Equifax Data Breach

New York Consumer Law Blog

Sunday, September 24, 2017

Despite Equifax hack, GOP lawmakers want to deregulate credit agencies


Clear partisan lines emerge in response to the Equifax breach. Last week, Democrats introduced the Freedom from Equifax Exploitation Act, barring credit bureaus the ability to charge a fee for freezing consumer credit. House Republicans, on the other hand, propose to undermine credit-industry regulations with new legislation. The Credit Services Protection Act, introduced by Ed Royce (R-Cal.), and the FCRA Liability Harmonization Act, spearheaded by Barry Loudermilk (R-Ga.
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Monday, September 18, 2017

Machine-learning promises to shake up large swathes of finance

As AI advances, the financial industry is propelled into an orbit of seemingly boundless efficiency. What used to take armies of well-compensated attorneys at JP Morgan Chase, and other financial corporations, 100,000s of hours to perform, can now be accomplished by computers in a matter of seconds. Though some remain skeptical, “machine learning” seems poised to take over not only document heavy industries like banking but more discretionary roles, like trading, as well.


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Monday, September 18, 2017

Your Credit Score Could Make or Break Your Love Life


While it may not surprise you that having good credit contributes to one’s general attractiveness, recent data suggests that relationship seekers prioritize high credit scores to a surprising degree over more traditional markers of attractiveness, such as having a nice car or holding a high-status career. Match.com’s Chief Scientific Advisor, Helen Fisher, suggests that we have a biological imperative to seek out those who are financially responsible, as they will make for reliable mates.

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Friday, September 15, 2017

Equifax Security Breach: Agency Websites Melt Down Under Surge

In response to Equifax’s July data breach, droves of Americans rush to freeze their credit, overwhelming the “Big Three” credit bureaus’ resources.

See NBC News video here



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Wednesday, September 13, 2017

143 Million Reasons Congress Shouldn’t Gut the Fair Credit Reporting Act


Congressman Barry Loudermilk’s proposal to weaken the Fair Credit Reporting Act (FCRA) entered the national discourse on the heels of Equifax’s potentially catastrophic data breach. Industry watchdogs highlight the sharp contrast between the need for credit-industry regulation (as evidenced by the Equifax breach) and the coziness with which some Congress members comport themselves to the credit bureaus.

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Tuesday, September 12, 2017

House Bill Would Let Companies Off the Hook for Known & Devastating Mistakes


For nearly half a century, the Fair Credit Reporting Act (FCRA) has empowered American consumers, serving as a deterrent against credit reporting and background check errors—nowadays an all-too-familiar feature of the credit reporting industry. The possibility of punitive damages (available in some matters) supplies the FCRA with a great deal of its bite. Georgia Congressman, Barry Loudermilk introduced a bill (H.R. 2359) to vote last week in the House, which amongst other things, would eliminate consumers’ ability to receive punitive damages, drastically weakening the FCRA.
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Tuesday, September 12, 2017

CFPB Rule Fight Forces Senators to Choose: Military Families or Big Banks

Earlier this year, the Consumer Financial Protection Bureau (CFPB) promulgated a long-awaited rule prohibiting banks and payday lenders from using forced arbitration clauses in their contracts. The rule was brought to a halt, however, by the House of Representatives--under the seldom used Congressional Review Act, an authority which enables Congress to “veto” executive-agency actions--and now faces its ultimate fate in the Senate.

Read full article here



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Monday, September 11, 2017

Georgia Congressman Must Withdraw His EQUIFAX-Friendly Bill


Industry watch groups are calling on Rep. Barry Loudermilk (R-Ga.) to withdraw proposed legislation that would limit “remedies for consumers who are victims of credit reporting abuses.” A congressional subcommittee met to consider the legislation last Friday as news broke of Equifax’s massive data breach. Rep.
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Monday, September 11, 2017

3 Reasons Breach Victims Might not Want Equifax Credit Monitoring


In response to the July data-breach, Equifax has offered their Trusted ID Premier service in exchange for consumers' right to sue Equifax. Industry watchdogs suggest cause for concern regarding Equifax’s terms. The Federal Trade Commission (FTC) warns that consumers’ vital data may have been stolen within minutes of the breach, and Matt Schulz, senior industry analyst at CreditCards.com, suggests that the information obtained by thieves may be utilized long after the period offered by Equifax to monitor credit reports under the agreement expires.

 

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Friday, September 8, 2017

The Equifax Data Breach: What to Do


Responding to news of Equifax’s huge data breach, the Federal Trade Commission (FTC) offers guidelines for consumers to protect themselves. The FTC suggests that consumers take proactive measures, such as checking their credit reports (available to consumers at  annualcreditreport.com), and monitoring “existing credit card and bank accounts closely for charges you don’t recognize.
Read more . . .


Friday, September 8, 2017

Giant Equifax data breach: 143 million people could be affected


Equifax, one of the “Big Three” credit reporting companies, suffered a major data breach in late July 2017. The breach (made public today) has compromised the accounts of roughly 143 million Americans. In addition to consumers’ credit scores, “loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history” were obtained by the cyber-criminals.

See Read more . . .


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