Equifax Data Breach

FCRA

Friday, November 17, 2017

Richard Cordray to step down as head of Consumer Financial Protection Bureau


A one-two punch. First the Congressional override of the CFPB's rule limiting mandatory arbitration clauses in certain consumer financial agreements. And now the loss of Cordray who has been an important advocate for consumer financial rights.

 

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Thursday, November 16, 2017

Data Breaches


Data breaches are a common source of identity theft and can devastate your credit score.  Check your credit reports for free at 

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Wednesday, October 4, 2017

Equifax interim CEO pens apology after data breach

Dominick Tavella, of Diversified Financial Consultants, suggests that consumers sign up for credit alerts in order to protect against unwarranted issuances of credit, resulting from the Equifax breach. Tavella cautions consumers about Equifax’s offer to provide credit monitoring free for a year, as the information gained through the data breach may not be used (or if it is used, discovered) within the next year.

See video clip here


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Friday, September 29, 2017

The real problem with credit reporting is the astounding number of errors


The Big Three credit agencies are juggling roughly 2.6 billion data entries apiece, at any given time. With over 1 billion modifications to those entries each month, "[s]peed and volume are favored over accuracy." Aaron Klein of the Brookings Institute writes, the "costs of correcting the data outweigh benefits," leading to millions of errors on consumers' credit reports. Klein suggests several common sense remedies to the issue, including enabling consumers to check their credit reports at-will, free of charge.
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Wednesday, September 27, 2017

Liens and Judgments Data: Not Gone for Good


Until recently, mortgage lenders could access the lien and judgment history of potential borrowers through a borrower’s credit report. The national credit reporting agencies (NCRAs), TransUnion, Equifax, and Experian, did such a poor job of keeping reliable records on liens and judgments—Social Security numbers were missing from roughly 50% of tax lien records and 96% of civil judgment records—that they're no longer allowed to provide these services. Mortgage lenders must now obtain information on liens and judgments through more circuitous means, such as title searches.

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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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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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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 . . .


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