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Fixing the Equifax Problem: Public Utility Regulation of Credit Reporting

Fixing the Equifax Problem: Public Utility Regulation of Credit Reporting

The answer is simple: Equifax has no reason to care about consumers. Equifax’s customers are businesses, not consumers. Equifax competes primarily with Experian and Transunion to get business from the lenders, insurers, and employers who use credit reports. Moreover, the information Equifax gets about consumers is provided by lenders, not consumers.

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