Equifax Data Breach

News

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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Monday, October 16, 2017

Top-Ranking for the Law Office of Adam G. Singer


 Local business-review website ThreeBestRated.com has named the Law Office of Adam G. Singer as one of the three best consumer protection attorneys in Manhattan. This rating was based upon a variety of factors including: “everything from checking reputation, history, complaints, local reviews, nearness, satisfaction, trust and cost to the general excellence.”

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Wednesday, October 4, 2017

Elizabeth Warren to Wells Fargo CEO: 'You should be fired'


It was déjà vu for Wells Fargo, this week, as senators expressed outrage at the bank’s culture of shady practices. Last year, senators berated (former-CEO) John Stumpf over the millions of fake accounts created in customers’ names. Stumpf’s replacement, Tim Sloan, took the brunt of congressional ire on Tuesday, with Senator Brian Schatz of Hawaii going as far as to call for the revocation of Wells Fargo’s charter. Wells Fargo is currently under investigation by the US Dep’t of Justice, Securities and Exchange Commission, and the US Dep’t of Labor.

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Wednesday, October 4, 2017

Why Equifax will continue to profit by selling your personal information


Equifax’s former CEO is testifying before Congress this week. In spite of the potential for great harm to consumers, industry-insiders expect little regulatory change in the wake of Equifax’s breach. The fact that credit is such an integral piece of the economy, generally—and the degree to which the economy relies upon a functioning credit reporting system—radical changes are unlikely anytime soon.

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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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Tuesday, September 26, 2017

Equifax CEO Richard Smith is out after stunning data breach


Richard Smith, the beleaguered CEO of Equifax, has stepped down from his post. Apart from referring to Smith's exit as a “retirement,” Equifax makes no effort to conceal the reasons for his departure. Since Equifax’s data breach was made public earlier this month, “[a]s much as one-third of Equifax's market value [has] vanished;” the corporation remains under investigation by a handful of  attorneys general, in addition to the FTC; and, its efforts to work with consumers in response to the breach has been dismal. 

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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.”

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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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