Personal Finance

Equifax says consumers have no choice: they own your data

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  • Nov 15th, 2017 10:43 am
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Equifax says consumers have no choice: they own your data

In one notable exchange, Sen. Catherine Cortez Masto (D-Nev.) asked the interim chief executive officer of Equifax, Paulino do Rego Barros, why consumers do not have a say in opting in or out of the company's data collection.

“This is part of the way the economy works,” Barros said. But he was swiftly interrupted. “The consumer doesn't have a choice, sir. The consumer does not have a choice on the data that you’re collecting,” Masto said.

Her line of questioning echoed other lawmakers who have pushed back against fundamental aspects of Equifax's business, which have faced widespread scrutiny after the data breach came to light.

Equifax says it owns all its data about you http://wapo.st/2yIN0ZY?tid=ss_tw&utm_term=.de6055012a36
"Obama is the quintessence of all that is wrong with America today.. people looking at the superficial which is skin color and ignoring idiotic behavior." - the poster AndySixx 😲 :facepalm:
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The consumer DOES have a choice: they don't HAVE to borrow money. In that case they're pretty much not on Equifax's radar.

What they don't have a choice about: they cannot borrow money, then default, and expect to keep it a secret from future lenders.
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FrancisBacon wrote:
Nov 8th, 2017 9:00 pm
What they don't have a choice about: they cannot borrow money, then default, and expect to keep it a secret from future lenders.
Who said anything about defaulting? My credit is in good shape, but I had my name, birthdate, address, SIN, username and password, and credit report content, all stolen, due to their data breach issues.
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bewiseman wrote:
Nov 8th, 2017 9:03 pm
Who said anything about defaulting? My credit is in good shape, but I had my name, birthdate, address, SIN, username and password, and credit report content, all stolen, due to their data breach issues.
Anyone know what we do about that?

Only in North America do these companies have such power.
"Obama is the quintessence of all that is wrong with America today.. people looking at the superficial which is skin color and ignoring idiotic behavior." - the poster AndySixx 😲 :facepalm:
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bewiseman wrote:
Nov 8th, 2017 9:03 pm
Who said anything about defaulting?
I was simplifying. What they keep track of is payment habits, from perfect to default, and every shade in between. And also how many loans consumers have.

Consumers can't borrow from 10 lenders and expect to keep it secret from lender #11.

Consumers benefit from credit rating agencies because without them, credit wouldn't be available at all. (Would YOU lend money to someone without knowing anything about their payment habits?)

As for Equifax in particular, many class actions have been launched already. They will pay, if indeed they didn't act responsibly.
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FrancisBacon wrote:
Nov 9th, 2017 4:14 am
I was simplifying. What they keep track of is payment habits, from perfect to default, and every shade in between. And also how many loans consumers have.

Consumers can't borrow from 10 lenders and expect to keep it secret from lender #11.

Consumers benefit from credit rating agencies because without them, credit wouldn't be available at all. (Would YOU lend money to someone without knowing anything about their payment habits?)

As for Equifax in particular, many class actions have been launched already. They will pay, if indeed they didn't act responsibly.
I don't think anyone is disputing that information should be collected about you if you borrow. However, to suggest as you did earlier that we DO have a choice by simply not borrowing, is really very unrealistic in our society. The truth is that in this day an age, a young person walking into our society having just left home, and only possessing limited resources ( a little cash, and hopefully an educated brain), can't function like a normal healthy adult without establishing a positive credit rating. Our financial system has been structured in such a way that he really doesn't have a choice. He must establish credit unless he want to entirely isolate himself and live off-grid. For example, in many cases, without an established credit rating, you're limited in your career path since you can't pass above a certain level of security clearance. Therefore, it isn't even just about your financial choices; it's about your career choice. So, yes, a consumer can "choose", but to be realistic, he actually has no choice.

So, we are all at the mercy of this for-profit business. Is this an effective system in our current society? I don't know. I don't have a good answer. I only know that critical data of mine has been breached, and I have to live with that knowledge and uncertainty for the rest of my life because the data that was exposed is something I can't really change - fraud has to actually occur to change my SIN, and I can't change my birthday. If they accessed my username and password, they had access to the contents of my credit report which allows them to pass those identity questions we're all asked when we apply for credit online.
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Let's be honest, Washington Post is just milking this story. "Equifax says consumers have no choice" never happened. It was a senator who said that, and I would bet the full conversation was not as interesting as the report suggests.
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springdays wrote:
Nov 8th, 2017 7:29 pm
In one notable exchange, Sen. Catherine Cortez Masto (D-Nev.) asked the interim chief executive officer of Equifax, Paulino do Rego Barros, why consumers do not have a say in opting in or out of the company's data collection.

“This is part of the way the economy works,” Barros said. But he was swiftly interrupted. “The consumer doesn't have a choice, sir. The consumer does not have a choice on the data that you’re collecting,” Masto said.

Her line of questioning echoed other lawmakers who have pushed back against fundamental aspects of Equifax's business, which have faced widespread scrutiny after the data breach came to light.

Equifax says it owns all its data about you http://wapo.st/2yIN0ZY?tid=ss_tw&utm_term=.de6055012a36
Once you'd use your comprehension skills, you'd notice it was a politican Sen. Catherine Cortez Masto (D-Nev.) who said this - “The consumer doesn't have a choice, sir. The consumer does not have a choice on the data that you’re collecting,” Masto said.

NOT the Equifax CEO...

Quite an example of click-bait article from #fakenews media...
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FrancisBacon wrote:
Nov 9th, 2017 4:14 am
Consumers can't borrow from 10 lenders and expect to keep it secret from lender #11.
Yes they can. It should be the consumer's choice about whether they authorize the release of data to anyone. If lender #11 asks for data about previous lending history and it's refused, then they can make their own decision about whether or not to lend money. But the consumer should have that right of refusal. Right now, they don't.

However none of this would have helped the data breach, because Equifax was storing data from previous approved collection without adequate security. They should be held financially responsible that, and probably will be in class-action lawsuits. And hopefully the cumulative effect of all these security breaches and lawsuits will eventually get the message through to companies that store private data that they have a responsibility to be more diligent, or they face severe financial consequences. That's the system working as intended.
Last edited by Faith24 on Nov 9th, 2017 11:23 am, edited 1 time in total.
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You do have a choice. Don't consent to equifax credit checks. Only transunion.
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Faith24 wrote:
Nov 9th, 2017 11:23 am
It should be the consumer's choice about whether they authorize the release of data to anyone.
It is. You apply for a loan from lender #11. You say "but I refuse credit checks". Lender #11 will NOT have access to your Equifax file.

But... Would you lend money to someone who refused to let you see their payment history?


Equifax provides a valuable service: it let's poor people use their reputation as collateral to be able to borrow money. Without credit rating agencies, only people with hard assets would be able to borrow.
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You know it's only North America that uses things like "credit agencies" - what a joke. You think the EU, UK, Australia, HK etc are all hurting for not? NO

Scam of the century #142 - the North American credit culture (right before education costs)
"Obama is the quintessence of all that is wrong with America today.. people looking at the superficial which is skin color and ignoring idiotic behavior." - the poster AndySixx 😲 :facepalm:
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asa1973 wrote:
Nov 9th, 2017 10:32 am
Once you'd use your comprehension skills, you'd notice it was a politican Sen. Catherine Cortez Masto (D-Nev.) who said this - “The consumer doesn't have a choice, sir. The consumer does not have a choice on the data that you’re collecting,” Masto said.

NOT the Equifax CEO...

Quite an example of click-bait article from #fakenews media...
Oh Texan

Not surprised you've bought into the fake news hype:

Members of the Senate Commerce Committee challenged Equifax's chief executive Wednesday about the credit reporting agency's sweeping data collection and its one-sided relationship with millions of Americans whose personal information it harvests for profit.

Equifax revealed in September that attackers may have compromised the sensitive information of as many as 145 million people. But for many Americans — and for Senators at Wednesday's hearing — it was unclear why Equifax was storing information about them in the first place.

The hearing into the data breaches -- the fifth so far -- featured testimony from current and former officials from Equifax, Yahoo and Verizon, and added to the uproar about the company's policies and its response to the breach.

In one notable exchange, Sen. Catherine Cortez Masto (D-Nev.) asked the interim chief executive officer of Equifax, Paulino do Rego Barros, why consumers do not have a say in opting in or out of the company's data collection.

“This is part of the way the economy works,” Barros said.
But he was swiftly interrupted. “The consumer doesn't have a choice, sir. The consumer does not have a choice on the data that you’re collecting,” Masto said.

Her line of questioning echoed other lawmakers who have pushed back against fundamental aspects of Equifax's business, which have faced widespread scrutiny after the data breach came to light.

After confirming with Barros that it is Equifax, and not consumers, that owns all the granular data collected about them, and that consumers cannot request to exit the company's files, Sen. Cory Gardner (R-Col.) asked the current Equifax chief if it was right that the company maintains that arrangement. “I think it’s not my perspective to say it's right or wrong,” Barros said.


Comprende?
Last edited by springdays on Nov 9th, 2017 2:18 pm, edited 1 time in total.
"Obama is the quintessence of all that is wrong with America today.. people looking at the superficial which is skin color and ignoring idiotic behavior." - the poster AndySixx 😲 :facepalm:
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springdays wrote:
Nov 9th, 2017 2:18 pm
Oh Texan
Nope, sir, just frozen Canuck went south to warm a bit Face With Stuck-out Tongue And Tightly-closed Eyes

I see you took this EQ stuff too personal...meanwhile your quotation just confirm the fact that phrase from title been said by senator, not the CEO...
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Warmth is good - completely concur with the sentiment.

Not at all, and the articles confirms that if you can actually read and comprehend English, Equifax confirms that they own all the granular data collected about consumers, and consumers have no SAY nor NO OWNERSHIP themselves. i.e. the content and substance of this is accurate - Equifax confirms it owns all your data and there ain't nothing you can do about it - nor are they proactively reaching out to affected people who have had hackers steal ALL personal information.

Unfortunately in this day and age Trumpians are too happy and eager to jump on the "fake news" complex.
"Obama is the quintessence of all that is wrong with America today.. people looking at the superficial which is skin color and ignoring idiotic behavior." - the poster AndySixx 😲 :facepalm:

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