Why is Equifax still allowed to operate in the UK?
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PhylPho
Posts: 1,443 Forumite
Latest news from the US's Senate Banking Committee is the making public of a letter written by Senator Elizabeth Warren to the credit rating company's new hierarchy (the old management having 'retired' with $multi-million pay offs):
"As your company continues to issue incomplete, confusing and contradictory statements and hide information from Congress and the public, it is clear that five months after the breach was publicly announced, Equifax has yet to answer this simple question in full: what was the precise extent of the breach?"
Disclosure of the truth is being resisted by Equifax at every twist and turn in this ongoing saga, such that only incrementally is a picture emerging of the scale of what happened and the damage arising.
Yet Equifax is still allowed to operate in the UK, harvesting and compiling the most sensitive data about individuals and their finances.
Be nice to hear something, some time, from Martin Lewis as to why he thinks letting Equifax keep its license is a good / is absolutely definitely not a good idea. Or doesn't he, or MSE, have any opinion to express about the continued existence of an outfit which has its hooks in the lives of UK money savers everywhere??
"As your company continues to issue incomplete, confusing and contradictory statements and hide information from Congress and the public, it is clear that five months after the breach was publicly announced, Equifax has yet to answer this simple question in full: what was the precise extent of the breach?"
Disclosure of the truth is being resisted by Equifax at every twist and turn in this ongoing saga, such that only incrementally is a picture emerging of the scale of what happened and the damage arising.
Yet Equifax is still allowed to operate in the UK, harvesting and compiling the most sensitive data about individuals and their finances.
Be nice to hear something, some time, from Martin Lewis as to why he thinks letting Equifax keep its license is a good / is absolutely definitely not a good idea. Or doesn't he, or MSE, have any opinion to express about the continued existence of an outfit which has its hooks in the lives of UK money savers everywhere??
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Be nice to hear something, some time, from Martin Lewis as to why he thinks letting Equifax keep its license is a good / is absolutely definitely not a good idea. Or doesn't he, or MSE, have any opinion to express about the continued existence of an outfit which has its hooks in the lives of UK money savers everywhere??
Please see here
https://www.moneysavingexpert.com/news/tag/Equifax0 -
Thanks, antrobus, but I'm aware of MSE's reportage; I read it all at the time.
What I'm wondering about isn't MSE reportage but MSE opinion / Martin Lewis's opinion, and if either or both have made representations to the FCA.
I'm well aware the FCA takes no notice of anything said by humble souls such as members of the public but it is politically conscious of its image and it does take note of opinions expressed to it, and representations made to it, by entities like the Consumers' Association.
Be nice to learn that MSE / Martin Lewis have made a view known, and especially in light of what's sloooowly unfolding in the USA.
(But then, that is the USA, where Volkswagen Audi Group has had to shell out $millions in compensation over the Dieselgate fraud but not a penny in the UK. . .)0 -
Thanks, antrobus, but I'm aware of MSE's reportage; I read it all at the time.
What I'm wondering about isn't MSE reportage but MSE opinion / Martin Lewis's opinion, and if either or both have made representations to the FCA.
I'm well aware the FCA takes no notice of anything said by humble souls such as members of the public but it is politically conscious of its image and it does take note of opinions expressed to it, and representations made to it, by entities like the Consumers' Association.
Be nice to learn that MSE / Martin Lewis have made a view known, and especially in light of what's sloooowly unfolding in the USA.
(But then, that is the USA, where Volkswagen Audi Group has had to shell out $millions in compensation over the Dieselgate fraud but not a penny in the UK. . .)
Ask MSE / Martin Lewis then, you won't get an official response on here and Martin has nothing to do with the forums.0 -
There is a massive difference between the UK and the USA. In the USA the records also include stuff like social security numbers. In the USA when applying for finance you are asked for your social security number and stupidly that is accepted as a proof of ID making it very easy for someone to take out a loan in someone else's name if you have it. In the UK CRAs don't have it and no loan company accepts it as proof of identification.
Basically the higher standards of proof you are who you say you are in the UK means the effects of the leak that have happened in the USA won't happen in the UK.0
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