Helaine Olen: Equifax messed up. And yet we have to clean up the mess

Here, in the LA Times. Excerpt:

First, visit the company’s often crashing Web page to check if your information was compromised. Then decide whether to sign up for the one year of free credit monitoring, * * * Next, the personal finance experts said, freeze your credit reports, not just at Equifax, but at its two major competitors, TransUnion and Experian. * * * But that process costs time and money, and you might need to pay a new fee every time you open your report and secure it again.

* * *

Open Secrets reports that Equifax spends about $1 million annually on Washington lobbying, supporting regulation and legislation to reduce the already paltry responsibilities the credit bureaus have to the people whose data it collects. That sort of buck pays off: The morning Equifax announced the hack, the House Financial Services Committee held a hearing on a bill that would severely cut the amount of money a consumer could receive if she successfully filed suit against a credit bureau.

* * *

And it’s not as though Equifax — and the other credit bureaus — are doing their utmost to protect the people whose information it collects. They could do much, much more. * * * 

[M]ake Equifax and the other credit reporting companies do the bloody work. For once.

Leave a Reply

Your email address will not be published. Required fields are marked *