A long time ago, Saul Alinsky made the point that you want to pick on individual bad actors rather than all of them.
For instance if there are three downtown department stores (this was the 60's) that don't hire black people, you pick one to picket, you don't picket them all. If people can just walk across the street to avoid breaking the picket line, they will.
Stock market analysts are saying this will blow over because you are not "the customer", but their customer is your credit union, your hometown bank, your megabank, your auto lender, etc. These customers are going to face billions in increased fraud and other costs thanks to this breach. They have every reason to stop ordering credit reports from Equifax and stop reporting to them.
If enough financial providers do that, Equifax will be bankrupt before regulators, lawsuits, etc. can put them out. Typically these institutions "circle the wagons" because they don't want to be the target of this, but if they "self regulate" they may be able to head off tougher regulation.
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[ 0.31 ms ] story [ 20.1 ms ] threadI mistakenly put Experian in the subject line. I bet that comes into play at some point too though.
For instance if there are three downtown department stores (this was the 60's) that don't hire black people, you pick one to picket, you don't picket them all. If people can just walk across the street to avoid breaking the picket line, they will.
Stock market analysts are saying this will blow over because you are not "the customer", but their customer is your credit union, your hometown bank, your megabank, your auto lender, etc. These customers are going to face billions in increased fraud and other costs thanks to this breach. They have every reason to stop ordering credit reports from Equifax and stop reporting to them.
If enough financial providers do that, Equifax will be bankrupt before regulators, lawsuits, etc. can put them out. Typically these institutions "circle the wagons" because they don't want to be the target of this, but if they "self regulate" they may be able to head off tougher regulation.