Opting Out of Credit Rating Companies

Ever wonder what the latest data breach has taken place with Equifax and Experian? It seems like every month or so, there's a data breach. Sure, you get "privacy" protection, but it's protection from the very people who can't seem to protect it in the first place.


 

Lorry (@lorry@mstdn.social) wonders aloud, "What would opting out of Equifax and Experian do to a credit-rating?" He then shares the link to Data Brokers Watch.

I have no idea. But I do wish our credit rating system wasn't dependent on companies that get breached "all the time." 

In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. The company has agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 U.S. states and territories. The settlement includes up to $425 million to help people affected by the data breach. (Source: FTC)

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 Attorney General Maura Healey today announced multistate settlements with Experian, totaling over $13.67 million, concerning data breaches in 2012 and 2015 that compromised the personal information of millions of consumers nationwide. A $2.5 million multistate settlement was also reached with T-Mobile in connection with the 2015 Experian breach, which impacted more than 15 million individuals who submitted credit applications with the telecommunications company.  (source: Mass.gov)



Everything posted on Miguel Guhlin's blogs/wikis are his personal opinion and do not necessarily represent the views of his employer(s) or its clients. Read Full Disclosure

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