There is no question that private businesses can manage the database - afterall - it's private businesses that are their largest customers!
The problem is WHO is managing the database.... Does anyone else notice that the ChoicePoint officers and directors look eeirly like the Equifax officers and directors?
And WHY would a company like Equifax (that IS subject to close scrutiny and forced to comply with provisions of the Fair Credit Reporting Act)spin off a subsidiary like ChoicePoint (that WAS NOT under close scrutiny or forced to comply with provisions of the Fair Credit Reporting Act) if it were not in the name of avoiding government oversight?
The past is a GREAT predictor of the future, or so the Equifax/ChoicePoint big shots would say, and sure enough, Choicepoint has quietly gone about the business of buying out all of their competitors (flashbacks of Equifax buying out all of their credit bureau competitors until the Federal Trade Commission decided to read the Sherman Anti-Trust Act and enforce it) until now there are only two substantial national providers of an admittedly vital service.
Now the crowd will cry for ChoicePoint to be shut down. Where in the heck were you five years ago when we had a chance of giving them some competition and forcing them to do anything? Lexis-Nexis will be the only provider left if ChoicePoint is shut down and don't think that ChoicePoint won't use that to their defense!
Give the industry a close review, insist on competition in the marketplace which will breed reliable, secure, ethically responsible services. Force Equifax to divest in ChoicePoint and enforce the provisions of the GLB Act and Drivers Privacy Protection Act. Expand the Fair Credit Reporting Act to include personally identifiable information from all sources (public or private) that are compiled and indexed for commercial sale.
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There is no question that private businesses can manage the database - afterall - it's private businesses that are their largest customers!
.... Does anyone else notice that the ChoicePoint officers and directors look eeirly like the Equifax officers and directors?
The problem is WHO is managing the database
And WHY would a company like Equifax (that IS subject to close scrutiny and forced to comply with provisions of the Fair Credit Reporting Act)spin off a subsidiary like ChoicePoint (that WAS NOT under close scrutiny or forced to comply with provisions of the Fair Credit Reporting Act) if it were not in the name of avoiding government oversight?
The past is a GREAT predictor of the future, or so the Equifax/ChoicePoint big shots would say, and sure enough, Choicepoint has quietly gone about the business of buying out all of their competitors (flashbacks of Equifax buying out all of their credit bureau competitors until the Federal Trade Commission decided to read the Sherman Anti-Trust Act and enforce it) until now there are only two substantial national providers of an admittedly vital service.
Now the crowd will cry for ChoicePoint to be shut down. Where in the heck were you five years ago when we had a chance of giving them some competition and forcing them to do anything? Lexis-Nexis will be the only provider left if ChoicePoint is shut down and don't think that ChoicePoint won't use that to their defense!
Give the industry a close review, insist on competition in the marketplace which will breed reliable, secure, ethically responsible services. Force Equifax to divest in ChoicePoint and enforce the provisions of the GLB Act and Drivers Privacy Protection Act. Expand the Fair Credit Reporting Act to include personally identifiable information from all sources (public or private) that are compiled and indexed for commercial sale.
Oh, and let's not forget all the lawyers!