45 karma · joined July 5, 2013
This at best would qualify as implicit consent. Which is very different and not sufficient. There should at the very least be a big button you have to press for every agreement you enter into that shares data with credit bureaus that clearly states that you: 1) consent to sharing all of your transaction data with credit bureaus 2) are aware of the various ways the credit bureaus might use your information 3) are aware of the potential consequences in practical terms of how this usage might impact your life 4) are informed about the way the data is stored/who has access to it/what your rights are surrounding it
I would also like to see GDPR-style "right to be forgotten" laws that apply to this data.
If I'm worried about Facebook's use of my data the answer is simple: stop using Facebook.
Here's hoping some version of the Jobs Act 3.0 passes the Senate (before getting stuffed with a bunch of bs)...
Not to mention the contribution to rising income inequality/decreasing social mobility. If all useful information is behind a paywall, only those that can afford it will have access - further increasing the return to capital.
All this to say, be careful what you wish for...