Credit Reporting Agencies Need to Die

By Karen

The hack at Equifax could make 143 MILLION Americans’ lives — almost half the population — a living hell from identity theft. I’m one of them.

Why did Equifax wait to admit it? The hacking began on July 29, but didn’t go public until September 7.

Three of the company’s top executives, including its CFO and president of U.S. Information Solutions, unloaded about $2 million in stock days after the hack was discovered, claiming it a coincidence. Really? “Information Solutions” had no clue?

Over the summer, two of my credit cards were compromised and replaced. Was Equifax the reason?

And who the HELL anointed Equifax, TransUnion, and Experian the guardians of all my business? I never did.

Conservatives like to yell that government forcing people to buy health insurance is an excessive intrusion into our personal lives. Why haven’t we heard a peep from them about how these agencies hoard personal data on a scale the KGB could love?

I think the answer is the unspoken understanding that these agencies exist to perpetuate discrimination.

They collect data on you — true or false, without your knowledge or consent — and blab it to anyone who asks. Even when it’s wrong, they can keep you from getting mortgage, a car loan, or even a job. Creditors can charge you higher interest just because.

Some years ago, there was this big push for everybody to check their credit reports annually. I reviewed one of mine once and found an entry with some stranger’s name and Social Security number on it.

I let it go because it didn’t seem to matter, and I didn’t know how to refute fiction out of nowhere. Besides, the agencies are reputed to be assholes who’d rather die than admit/fix mistakes, and you must battle them separately.

Basically, they’re a consumer nightmare on every level.

In the wake of Equifax, we’re being advised to put a freeze on our credit reports so no one can open new accounts.

In Virginia, that costs $10 per agency. So Equifax screws up royally and I’M supposed to pay $30 to mitigate their criminal negligence?

It makes the whole hacking story smell like fake news, collusion among the Big 3, a grab for a massive influx of freeze fees.

If everyone Equifax screwed did a freeze, Equifax alone would rake in $1.43 BILLION.

And it doesn’t stop there. I believe you must pay again to unfreeze your report if someone needs to see it. And then pay AGAIN to reinstate the freeze.

Why doesn’t Trump and Congress demand that all three agencies place FREE freezes on all accounts? Just lock down Americans’ personal and credit data en masse TODAY and then deal with Equifax fallout as it comes to light.

And once that’s done, legislate all three companies out of existence and erase their evil, error-riddled databases. Let companies that want to know about your finances get accurate information from your creditors with your permission, rather than rely on unscrupulous, unnecessary third-party data pimps.

The world would be a better place.

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2 Responses to Credit Reporting Agencies Need to Die

  1. Tracy says:

    NPR did a whole morning on this today and likened it to a mafia protection scheme. They have the monopoly, you’re forced to pay or they “break your legs”. I can just hear one of these douche-bag CEOs, in a Paulie Walnuts voice, saying “be a shame if, uh, somethin’ were to maybe happen to your credit rating”.

    It’s time for us to band together like the people of Palermo and finally say “no” to the mafia thugs. But first, we have to get the Republican thugs out of Congress who enable this predatory behavior. If they don’t jump on this issue and do something for the American people then the Dems need to hammer on them, hard, for 2018, in every ad.

    Did I mention that Republicans in Congress are trying to get regulations on credit agencies weakened? If they are still trying to do that after this story, their political lives are over.

    I will personally go door to door next year campaigning against every Republican up for election in North Carolina and repeat this story until I have no voice left. It is an outrage.

    Thanks for the blog post.

  2. catsworking says:

    Of course Repubs would want these vultures set free to crush poor people and anybody with credit problems because, oh, maybe they lost a job or are being bankrupted by medical bills. If the politicians can’t pass enough laws to destroy everybody who isn’t rich and white, they have these thugs up their sleeve to do it for them.

    Dems need to jump on this with both feet. Elizabeth Warren should rally the troops to end the credit agencies’ reign of terror.

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