Since the consumer credit reporting agency Equifax revealed on September 7th that the personal information of 143 million Americans had been compromised in an attack by hackers, leaving more than forty percent of the population vulnerable to identity theft and damaged credit scores, questions about the responsibilities and accountability of the credit bureaus, the fairness of the credit rating system, and the vulnerability of consumers’ data have reached a new level of urgency. While Equifax has been widely criticized for its incompetent, and maybe even criminal, response to a disaster that quite possibly could have been prevented, what is at issue are not just the security practices and corporate ethics of a single company, but also, more generally, the structure and viability of the credit rating system itself. No one is in a better position to help us make sense of how the Equifax breach fits into the history of American capitalism than Josh Lauer, associate professor of media studies at the University of New Hampshire. His book, Creditworthy: A History of Consumer Surveillance and Financial Identity in America, which was published in July, is the first to tell the story of credit reporting in the United States, tracing its evolution from its 19th century beginnings to the regime of commercial surveillance and algorithmic calculation that tracks us today. (read more...)