Equifax Data Breach

Identity Theft

Sunday, September 24, 2017

Cuomo Proposes Stricter Regulations for Credit Reporting Agencies


NY Governor, Andrew Cuomo, announces new regulations for credit reporting agencies. Referring to July’s Equifax breach as “a wake-up call,” Cuomo said that NY will hold the credit industry to the same scrutiny as banks and other financial industries who do business in the state. Credit reporting agencies will be required to register with the Dep’t of Financial Services—which will have the authority to sue “if a company fails to comply or engages in prohibited practices deemed unfair, deceptive or predatory.”

Read more . . .


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.
Read more . . .


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



Read more . . .


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.
Read more . . .


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.

 

Read more . . .


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 . . .


Monday, April 3, 2017

Should you give your kids access to your credit card?

Handing over your credit card to your teenager might not seem like a good idea.

But it might actually be a smart financial move. Not only can it help kids learn money management skills, it can also help their credit score.

Adding a child as an authorized user on a parent's credit card can give the child a boost when it comes to establishing a strong credit profile. That is, as long as the parents are in good credit standing.


Read more . . .


Monday, April 3, 2017

Data breaches cause an increase in credit card fraud

Experian says that the biggest component of credit card fraud trends is the fact that 2016 was a record year for data breaches. There were 1,093 breaches, a 40% increase from 2015, according to the Identity Theft Resource Center. 

Meanwhile, the Federal Trade Commission recently revealed a jump in consumers who reported that their stolen data was used for credit card fraud, from 16% in 2015 to more than 32% in 2016. 

The record number of data breaches is a signal that future fraudulent activities will take place, warns Experian.

Read more . . .


Friday, March 31, 2017

Services Offer Some Benefits but Are Limited in Preventing Fraud

What GAO Found

Identity theft services offer some benefits but have limitations.

  • Credit monitoring helps detect new-account fraud (that is, the opening of new unauthorized accounts) by alerting users, but it does not prevent such fraud or address existing-account fraud, such as misuse of a stolen credit card number. Consumers have alternatives to credit monitoring, including requesting a low-cost credit freeze, which can prevent new-account fraud by restricting access to the consumers' credit report.
  • Identity monitoring can alert consumers to misuse of certain personal information by monitoring sources such as public records or illicit websites, but its effectiveness in mitigating identity theft is unclear.

Read more . . .


Sunday, March 12, 2017

CFPB: SUPERVISORY HIGHLIGHTS CONSUMER REPORTING SPECIAL EDITION (ISSUE 14)


Supervision’s work in the consumer reporting market is ongoing and remains a high priority. Consumer reporting companies and furnishers have an obligation to maintain the accuracy of consumer data, but experience indicates that they lack incentives and under-invest in accuracy. Indeed, these most recent supervisory findings underscore Supervision’s concern about the lack of resources that furnishers in particular have devoted to this important function and the resulting violations of law. We have targeted substantial resources to improve the accuracy of consumer information, and we will continue to do so. We have observed steady progress at consumer reporting companies to improve data governance.
Read more . . .


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