CardHub CEO Odysseas Papadimitriou slammed President Obama’s cybersecurity plan, which the White House announced Monday.
Obama’s plan does not give people access to their full credit reports, which the major Washington, D.C.-based financial services company objected to.
“While the White House refers to credit scores as ‘one of the best early indicators of identity theft’ and touts the benefits of providing consumers with access to scores from a pair of major issuers, the truth is that credit scores are only as good as the credit reports on which they are based,” Papadimitriou said.
“It makes far more sense for the White House to propose legislation that would require free ongoing access for all consumers to their three major credit reports. This would facilitate the absolute best type of credit monitoring possible as well as correct the obvious injustice that exists in terms of the relationship between consumers and credit bureaus. Not only are consumers tasked with monitoring their own credit data for signs of fraud or the inaccuracies for which bureaus are known, but they have to pay for the privilege. There is no service that offers free ongoing access to all three credit bureaus. The President had a chance to change that, but he blew it.”