Equifax Why is this company allowed to exist in Canada in the first place ?

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NorthReport
Equifax Why is this company allowed to exist in Canada in the first place ?

Their info is as often wrong as it is correct, but more importantly no private organization should be allowed to amass Canadian's personal information like this

What are our Consumer Affairs Ministers saying about this or do we even have any anymore in Canada?

https://beta.theglobeandmail.com/report-on-business/canadas-privacy-comm...

Sean in Ottawa

NorthReport wrote:
Their info is as often wrong as it is correct, but more importantly no private organization should be allowed to amass Canadian's personal information like this What are our Consumer Affairs Ministers saying about this or do we even have any anymore in Canada?
">https://beta.theglobeandmail.com/report-on-business/canadas-privacy-comm...

If you do not mind, please include the name of the subjuect in either the title or first post -- preferably the title of the thread.

For those who want to know before fishing -- it is Equifax.

NorthReport

Kick 'em out!

Equifax to update Canadians on data hack this week; no clearer on how many affected

https://beta.theglobeandmail.com/report-on-business/penalties-for-equifa...

NorthReport

Canada's privacy commissioner opens probe into Equifax data breach

Not clear that hacked data was limited to Canadians with U.S. dealings, privacy watchdog says

http://www.cbc.ca/news/business/equifax-data-breach-privacy-commissioner...

NorthReport
NorthReport

Equifax manages 1,200 times more data than the Library of Congress. That’s why people are so worried.

 

 

https://www.washingtonpost.com/business/economy/equifaxs-breach-is-not-i...

NorthReport

Equifax CEO ousted amid fallout from data breach

Richard Smith has been CEO of firm hit by massive data breach for past 12 years

 

 

Earlier this month, the credit monitoring agency revealed hackers had exploited a vulnerability in the company's IT infrastructure to gain access to personal data, including social security or social insurance numbers and birthdates.

The company's problems only got worse from there, as its initial response was criticized, and several executives were found to have sold shares in the company around the time the breach happened.

Smith received more than $15 million US in compensation in 2016, according to data compiled by Bloomberg. In a regulatory filing, the company says Smith will not receive his annual bonus this year.

"The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right," Smith said in a statement. "At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward."

The board has named Paulino do Rego Barros Jr. as interim CEO while it begins a search for a replacement.

 

http://www.cbc.ca/news/business/equifax-ceo-retires-1.4307211

Pythagamedes

Ok, so the company screwed up bigtime. 
But surely, a need for credit history exists?

Without credit history, credit and lending industries would have to change significantly and many lending models would become unsustainable. 

cco

When the Equifax scandal broke, I was discussing it with an American friend who leans right-libertarian. He said "Mark the date and time, because this may be the only time you'll hear me say these words: This industry should be nationalized."

Sean in Ottawa

cco wrote:

When the Equifax scandal broke, I was discussing it with an American friend who leans right-libertarian. He said "Mark the date and time, because this may be the only time you'll hear me say these words: This industry should be nationalized."

I can see a Libertarian saying that becuase money is all that matters in life.