News and details of this breach are just beginning to come out but it’s going to be a doozy. The things to understand here are 1) “customers” are anyone and everyone who has a credit card, ever had a loan of any type, etc and thus has a credit rating — you’re likely a “customer” even if you’ve never had any direct interaction with Equifax or have ever even heard of them; and 2) the quantity and quality of the details the hackers know about the victims of this breach are deep and personal — our social security numbers, previous addresses, entire credit history — all the information you are often asked to provide in order to prove you are you.
Series: Money in the Media
Articles I read or news pieces I hear that I wanted to share….
An interesting study about “soft information” and loan outcomes by gender of both lender and borrower.
According to this Wall Street Journal article, the big three credit reporting agencies (TransUnion, Experian, and Equifax) have agreed to no longer include tax liens and civil judgements on credit reports unless they meet more stringent identity-matching criteria.
I typically find these “10 Things…” -themed articles annoying, useless click-bait but I thought this one had some entertainment value and was rather low on the annoying scale: 7 Weirdest State Tax Laws.
Take a few minutes to watch this PBS Newshour piece on the cost of banking for the poor and vulnerable. Triple-digit interest rates? How can that possibly be legal?