Tuesday, November 11, 2003

Credit reporting bureaus are preparing to outsource your credit history to foreigners 

It's not enough that identity theft is soaring at home, now Equifax and Trans Union, with Experian soon to follow, are going to send your credit files to foreign vendors who will deal with credit disputes.

Equifax has contracted with a vendor in Jamaica. Trans Union apparently is in negotiations with a vendor in India.

Despite their claims about safeguarding all your sensitive personal information, it soon will be in the hands of foreigners in countries where US laws, as bad as they are when it comes to identity theft, cannot be enforced.

To hear Trans Union tell it, the move was prompted in part by Congress amending the Fair Credit Reporting Act to require the credit reporting agencies to provide those who request them with free copies of their credit reports, something which Trans Union says will cost the agenices as much as $350 million a year.

Immediate pressure needs to be applied to Congress to halt this worldwide invitation to stealing our identities before it is too late and to deal harshly with domestic identity thieves, as well.


Credit agencies sending our files abroad

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