Credit agencies created the dangerous data model which regularly hurts consumers. It’s time for them to go. Credit reporting is done successfully in many other countries by a central bank. We need to move to that model.
Credit bureaus have proved to be complete failures at safeguarding the public. Let’s demand we get our data back.
In at least 40 other countries — including Belgium, France, Germany, Italy and Spain — credit reporting can be done by a public credit registry. It is usually operated by a central bank that already oversees the financial institutions that feed information into the reports. These reports tend to be more accurate because the operators have a legal right to demand data from banks as well as a mandate to ensure it’s correct and that errors are fixed. Data on late payments and defaults are erased once a consumer has settled up.
Many of these public registries leave out things like medical debt, tax information and personal details like marital status, focusing only on loan amounts. Only about 40 percent of registries collect consumers’ addresses, and two-thirds collect taxpayer IDs — the kind of information leaked in the Equifax breach.
Get Rid of Equifax https://nyti.ms/2jK5SAF