These credit agencies are nothing but harmful for the majority of consumers.
Houses wouldn't be so expensive if nobody had access to credit. Nobody would be betting with 5-7x their yearly income.
The financial world lost its collective shit and cut Iceland off from the global credit markets. Iceland doesn't seem to be suffering to me.
And their prisons are nicer than club fed :)
What I'm talking about isn't the actual data leak but rather what equifax did or did not do before and after the leak. That is the real crime here. I don't see the CEO and the board facing prison which means we need to change something.
We're a nation of laws, not pitchforks.
We are a nation of what we choose to be laws and right now it feels like we are a nation where there's no responsibility for the people at the top. Plausible deniability has gone too far. As with everything in life, we need to seek balance and the balance is making sure the board and the CEO have an incentive to ensure the organization isn't systemically violating the spirit of the law.
We are a nation of laws but laws aren't something we got from the mountaintop. We need to tweak things sometimes.
This means creating new laws.
So maybe Jim Bob knocked off a web site for fans of My Little Pony and got all their plaintext passwords. He offers the list of accounts for $5 on a Tor hidden site. Steve the CSID employee guesses that Jim Bob is too lazy to change the password each time he does this, and types in "opensesame" to get the data for $0. CSID (and thus Experian) tells the MLP fans their account data was compromised.
It makes it technically true yet completely useless.