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Post Reply 143 million records leaked out of Equifax, a U.S. credit reporting firm
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Posted 9/8/17 , edited 9/9/17
Yeah, for the normal person, it's not that big of a deal. This is a great learning opportunity for most people though. I imagine a lot of people will be checking their credit report for the first time this week. So, if anything, there's a silver lining.

Besides the OPM hack a couple years back, I'm pretty sure this is the largest hack of customer information ever. Combined with the shady actions of the leadership at Equifax doing insider trading and this becomes a very important event in computer security and the financial world. It'll be interesting to see what comes of this.

I really hope there's legislation that comes from this that requires 2-factor authentication for new lines of credit and loans, but that will never happen.
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Posted 9/8/17 , edited 9/9/17

dulun18 wrote:



BILLIONS!!!



It will be a while but they should have a site up or sending out letters for those affected. I was part of various class action lawsuits before

AmeriGas (wal-mart)
plane ticket (price fixing))
Tuna, Glucosamine,, etc..

The downside of class action lawsuit is the more people included the less money you will get (since the lawyers will take a huge junk of the payout)-- so maybe it's best if most people enroll in that credit monitoring service


Well, I want my two dollars, and if I have to chase someone off a snowy cliff to get it, I will.
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Posted 9/8/17 , edited 9/9/17

ishe5555 wrote:


dulun18 wrote:



BILLIONS!!!



It will be a while but they should have a site up or sending out letters for those affected. I was part of various class action lawsuits before

AmeriGas (wal-mart)
plane ticket (price fixing))
Tuna, Glucosamine,, etc..

The downside of class action lawsuit is the more people included the less money you will get (since the lawyers will take a huge junk of the payout)-- so maybe it's best if most people enroll in that credit monitoring service


Well, I want my two dollars, and if I have to chase someone off a snowy cliff to get it, I will.


is that what you did to your next door neighbor ?


Being sued will force companies to make changes-- whenever they like it or not. It's a big headache when you became a victim of identify theft

Equifax Gets Sued | Ordinary Customer Sues Equifax Credit Bureau
https://www.youtube.com/watch?v=mHvUx8z-Iak
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Posted 9/8/17 , edited 9/9/17
Multiple companies have contacted me, letting me know that I was not impacted by this breach.
According to Equifax's own site to determine if you were part of the breach, I was not impacted either (thankfully)
Most creditors these days are using TransUnion instead of Equifax, to my knowledge.
At least the credit card I applied for earlier today reported my TU score instead of my Equifax one.

I agree with BlueOni on this matter.
Equifax's response to this matter to quiet and controlled when there is such a potential for great damage/impact to a person's overall credit score (which has a ripple effect for those in the United States as credit is the "core" of ensuring access to purchasing vehicles, homes, and [at times] employment).
Risk management is going to be common with Equifax for quite a while.
You'll find that many creditors will be skeptical of using Equifax for the next year or two due to the potential leaks on the dark web.
The same has happened with lesser creditors and the same "quiet" response happened.
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Posted 9/8/17 , edited 9/9/17

dulun18 wrote:




BILLIONS!!!





I like it ! with the # of people affected.. i guess you probably get $30-$50 from the class action lawsuit.... It will take about 2-5 minutes to fill out the online form ? I guess we will see where this will go

I love it when consumers sue these companies-- the only way they will change their way is being punched where it hurts the most -- their wallet.


dulun18 wrote:

you can check if you are one of the 143 million people through equifax website
https://www.equifaxsecurity2017.com/potential-impact/



consumers reports posted an updated article
https://www.consumerreports.org/privacy/equifax-sued-over-massive-breach-company-criticized-for-response-to-theft/




You can read about the complaint/lawsuit here
https://consumermediallc.files.wordpress.com/2017/09/equifaxcomplaint.pdf

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Posted 9/8/17 , edited 9/9/17

AnimeAddictANN69 wrote:
I love it when consumers sue these companies-- the only way they will change their way is being punched where it hurts the most -- their wallet.


Consumers give themselves too much credit, in my opinion.
You can pin down a company with as many lawsuits you want but litigation and negotiations keep them in a state that prevents any real financial damage to the company themselves.
Equifax gains around $3b in revenue per year.
Whatever damage this lawsuit will do to them is recovered before you bat an eye.

They won't change anything, no matter how much the lawsuits hit them.
They'll give a promise to improve, outline projected security improvements in the next 3-10 quarters, and then that's the last you hear from them after the lawsuits are over (other than to receive your minuscule check as part of the class action lawsuit).
The "people" don't have power over corporations; especially one like Equifax where it's one of the most well-established credit reporting agencies in the United States.
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Posted 9/8/17 , edited 9/9/17


i didn't know CR posted an updated article. I skimmed through the lawsuit.


They didn't list a specific amount but there are articles listing $70 billion. I also saw the updated verdict of the woman who sued Equifax in 2013. A judge reduced the payout from 18.6 million to 1.62 million in 2014, so the 70 billion amount is not possible. That's more than what the company is worth but the two firms suing Equifax are known for their blockbuster class action lawsuits so we will see I guess the golden rule of suing is -- sue for the maximum amount!!

http://www.oregonlive.com/business/index.ssf/2014/01/judge_cuts_oregon_womans_award.html


https://www.bloomberg.com/news/articles/2017-09-08/equifax-sued-over-massive-hack-in-multibillion-dollar-lawsuit
http://www.businessinsider.com/equifax-security-breach-everyone-should-be-thinking-about-suing-2017-9




https://en.wikipedia.org/wiki/Equifax




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Posted 9/8/17 , edited 9/9/17
did you check and see if your personal info was exposed through Equifax?
congratulations, you just gave up your right to sue them (class action lawsuit).



On Friday, social media users spotlighted fine print on Equifax’s website that appears to force users to agree to waive their class action rights if they use the company’s website to see if their personal data was exposed by the recent hack.

IBTimes: Equifax Lobbied To Kill Rule Protecting Victims Of Data Breaches
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Posted 9/9/17 , edited 9/9/17
It seems to me that at this point there is a compelling case to be made that it is in the USA's national security interests to protect its citizens and economy by guaranteeing identity protection services as a right. I mean, when you get to the point that half of your population's data has been breached in a single incident and, over the course of multiple breaches, it's likely that everyone's has at some point it's kinda time to have that conversation. You could still provide the service through a private provider, and you could still maintain the privacy standards that protect consumers from unwarranted monitoring of their purchases and such. I'm not proposing that the state provide the protection. Just the contract.

Maybe the extra little bit of tax would be worth it? Maybe if people can opt out if they don't want to pay the extra bit of tax?
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Posted 9/9/17 , edited 9/12/17
Looks like I was one of them, oh goody.
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Posted 9/9/17 , edited 9/12/17
Just so everyone knows so they can take appropriate action there are actually four credit reporting bureaus in the United States. Equifax, Experian, and TransUnion you all probably know about, but you may never have heard of Innovis.
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Posted 9/9/17 , edited 9/12/17

namealreadytaken wrote:

did you check and see if your personal info was exposed through Equifax?
congratulations, you just gave up your right to sue them (class action lawsuit).



On Friday, social media users spotlighted fine print on Equifax’s website that appears to force users to agree to waive their class action rights if they use the company’s website to see if their personal data was exposed by the recent hack.

IBTimes: Equifax Lobbied To Kill Rule Protecting Victims Of Data Breaches


That article is incorrect. They're confusing the "check if you were a victim" portion with the "sign up for protection" portion. The "check" has no terms. The "sign up" was the potentially confusing part, which has since been clarified.
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Posted 9/9/17 , edited 9/12/17
Experian is starting to frustrate me. I tried to apply for a fraud alert online, and they asked me some shit like "When was the address you live in constructed?" How the hell should I know?! It's an apartment owned by my landlord for chrissakes. Well apparently that was the wrong answer as now I've tried twice to go through their online site and they keep denying my request and telling me to send the information over snail mail. Well EXCUSE me if this is the 21st fucking century and I don't want to wait for the fucking postal service to deal with this. If I do send a letter it's gonna have more than my information in it I swear to God. I'll toss in some germs and other nasties for good measure.
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Posted 9/9/17 , edited 9/12/17
Thank you Equifax
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Posted 9/10/17 , edited 9/12/17
What happened is not so surprising.

After all, how many Wall Street banks were held accountable for the last financial meltdown?

How many of those exec's went to jail?

Equifax probably figured that spending money on securing customer data was pointless as they too are TOO BIG TO FAIL.

I hope to be proven wrong, but everything I have seen so far indicates that their attitude is going to be " suck on it peasants" and at the end they are going to walk away unscathed.
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