Two of the three major credit-reporting agencies, each holding detailed files on about 220 million U.S. consumers, are in the process of outsourcing sensitive operations abroad, and a third may follow suit shortly, industry officials acknowledge for the first time.

Privacy advocates say the outsourcing of files that include Social Security numbers and complete credit histories could lead to a surge in identity theft because U.S. laws cannot be enforced overseas.

That’s okay, I never really liked my current identity anyway.

For their part, the credit agencies say the trend is a necessary cost- cutting move in light of new legislation that would allow all consumers to obtain free copies of their credit reports.

It’s true! Just this morning, I saw the CEO of Equifax panhandling for change down at the Exxon on the corner.

They have really been hit hard by being strongarmed into allowing people to view information collected about themselves in order to exploit them commercially! Hold on, let me get out my World’s Smallest Violin, etc.

</vitriolic sarcasm>