What, the Government has two standards? Do as we say but not as we do? Credit monitoring is an interesting challenge. We all voluntarily offer up our private information. Look at the fine print of all the things you sign up for (electricity, credit cards, you name it.) For the most part, though there is no market solution other than not using the service you are singing up for. I’m not sure what the solution is.
You gotta love government agencies. They lash out when private businesses hurt consumers and yet evidence always seems to surface that they do the exact same thing, sometimes even worse.
Take the Consumer Financial Protection Bureau (CFPB), an agency not many know about. Dodd-Frank birthed this agency as a way to protect consumers from another financial crisis. Its webpage claims that it “makes sure banks, lenders, and other financial companies treat you fairly.”
Officials at the CFPB are upset over the Equifax breach that exposed the personal information of almost 150 million Americans. But, the CFPB has been collecting American’s personal information without takings steps to secure said information for years. Read more here.