Equifax’s lack of cyber-security measures allowed a hacker to steal the personal information of 143 million Americans. The public is now told that to protect our credit, each person must take onerous and expensive steps to ensure against fraud.
No. The credit reporting agencies are there for the convenience of banks and other lenders to simplify their underwriting of credit requests. Individuals have no choice but to be included in their databases. It should be the responsibility of the lender to take steps to ensure that they are not being scammed by a fraudulent borrower, not the responsibility of the individual to protect these enormous institutions from losses.
Our elected representatives should take steps to make the lenders responsible for their own security, and not put that onus on the individual.