The latest column from Davidlaz: Equifax and FICO are getting into bed together. ‘This should keep everyone up at night.’
A Big Data partnership between Equifax and FICO represents"a very powerful, unaccountable, potentially harmful technology to help other companies make decisions about us," says one privacy advocate. was bland enough to attract little scrutiny: “Equifax and FICO introduce strategic partnership to deliver the Data Decisions Cloud.”
“This should keep everyone up at night,” Chester told me. “This is a huge consolidation of information that gobbles up everything you do.” Equifax is a credit reporting agency — a company that specializes in telling lenders and others how creditworthy you are. In recent years, it and other credit bureaus have expanded to provide a variety of other services, including credit monitoring and background checks for employers, insurance companies and landlords.
“This appears to be an effort to take Equifax’s treasure trove of consumer data, which includes information going well beyond Equifax’s namesake credit reporting agency, and monetize it by using FICO’s software capabilities,” said Paul Stephens, director of policy and advocacy for San Diego’s Privacy Rights Clearinghouse.
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