Who's buying your personal data: Disney, GM, your insurer and bank
3 hours ago
- Acxiom, a major data broker, holds detailed data on billions of people, including inferences about weight, alcohol use, medical procedures, and political leanings.
- Consumers who requested their files received extensive dossiers (e.g., 58 pages) with personal details like income, spending, and location, though much information was inaccurate.
- Data is sold to over 100 companies, including insurers (GEICO, State Farm), banks (Citi, JPMorgan), pharma (Janssen), and retailers (Kohl's, Hilton, General Motors).
- New state privacy laws (e.g., Oregon, California) allow consumers to access their data, revealing brokers' practices and the specific companies that buy the data.
- Acxiom makes over 3,000 distinct predictions, such as likelihood to buy a Tesla or respond to student loan offers, and uses coded language for race and health information.
- Inaccurate data can lead to harmful consequences, like unfairly increased insurance rates, while accurate data provides an unsettlingly detailed window into individuals' lives.
- The data broker industry is underregulated, with uneven compliance across states, and companies often claim consent through fine print that consumers don't understand.
- Government agencies also purchase data from brokers, potentially bypassing warrant requirements, raising civil liberties concerns.