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Carol H Tucker

Passionate about knowledge management and organizational development, expert in loan servicing, virtual world denizen and community facilitator, and a DISNEY fan

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Be warned:in this very rich environment where you can immerse yourself so completely, your emotions will become engaged -- and not everyone is cognizant of that. Among the many excellent features of SL, there is no auto-return on hearts, so be wary of where your's wanders...


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YOU HAD ONE JOB

 
Why is the Equifax data breach so much worse than any we have seen before?

Equifax is one of three credit bureau reporting agencies that determines your credit score.  Every single lender checks a CBRA before even considering giving you a loan.  If your score is less than 600, then you will either find it difficult to get financing for anything [personal, student, credit card, car loan or mortgage], be required to make a larger deposit, have a limit placed on the amount you can borrower, or you will end up paying much more in the way of finance charges.  Pretty much every lender, therefore, reports to one or all of the CBRA.  What do they report?
  • Your full name – not just your first and last name, but your middle name and any suffixes [eg Junior]
  • Your social security number
  • Your driver’s license state and number
  • Your date of birth
  • Your full address and your telephone number
  • Any previous names you have had; past addresses and past phone numbers
  • Your marital status and if you have children – it may include your spouse’s name and that of your children, with their Social Security numbers if you have ever had a joint account or signed as guarantor on a loan with them
  • An approximate salary
  • The name of your lender, your account number, the amount you were lent and your payment record
Every single Lender sends all of this information.  Monthly.   Until your loan is paid off.    

You didn’t agree to have all that reported?  Yes you did – read the fine print in the application you signed to get the loan.  Not that you had any choice – it was sign provide the information and sign the application or you can’t borrow.  Trust me, it is all pretty accurate – lenders are actually fined if found that they have supplied inaccurate information.  And then there are public records.  Ever had a dispute with a doctor’s office, clinic, or hospital and you ended up paying less than originally billed?  Ever have a dispute with a home improvement contractor and then had it resolved?  Chances are there is a “public record” notice on your credit report.  Oh you thought that everything was reset after seven years?  WRONG, lenders cannot take into account a bankruptcy or a charge off, for example, but they can still consider your record of payments for decades when making a decision on whether or not to grant credit or decide what interest rate you should be given.

Now Equifax is telling us that all of this information was available to someone for at least two months.  Take a look – that is a LOT of very important information with a wealth of detail.  Anyone can now create a doppelganger without the slightest difficulty because the answers to every security question is there.  And what are they offering to fix it?  A website where you can try and see if you have been impacted:  www.equifaxsecurity2017.com  If you are impacted?  Then they will give you a date on which you may enroll for one year of free identity theft protection. 

There is no expiration date on all of this information –  once it is out it is out.  Equifax failed spectacularly and criminally and I am not surprised that sleazy executives started selling their stock before notifying the public.

Better check your account -- and hope you are small enough potatoes that crimminals won't be interest in beggaring you
Permalink | Friday, September 8, 2017