Thanks, Equifax.

[Bailey Guns]

If you haven't heard, credit reporting company Equifax allowed cyberthieves to exploit a weakness in their website which potentially compromised the sensitive personal information of almost 150 million people. The breach occurred in May. Equifax didn't announce the breach until July 29.

Fortunately, several top Equifax executives were able to sell their Equifax stock for a nice profit before news of the breach became public. Which is really good because after the breach did become public the stock prices dropped 13%. Imagine how much those execs would've lost had they waited. But I've heard the stock-selling execs, including the company CFO, didn't know about the breach and the potential negative impact news of the breach would have on the price of Equifax stock. I'm so happy they were able to protect their financial futures. I guess the rest of us are just fucked.

But there is some good news. Equifax is really stepping up to the plate on this one to protect us. They're offering a FULL YEAR of their credit monitoring service free! WOW! That's just what I want to do. Voluntarily give Equifax even more personal information (including a credit card...cause you have to give them a credit card number for this FREE protection) they can offer up to thieves. But wait...that's not all! If you do sign up for this FREE service you may just be waiving your legal rights to sue Equifax in the future. And because your information doesn't magically change at the end of a year the thieves (the cyber criminals...not Equifax) will have our info for years to come. Luckily you have the opportunity to pay Equifax to "protect" you, though...for $19.95 a year.

Sarcasm aside, this is where the government needs to get heavily involved in regulating credit bureaus to protect all of us...the Equifax product. As a matter of fact, this is the type of thing that should shut down companies like Equifax. Flip the switch and shut them off. Period. They collect our personal information, we have no say in the matter (other than to perhaps just drop out of society) and we have no recourse when their sloppy business practices put our entire financial lives at risk.

But, it won't happen. Unless maybe someone like John McCain or Chuck Schumer has their identity stolen as a result. The shit WILL hit the fan then...count on it. But if it's just you and me, nobody's gonna care.

[buffalobo]

10 Ring, spot on.

If you're unarmed you are a victim

[Gman]

Nailed it!

If you take advantage of their services, some say you'll be giving up your ability to sue. Any legal action on this will likely be a class action. The lawyers get the lion's share...and the impacted people will get pennies.

[bobbyfairbanks]

Molotovs and hand grenades are needed in a situation like this. It sure will keep people civil.

[Skip]

[snip]

Fortunately, several top Equifax executives were able to sell their Equifax stock for a nice profit before news of the breach became public. Which is really good because after the breach did become public the stock prices dropped 13%. Imagine how much those execs would've lost had they waited.

[snip]

Yes, we can sleep easy now!

I was explaining yesterday this is usually a sign the execs think their company is done. They would rather roll the dice on insider trading charges than ride out the shitstorm. If you're a c-level who just murdered your company, you have no prospects after this so why not do a few months at-home detention? Not like they'll be busy with a new job.

Even if these sells were filed in advance with the SEC (I haven't checked the filings) there is still risk in executing.

These agencies do have entirely too much power, but consumers have handed it over. Having just gone through this with Best Buy fraud (long story) and being sent to collections, here is my advice...

- Don't trust anyone with a breach to accurately or effectively communicate you were in their breach. Like Fox said, assume your info is out there at all times.
- Put a fraud alert on your credit (people doing this now en masse will hurt the agencies and those who use them)
- Use a credit card for all purchases. One credit card. Pay it off every month before close to avoid interest (and get perks :) ). Check it daily for authorizations (don't wait for settled charges).
- Sign up with UPS and FedEx to get alerts whenever a shipping label is created for your address. If you go out of town, have the USPS put a hold on your mail. It's free and you have to go to the PO and show ID to get your mail.
- Pull your free credit report for everyone in your household once a year


After this BB problem, my eyes have been opened to how retailers treat victims of fraud. There is no compassion or understanding. They put the onus on the victim to return their merchandise and will make all sorts of threats after the cc company disputes the fraudulent charge.

And the third-world customer support black hole is worthless.

[WETWRKS]

And just last week my debit/credit card was compromised. Gee...wonder how they got the info?

[BladesNBarrels]

...........
After this BB problem, my eyes have been opened to how retailers treat victims of fraud. There is no compassion or understanding. They put the onus on the victim to return their merchandise and will make all sorts of threats after the cc company disputes the fraudulent charge...........

Not only retailers, but credit reporting agencies.
Had a fraudulent medical charge of $120 reported to the agencies.
When I wrote detailed protests to the 3 Credit Reporting Agencies, all 3 responded it was under the amount that they investigate, and that they do not investigate medical disputes.
But, my credit rating took a 100 point hit for 3 years.
And, I had paid the fraudulent charge to get it off my report.
My first reaction is that they should be shut down. This won't happen since all businesses rely on the credit reports.

[00tec]

Anyone seen Fight Club? Yeah...

[Skip]

Not only retailers, but credit reporting agencies.
Had a fraudulent medical charge of $120 reported to the agencies.
When I wrote detailed protests to the 3 Credit Reporting Agencies, all 3 responded it was under the amount that they investigate, and that they do not investigate medical disputes.
But, my credit rating took a 100 point hit for 3 years.
And, I had paid the fraudulent charge to get it off my report.
My first reaction is that they should be shut down. This won't happen since all businesses rely on the credit reports.

Yup, sucks. Which is why we should find a way to make the agencies worthless so creditors would stop using them.

The mortgage world is kind of going that way. Banks/mortgage servicers are starting to look more at market conditions and LTV (the ability to recover principal) than credit worthiness.

[CS1983]

Not only retailers, but credit reporting agencies.
Had a fraudulent medical charge of $120 reported to the agencies.
When I wrote detailed protests to the 3 Credit Reporting Agencies, all 3 responded it was under the amount that they investigate, and that they do not investigate medical disputes.
But, my credit rating took a 100 point hit for 3 years.
And, I had paid the fraudulent charge to get it off my report.
My first reaction is that they should be shut down. This won't happen since all businesses rely on the credit reports.

They wouldn't need to if all banking was once again local, instead of this chimera which has evolved.

Ann Barnhardt has a good post on how this would work:

https://www.barnhardt.biz/2017/08/26/the-magi-didnt-bring-baby-jesus-gold-because-schlomo-gave-them-a-good-price/

A credit report is unnecessary if you're going to the banker who you see around town and who knows you and what your risk level is.

[TFOGGER]

Anyone seen Fight Club? Yeah...


http://youtu.be/E1d5VvCa8Fo

[Zundfolge]

[tinfoil hat]Equifax set their own Reichstag Fire. This is all a ploy to sell their ID protection service.[/tinfoil hat]

[Zundfolge]

They wouldn't need to if all banking was once again local, instead of this chimera which has evolved.
A credit report is unnecessary if you're going to the banker who you see around town and who knows you and what your risk level is.
The problem isn't that credit reports are used in banking, the problem is that credit reports are now accessed by tons of people that really shouldn't have access to them. There's no reason that prospective employers, cell phone service providers, the cable company, and the myriad of other people that run your credit score every time you do business with them should be doing any of it.

Hell, we bought a car not long ago and told the dealer we would be paying them cash, not getting a loan and they STILL ran a fucking credit report on my wife and I.

We need a HIPA for credit. We also need a means of changing our Social Security numbers should they be compromised. By the way this is why we should NEVER use biometric IDs.

[BladesNBarrels]

...Hell, we bought a car not long ago and told the dealer we would be paying them cash, not getting a loan and they STILL ran a fucking credit report on my wife and I...


Only thing you can do currently is freeze your credit reports and supposedly they can't be accessed.
But, then the inquiring party refuses to do business with you until you unfreeze it.

[Honey Badger282.8]

I think I've got three free credit monitoring services due to breaches from the government alone.

[OtterbatHellcat]

Bitch is that one cannot do cash for everything in their life.

Checks and/or online transactions are basically necessary unfortunately.

[TRnCO]

wife and I both put credit reports freeze on, since the only time we need to "unfreeze" is if we were needing a loan, which is seldom. Have to put freeze on each credit reporting agency, but it doesn't take that long to do, and really not that hard to un-do if the need arises.
I'm not so worried if some smuck gets my credit card info since it's very easy to dispute and get a new card issued. We're more worried about big time money disappearing, such as someone taking a loan out in our names.

[brutal]

Yes, we can sleep easy now!

I was explaining yesterday this is usually a sign the execs think their company is done. They would rather roll the dice on insider trading charges than ride out the shitstorm. If you're a c-level who just murdered your company, you have no prospects after this so why not do a few months at-home detention? Not like they'll be busy with a new job.

Even if these sells were filed in advance with the SEC (I haven't checked the filings) there is still risk in executing.

These agencies do have entirely too much power, but consumers have handed it over. Having just gone through this with Best Buy fraud (long story) and being sent to collections, here is my advice...

- Don't trust anyone with a breach to accurately or effectively communicate you were in their breach. Like Fox said, assume your info is out there at all times.
- Put a fraud alert on your credit (people doing this now en masse will hurt the agencies and those who use them)
- Use a credit card for all purchases. One credit card. Pay it off every month before close to avoid interest (and get perks :) ). Check it daily for authorizations (don't wait for settled charges).
- Sign up with UPS and FedEx to get alerts whenever a shipping label is created for your address. If you go out of town, have the USPS put a hold on your mail. It's free and you have to go to the PO and show ID to get your mail.
- Pull your free credit report for everyone in your household once a year


After this BB problem, my eyes have been opened to how retailers treat victims of fraud. There is no compassion or understanding. They put the onus on the victim to return their merchandise and will make all sorts of threats after the cc company disputes the fraudulent charge.

And the third-world customer support black hole is worthless.

I got an email from USPS today. Thankfully our tax dollars ( and perhaps some postage fees) are at work here. They are now offering IMAGES of incoming mail addressed to you on a daily email basos if you opt in.

[Skip]

I got an email from USPS today. Thankfully our tax dollars ( and perhaps some postage fees) are at work here. They are now offering IMAGES of incoming mail addressed to you on a daily email basos if you opt in.

I expect the snail mail to go moar digital too. If the USPS can just find a way to make money on it.

There is no reason to put a check in the mail in 2017. And the lost "float" on those dollars in transit could pay for technology 1,000s of times over.


Bitch is that one cannot do cash for everything in their life.

Checks and/or online transactions are basically necessary unfortunately.

It's not just the medium, but the credit. Some credit (mortgage) can be good and stabilizing. But I was just reading this week avg cc debt in the US is now around $16,000/HH. At one point I struggled with cc debt (young and dumb) but was dealing with $1-2K trying to figure out my monthly expenses within monthly income. Learned a hard lesson.

[Skip]

Something else hit me today.... 147M. That's how many debt customers exist in the US. Gotta have a paycheck in the last few decades to have a record of paying interest.

147/320 = We're fucked.

Make sure you're on time for work tomorrow! The 47% depend on us.

[crashdown]

So I just enrolled in the USPS Informed delivery.
Figured it would save me a trip to the mail box cluster down the street if there was nothing important in the box.
It asked for some simple shit like address, phone, etc...
When I had to verify my identity at the end, it had a drop down answers with stuff that could only be found on a credit report ( I think ), like social, old phone numbers long forgotten, old addresses, etc...
Again, I only gave them my name, current address, and email for notifications. I was even thinking one could enroll their neighbor it was so simple, but all kinds of personal shit populated in the verification questions/answers. I probably haven’t addressed an envelope in 20 years, and maybe drop off an eBay package at the post office once or twice a year..... How did they pull all that stuff up on me?

[DenverGP]

How did they pull all that stuff up on me?

That is exactly the type of data stolen from Equifax.

[CS1983]

The problem isn't that credit reports are used in banking, the problem is that credit reports are now accessed by tons of people that really shouldn't have access to them. There's no reason that prospective employers, cell phone service providers, the cable company, and the myriad of other people that run your credit score every time you do business with them should be doing any of it.

Hell, we bought a car not long ago and told the dealer we would be paying them cash, not getting a loan and they STILL ran a fucking credit report on my wife and I.

We need a HIPA for credit. We also need a means of changing our Social Security numbers should they be compromised. By the way this is why we should NEVER use biometric IDs.

That's not the point. The point is if banking were different, there would be no credit reports. Your reputation in the community would be your "credit report" instead of your credit report forming your lending-community reputation.

Essentially, credit reports are a violation of subsidiarity and even a man's good name, because they do not provide a proper picture of a person. There are people with great "credit" who shouldn't be given one of the bank's lollipops, much less a loan. And there are people who don't look good on paper and yet they represent no actual risk. These sorts of things are unknowable in the modern banking context.

[Gman]

How did they pull all that stuff up on me?
They know who your family members are, past addresses any of them have had, employment info....way too much shhhhtuff.

[Zundfolge]

That's not the point. The point is if banking were different, there would be no credit reports. Your reputation in the community would be your "credit report" instead of your credit report forming your lending-community reputation.

Well that's not how history worked. The company that is today called Equifax was started in 1899. Given how litigious people are today (and quick to scream "discrimination") there's no way you could get by on using someone's "reputation in the community" to secure or deny credit. People have long demanded a quantifiable and impartial scoring system for credit.

That said, I'll agree we'd be better off without the large national chain banks (which is why we should probably all be switching to credit unions).