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2018-03-04 15:10 by Karl Denninger
in Corruption , 179 references Ignore this thread
Can Anyone Explain....
[Comments enabled]

.... why this firm hasn't been shut down and its executives imprisoned?

Equifax has confirmed that the massive data breach it announced last year is larger than previously thought, affecting an additional 2.4 million U.S. consumers.

New details of the breach were announced by the credit reporting company Thursday, taking the total number of victims to 147.9 million. The company says the additional consumers only had their names and part of their driver's license numbers stolen, unlike the original 145.5 million Americans who had their Social Security numbers impacted.

Just a reminder -- this is pretty close to everyone who has a credit file of any sort, which is anyone over the age of 18, more or less.

The data stolen ranged from "partial" driver license numbers to full sets of data including Social Security Numbers, names and addresses, which is plenty for someone to commit identity theft and defraud the person involved.

So far all that has happened is that the company has "offered" to "monitor" for incursions.  They have not been forced to pay damages to those harmed as a result of the breach and neither have the credit firms been forced to drop their long-standing policy of charging consumers to "freeze" and "unfreeze" credit files.

In other words Equifax, along with the other credit firms, make money from their own malfeasance -- in this case, Equifax's malfeasance -- in that if you wish to protect yourself from someone opening credit in your name you must pay to freeze your file and then unfreeze it any time you want new credit, while the only reason that's necessary is they allowed the data to be stolen.

This ought to be considered criminal extortion and every one of their executives locked up -- for life -- along with the company itself being destroyed.


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Posts: 145
Incept: 2010-07-06

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My wife and I got a letter from EquiFraud stating that our info was compromised. I immediately locked all three credit reports. ( 15 dollars in MD. ) i also filed a police report in order to place a 7 year fraud alert on all three credit bureaus. ( 5 dollars in my county ) The police in my small town knew nothing about this and did not really want to file a report. It took 2 weeks to get them off dead center. In the end, they attached a police cover sheet to my original written report :-)

The 7 year fraud warning is important so you can CYA in my opinion. If a bill collector tries to collect a fraudulent debt done by the ID thief, you can refer them to the fraud warning placed months or years ago. A coworker had a nasty bill collector attempt to collect a debt that resulted from ID theft using her SSN. Trouble was, she is a collector herself and very familiar with the laws. The nasty collector got more than he bargained for and never called back. A lot of bill collectors do not follow the applicable laws. It is important to CYA with these sleaze.
Posts: 285
Incept: 2008-02-23

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I posted this story about Equifax yesterday on FB. Once again the only response I got was the soothing sound of crickets.
Posts: 145
Incept: 2010-07-06

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There is a very " tinfoil " reason that I wanted a fraud warning on my credit report. In my hypothetical scenario, a terrorist uses my personal info and a fake ID to purchase firearms or chemicals for terrorism. Given the Barney Fife/corrupt nature of law enforcement in general, and the corrupt nature of local prosecutors, I want something on the record that my ID was stolen.

Some years ago we had a local prosecutor who did not give a rip whether he jailed a guilty or innocent person. It was all about the " kill " percentage for him. I took great pleasure in voting the scum out of office. I doubt that this behavior is rare among prosecutors in other states and juridictions.
Posts: 3
Incept: 2011-02-23

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I can explain: Nick Mulvaney and the Trump administration.

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