I rarely if ever advocate for Federal Government intrusion into the marketplace. I want less government, not more. This is a unique situation, because there is no marketplace here. You can’t influence them by voting with your wallet. You are not the customer.
This summer 143 million Americans had their most sensitive information breached, including their name, addresses, social security numbers (SSNs), and date of birth. The breach occurred at Equifax, one of the three major credit reporting agencies that conducts the credit checks relied on by many industries, including landlords, car lenders, phone and cable service providers, and banks that offer credits cards, checking accounts and mortgages. Misuse of this information can be financially devastating. Worse still, if a criminal uses stolen information to commit fraud, it can lead to the arrest and even prosecution of an innocent data breach victim.
Given the scope and seriousness of the risk that the Equifax breach poses to innocent people, and the anxiety that these breaches cause, you might assume that legal remedies would be readily available to compensate those affected. You’d be wrong. Read more here.