My op-ed in CNN today dives into how the bad banking bill (S. 2155) in Congress also benefits Equifax & the other credit bureaus at the expense of average consumers and servicemembers.
Here is how it begins:
(CNN) After doing nothing for the first eight months since news of the massive Equifax data breach, Congress is considering making data security and credit scoring market competition worse for American consumers. The House is next to consider a bill passed by the Senate last month that benefits the three national credit bureaus — Equifax, Experian and TransUnion — at the expense of consumers.
If the bill becomes a law, it will offer weaker protections against identity theft, replacing stronger ones currently dictated by individual states. And, as if that were not enough, it would also provide service members an inadequate right to credit monitoring, while paving the way for Equifax and the other national credit bureaus to take over the credit scoring marketplace.
Read the rest here.
Director, Consumer Campaign, PIRG
Mike directs U.S. PIRG’s national campaign to protect consumers on Wall Street and in the financial marketplace by defending the Consumer Financial Protection Bureau, and works for stronger privacy protections and corporate accountability in the wake of the Equifax data breach. Mike lives in Washington, D.C.