In what may have been the biggest story in credit in 2013, it was revealed that credit scoring company Equifax had sold data on millions of individuals to other companies.
Equifax, through a product known as The Work Number, sells personal information about Americans' employment and salary records to marketers and businesses alike.
But how does Equifax's information sale affect you? Perhaps less than thought.
Companies already have access to data based on your zip code, place of employment, and other data which can be used to triangulate what you're willing to buy, what ads you want to see, and whether or not you would be a suitable target customer for a particular product.
However, what concerns most is the level of detail found in The Work Number. The database has everything from week-to-week paystubs, unemployment history, and insurance information. This amount of data is unprecedented at a time when most companies are lucky to have a customers' email address. The service now covers a majority of working adults with information gleaned directly from their employers past and present.
Equifax's The Work Number does comply with the Fair Credit Reporting Act guidelines, and it is normal for businesses to sell data on their customers to other companies. Additionally, the company says that its customers do have a right to this information. When customers agree to a credit check, they also agree to an employment verification check to prove that their stated income and job history is in line with what is reported on the application.