Should Credit Bureaus Be Fined When Hacked?

MoneyTips

Huge data breaches are becoming commonplace, exposing the personal information of thousands of consumers to potential identity theft – but the 2017 Equifax data breach may have been one of the most disappointing.

Data breaches often target retailers that store personal information on their customers. You have a choice whether or not to shop at that store, and sometimes whether to allow information to be stored there. The Equifax breach exposed the personal information of over 145 million Americans, with most of those Americans having no business with Equifax. Many of those consumers may not even know who Equifax is, or why they would have their information.

Equifax and their companion agencies Experian and TransUnion are the three primary credit reporting agencies in America. They receive information from creditors and lenders on virtually all borrowing and cred...

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