EQUIFAX Data Breach
- Finance Globe
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- JGibbs
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I swear the latest iphone has gotten more public attention than this huge violation. We've become completely docile human beings.Wanderer wrote: Your findings would find mine matching. People talk about it as if it was "too bad" and then "oh well" and don't seemed concerned.
I don't remember Target having it this easy in 2013 after their hacked data breach.
- FrankN
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- Wanderer
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- JGibbs
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- JacksonM
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- Wanderer
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- Moneyes
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But what gets me about this whole thing is this: These companies acquire our personal finance information, package it however they do and then sell it. Say, to a banking institution so that institution has the information available to help them decide if we get a loans. This is how they make money, and do they ask any of us if we approve? NO. Do they offer any of us a portion of the profit that THEY make by selling OUR information without OUR approval? NO.
Something needs to be done about this end of those operations.
- Wanderer
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- FrankN
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Moneyes wrote: A couple of things. First, if your credit score is 200, what exactly do you have to worry about?
Second, the first thing I thought about when I saw this topic was Dave Ramsey. He told his audience one time that he has had a credit score of 0 for 20 years. Whatever it is that he buys, he pay cash. You don't need credit or a credit score when you pay for everything in cash. Your credit score does not determine your wealth. It determines how easy it is to get a higher credit limit so you can be more in debt.
I know, few of us are in a situation where we can pay for everything in cash (bank debit is the same thing), but for most of us it shouldn't take over 10 years to get ourselves there.This story, to me at least, just underscores the importance of doing just that.
I think Dave Ramsey has a lot of great ideas, but I do not agree with his logic of 0 debt and no credit cards. It limits your leverage ability.
- JacksonM
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- JGibbs
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Do you think anyone will sue successfully? Here's an article from Lazymanandmoney .com about filing a suit against Equifax in small claims court without needing an attorney.
- Finance Globe
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A thought I had the other day. We should all get a pin number we can change that's tied to our identity. Apply for a loan, apartment, credit card, or whatever requires a credit check, that pin needs to be verified. If we are compromised then we simply get a new pin by mail. There has to be a better way than what we are doing.
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Apparently this has changed due to public outcry. Victims of the attack can use the monitoring service without agreeing to binding arbitration. It's not recommended to use it though. I'm shocked that Equifax is still charging people for it. I don't mean to keep bumping this thread, but it's so disturbing to me.Wanderer wrote: Yes here is a quote from the terms of service:
"You will be forfeiting Your right to bring or participate in any class action (whether as a named plaintiff or a class member) or to share in any class action awards, including class claims where a class has not yet been certified, even if the facts and circumstances upon which the Claims are based already occurred or existed."
https://consumerist.com/2017/09/11/dont-take-equifax-up-on-its-credit-monitoring-offer/
https://consumerist.com/2017/09/15/sen-elizabeth-warren-introduces-bill-that-would-make-credit-freezes-free/#more-10289105