10/4/2017

BUSINESS/CONSUMER PROTECTION/CYBERWAR/POLITICS: “Senators questioning Equifax Inc.’s former chief Wednesday [10-4-17] attacked the business model of the credit-reporting industry, asking why consumers shouldn’t have power over the data that the companies collect on them.
The hearing, one of a series this week, was as much about the control consumers have over their personal data as it was about the Equifax hack. Senators questioning former Equifax Chief Executive Richard Smith asked whether a large overhaul is needed for both private sector and government activities…
Although Equifax has been the main focus of attention since disclosing its massive breach in early September, the credit-reporting industry has feared the breach will lead to more regulatory oversight and changes to the underpinnings of the consumer-finance economy.
Several senators called for just that. Sen. Sherrod Brown (D., Ohio) said consumers have more control over their personal medical data and questioned why similar standards shouldn’t be applied to financial information.
Such comments raised questions about how the industry could be changed, and whether doing so would make it more difficult for consumers to obtain credit. Consumers who don’t have credit reports often can’t get approved for loans.”

-AnnaMaria Andriotis, “Senators Rip Credit-Reporting Model in Wake of Equifax Breach,” The Wall Street Journal online, Oct. 4, 2017 12:56pm