expand it to everyone. I’d rather just go through underwriting once with a company I choose like Amex and just use them for credit forever.

0xbadcafebee 6y ago

What makes you think a Silicon Valley company will result in a better outcome than a non-Silicon Valley company? There are a lot of people angry at Silicon Valley companies.

systemvoltage 6y ago
I mean broadly in the sense a startup that’s funded by YC. After all, we are on YC forums. It was an earnest question and not implying anything to do with what non-SV companies can and cannot do. That said, many startups from SV have shaken up the industry veterans. I was mostly interested in the roadblocks and challenges. Not really about which city and whom can solve this problem which is far less interesting to discuss.
esrauch 6y ago
SV companies tend to be better at account security then this.

vkou 6y ago

I can't imagine SV producing anything better. Remember - you're the product, not the customer of the credit agencies. You aren't a first party in that relationship - it's a service about you, not a service for you - which is why the agency's interests are not remotely aligned with yours. The only way to make it aligned with yours is through regulation, which forces your concerns to be taken into account. Unfortunately, in the valley, that's a dirty word.

systemvoltage 6y ago
I really regret posing this question with "SV". Forget about SV, I wanted to open up a discussion about why do we have just 3 agencies monitoring our credit history? Why are they privatized? What are the checks and balances to keep them incentivized?
- vkou 6y ago
  > why do we have just 3 agencies monitoring our credit history Because there's a lot of barriers to entry to collecting your financial data, and any industry with lots of barriers to entry, the costs of which are lessened at scale will result in a monopoly, or duopoly, or something of the sort. > Why are they privatized? Because we don't have any laws against them existing, and they are providing a valuable service to creditors, landlords, and employers. > What are the checks and balances to keep them incentivized? There are a few legislative ones, but there aren't really enough of them.

PascLeRasc 6y ago

American Express has their own somewhat automated underwriting program for immigrants of certain countries, I wish they’d expand it to everyone. I’d rather just go through underwriting once with a company I choose like Amex and just use them for credit forever.