Senators push to ditch social security numbers in light of Equifax hack

Re:Senators push to ditch social security numbers in light o... by vostok on Thursday November 09, 2017 @01:53AM (#15660423)

If you want to live in such a "free market" world then if I'm a bank and someone fraudulently used your information to obtain a loan then I don't want to issue any more loans to anyone who uses your information.

If one person used it fraudulently then there's a much higher probability that any subsequent loan application with the same information is also fraudulent.

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Re:Senators push to ditch social security numbers in light o... by reacweb on Thursday November 09, 2017 @03:35AM (#15660793)

Which mean that if a bank has failed to correctly check the identity of a client, the client will be punished his whole life by banks refusing him.

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Re:Senators push to ditch social security numbers in light o... by Filligree on Thursday November 09, 2017 @10:08AM (#15662993)

Yes. If you consider this a poor outcome, then you should consider regulating the banks.

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Re:Senators push to ditch social security numbers in light o... by Retric on Thursday November 09, 2017 @11:48AM (#15663860)

Banks need to make loans, if they reject people based on such things they will quickly go out of business as there is an ever smaller slice of the population left over.

Instead, all that's going to happen is banks will simply require someone to show up in person and present sufficient identification.

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Re:Senators push to ditch social security numbers in light o... by Eridrus on Thursday November 09, 2017 @08:08AM (#15662033)

I think this is even broader. If it becomes harder to verify identities any products that involve post-paid billing will become rarer.

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