"Equifax's chief executive says he opposes federal legislation that lets consumers obtain a free copy of their credit report to help them monitor financial accounts for fraudulent activity.
CEO Thomas Chapman called the legislation unconstitutional and un-American because it cuts into profits that Equifax and two rival credit reporting agencies -- Experian and TransUnion -- earn from selling credit reports and monitoring services. Equifax maintains credit data on 220 million Americans. The company earned $1.27 billion in revenue last year."
Enough already! I'm tired of everytime a conservative finds something they dislike they immediately play to the "un-American" card. All this law does is give you a once a year review of your credit report to check for fraudulant activity. The three credit bureaus make most of their money from merchants not consumers, so what is his real beef?
"But when pressed for clarification afterward about whether this meant his company had experienced data breaches, Chapman was coy.
He knocked on a wood table and said, "We haven't had one of any significance ... at least in my time."
His real complaint is that this will put greater scrutiny on Equifax's security. I'm not sure what he's worried about the Bankruptcy reform act absolves them of any wrong-doing.