Earlier quoted context omitted.
Absolutely and horrifyingly true. Let’s continue to bring up Equifax’s failure as much as possible because it seems like it’s not a big issue anymore Which is crazy.
Threaten equifax and you disrupt the business model of an entire industry, the same one that's responsible for the economic collapse. Credit ratings from the 3 major providers are used by banks to assess credit worthlessness of personal loans. Naturally, the more data these firms have on people the better they can rate (perceived) risk. These 'data controllers' serve banks and corporations who make their billions on…
Credit ratings of individuals (Equifax) are unrelated to credit ratings provided by companies such as Moody's for corporate and government bonds.