Equifax, the Credit Reporting Industry, and What Congress Should Do Next

Data breaches are on the rise on the United States, and the recent Equifax breach shows why it’s time for Congress to act on the problems in the credit reporting industry. Why does this require action by Congress? There are at least five major reasons that the private sector cannot handle this issue on its own: Identity theft is one of the top consumer complaints. Current measures do not work. Data breaches could hurt U.S. trade with Europe. Social Security numbers have been asked to do too much. The credit reporting industry is fundamentally flawed. Reforms should not just fix these issues, but aim to transform the industry for the better. This problem is about much more than just Equifax. And it must be mandated by Congress. After all, consumers are also voters.