> financial companies are required to get reams of highly sensitive data to do KYC checks. The real problem is that the data is considered sensitive in the fir

> financial companies are required to get reams of highly sensitive data to do KYC checks. The real problem is that the data is considered sensitive in the first place. It's essentially publicly available data at this point and entities that want to extend credit to a particular individual should not be able to solely rely on that data to extend credit. The law needs to be changed to allow an individual to sue creditors and credit bureaus for libel when they accuse them of failing to pay or defaulting on a line of credit.