3 ms·
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 his
by 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.