Credit Information Flow Should Be Regulated

Credit information services are just one more link in the chain, aggregating data in the name of X amount of efficiency, while sucking X + 1 of monetary value out. Who bears the burden of X + 1?

The consumer does.

Choicepoint and all of its cousins (Equifax, TransUnion, Experian, FairIssac, etc.) should all be regulated. We are a services economy, and financial services is one of the biggest pieces of the pie. With data flowing every which way, much of it erroneous to boot, there are bound to be more Choicepoint scares (and I’ll bet there are more from them too) waiting in the wings. I suspect the total amount of damage from fraud, perpetrated in complicity with the bureaus, will soon exceed the “1” factor.

For the full story, read ChoicePoint Should Be Regulated, FTC Chair Says.

I agree wholeheartedly.

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