At long last, a meaningful step to protect Americans' privacy
This Saturday (19 Aug), I'm appearing at the San Diego Union-Tribune Festival of Books. I'm on a 2:30PM panel called "Return From Retirement," followed by a signing:
Privacy raises some thorny, subtle and complex issues. It also raises some stupid-simple ones. The American surveillance industry's shell-game is founded on the deliberate confusion of the two, so that the most modest and sensible actions are posed as reductive, simplistic and unworkable.
Two pillars of the American surveillance industry are credit reporting bureaux and data brokers. Both are unbelievably sleazy, reckless and dangerous, and neither faces any real accountability, let alone regulation.
Remember Equifax, the company that doxed every adult in America and was given a mere wrist-slap, and now continues to assemble nonconsensual dossiers on every one of us, without any material oversight improvements?
It's hard to overstate how fucking scummy the credit reporting world is. Equifax invented the business in 1899, when, as the Retail Credit Company, it used private spies to track queers, political dissidents and "race mixers" so that banks and merchants could discriminate against them:
As awful as credit reporting is, the data broker industry makes it look like a paragon of virtue. If you want to target an ad to "Rural and Barely Making It" consumers, the brokers have you covered:
There are zillions of these data brokers, operating in an unregulated wild west industry. Many of them have been rolled up into tech giants (Oracle owns more than 80 brokers), while others merely do business with ad-tech giants like Google and Meta, who are some of their best customers.
As bad as these two sectors are, they're even worse in combination – the harms data brokers (sloppy, invasive) inflict on us when they supply credit bureaux (consequential, secretive, intransigent) are far worse than the sum of the harms of each.
And now for some good news. The Consumer Finance Protection Bureau, under the leadership of Rohit Chopra, has declared war on this alliance:
They've proposed new rules limiting the trade between brokers and bureaux, under the Fair Credit Reporting Act, putting strict restrictions on the transfer of information between the two:
As Karl Bode writes for Techdirt, this is long overdue and meaningful. Remember all the handwringing and chest-thumping about Tiktok stealing Americans' data to the Chinese military? China doesn't need Tiktok to get that data – it can buy it from data-brokers. For peanuts.
The CFPB action is part of a muscular style of governance that is characteristic of the best Biden appointees, who are some of the most principled and competent in living memory. These regulators have scoured the legislation that gives them the power to act on behalf of the American people and discovered an arsenal of action they can take:
Alas, not all the Biden appointees have the will or the skill to pull this trick off. The corporate Dems' darlings are mired in #LearnedHelplessness, convinced that they can't – or shouldn't – use their prodigious powers to step in to curb corporate power:
And it's true that privacy regulation faces stiff headwinds. Surveillance is a public-private partnership from hell. Cops and spies love to raid the surveillance industries' dossiers, treating them as an off-the-books, warrantless source of unconstitutional personal data on their targets:
These powerful state actors reliably intervene to hamstring attempts at privacy law, defending the massive profits raked in by data brokers and credit bureaux. These profits, meanwhile, can be mobilized as lobbying dollars that work lawmakers and regulators from the private sector side. Caught in the squeeze between powerful government actors (the true "Deep State") and a cartel of filthy rich private spies, lawmakers and regulators are frozen in place.
Or, at least, they were. The CFPB's discovery that it had the power all along to curb commercial surveillance follows on from the FTC's similar realization last summer:
I don't want to pretend that all privacy questions can be resolved with simple, bright-line rules. It's not clear who "owns" many classes of private data – does your mother own the fact that she gave birth to you, or do you? What if you disagree about such a disclosure – say, if you want to identify your mother as an abusive parent and she objects?
But there are so many stupid-simple privacy questions. Credit bureaux and data-brokers don't inhabit any kind of grey area. They simply should not exist. Getting rid of them is a project of years, but it starts with hacking away at their sources of profits, stripping them of defenses so we can finally annihilate them.
I'm kickstarting the audiobook for "The Internet Con: How To Seize the Means of Computation," a Big Tech disassembly manual to disenshittify the web and make a new, good internet to succeed the old, good internet. It's a DRM-free book, which means Audible won't carry it, so this crowdfunder is essential. Back now to get the audio, Verso hardcover and ebook:
http://seizethemeansofcomputation.org
If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
You’ll need a credit freeze. You’ll need a fraud alert. And don’t expect Equifax to be much help. It’s time for all of us to play defense, because Equifax clearly did not.
TransUnion says hackers stole 4.4 million customers' personal information
NEWS-FINANCE -QUOTE-EDUCATIONAL AND MOTIVATIONAL
Credit reporting giant TransUnion has disclosed a data breach affecting more than 4.4 million customers’ personal information.
In a filing with Maine’s attorney general’s office on Thursday, TransUnion attributed the July 28 breach to unauthorized access of a third-party application storing customers’ personal data for its U.S. consumer support…
Affirm’s Credit Reporting Shift: What Sneaker Buyers Need to Know
As of May 1, 2025, Affirm has begun reporting all new “buy now, pay later” (BNPL) loans to major credit bureaus, including Experian and TransUnion. This change aims to enhance transparency in BNPL transactions and assist consumers in building their credit histories.
Top 5 Pros of Affirm’s Credit Reporting:
✅Credit Building Opportunities: Timely payments on Affirm loans can positively impact your credit score, especially beneficial for those with limited credit history.
✅Enhanced Financial Transparency: Including BNPL loans in credit reports provides a more comprehensive view of an individual’s financial obligations, aiding lenders in making informed decisions.
✅Responsible Lending Encouragement: Knowing that BNPL activities are reported may encourage consumers to borrow responsibly and manage repayments diligently.
✅Potential for Improved Loan Terms: A positive credit history with BNPL services could lead to better terms on future loans or credit products.
✅Alignment with Traditional Credit Systems: Reporting BNPL loans brings these services in line with traditional credit systems, promoting consistency in credit reporting.
Top 5 Cons of Affirm’s Credit Reporting:
❌Negative Impact from Missed Payments: Late or missed payments on Affirm loans can adversely affect your credit score, similar to traditional credit products.
❌Short-Term Loans Affecting Credit Age: Frequent use of short-term BNPL loans may lower the average age of credit accounts, potentially impacting credit scores negatively.
❌Increased Debt Visibility: All BNPL obligations are now visible to lenders, which could influence decisions on additional credit applications.
❌Potential for Overextension: Easy access to BNPL services might lead some consumers to take on more debt than they can manage, affecting their financial stability.
❌Uncertainty in Credit Scoring Models: As BNPL data integration into credit scoring models is relatively new, the exact impact on credit scores may vary and evolve.
Impact on Sneaker Buyers:
For sneakerheads who frequently use Affirm to finance purchases, this change means that their repayment behavior will now influence their credit profiles. Consistent, on-time payments can enhance credit scores, potentially opening doors to better financing options in the future. Conversely, missed payments could harm credit standings, affecting the ability to secure loans or credit cards.
Affirm’s decision to report BNPL loans to credit bureaus marks a significant shift in the financial landscape. While it offers opportunities for credit building and financial transparency, it also introduces risks associated with credit score impacts from repayment behaviors. Consumers, especially those utilizing BNPL services for purchases like sneakers, should approach these financing options with a clear understanding of their responsibilities and the potential long-term effects on their credit health.
This is not just another piece of writing; it is a bold and transformative call to action that highlights the untapped potential of youth in marginalized communities and the power of financial literacy to ignite change.
Why You Should Read This Article:
1. A Vision for Impact: The article outlines a clear, actionable framework to empower communities through education, mentorship, and financial literacy. It’s a roadmap for anyone seeking to contribute meaningfully to breaking cycles of poverty and fostering generational wealth.
2. A Shared Mission: As philanthropists, donors, nonprofit organizations, educators, and advocates, your work is already aligned with the themes explored. This article amplifies that alignment, offering insights on how collective efforts can create lasting change.
3. The Stakes Are High: With economic disparities widening, the time to act is now. By building bridges to financial empowerment, we can unlock the potential of youth—our greatest asset—who are eager for guidance, opportunities, and a seat at the table.
4. Engaging and Inspiring: The article captures real stories, innovative strategies, and an unwavering belief in the transformative power of collaboration. It’s written to motivate, inspire, and challenge us all to do more.
What You Can Do Next:
• Read and Reflect: Dive into the article to better understand how your contributions are vital to the movement.
• Share Widely: Pass it along to your network, colleagues, and peers who share our vision for an empowered future.
• Join the Conversation: Reach out to explore partnerships, share ideas, or simply lend your voice to this important cause.
Together, we can leverage the tools of financial literacy, entrepreneurship, and mentorship to pave a brighter future for all, particularly for youth of color in marginalized communities. This article is an invitation to be part of something greater than ourselves—a movement toward equity, opportunity, and prosperity.
Thank you for your unwavering commitment to making a difference. I look forward to hearing your thoughts and collaborating to turn ideas into action.
With deepest gratitude and high hopes for the future,
Tyrone Glover
Co-Facilitator Leveraged Financial Literacy Investment Club / Executive Director and President Nonprofit Organizations Yonkers Young Entrepreneurs / CEO Leverage Credit Recovery / NAACP, Economic Development Committee Chair / Advocate / Activist / Honorable Discharged Veteran United States Army
P.S. Every share, every read, and every conversation counts. Let’s build bridges together
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