The Equifax Debacle, Part II
Which Reminded Me That Cahoots is One of my Favorite Words
On September 18, National Mortgage News posted this headline: “Are credit bureaus, housing groups in cahoots to kill FICO scores?” And there it was - cahoots!
To be fair, this latest not-so-subtle accusation did not have much to do with what happened at Equifax -- read all about that on a previous Blog here … or did it? If you simply scan hundreds of articles about the incredible disaster Equifax has promulgated, it seems a reasonable conclusion. Yes, not only are the Equifax ramifications incredible -- see below -- but why wouldn’t they start a new conspiracy theory? Before we head into the fallout, let’s dwell on some of my favorite conspiracy theories just for a minute.
The Illuminati: Many conspiracy theorists harbor the delusional belief that a shadowy cabal called the Illuminati control the world, even though it’s painfully obvious that the Bilderberg Group is really calling the shots.
End of digression, with apologies to Avril.
Back to Equifax. And may I simply say, “Holy Hailstorm, Batman!” Here’s just a summary of what has resulted from the major OOPS at Equifax in the US, Canada, Europe, etc. I have graciously sourced my summarized conclusions for those avid readers among us, but please know this is not even close to a complete list. For less avid readers, a simple headline scan should do you.
All of us of us have a high probability of having had our identity stolen.
Some Equifax Executives, those who have been terminated, probably want their identity stolen.
This will cost oodles of time and money -- big oodles.
Class-Action Lawsuit Filed Against Equifax After Massive Data Breach* [See the last item in "Gargantuan legal cases will ensue" below if you would like to be included.]
Another layer of fear and mistrust has descended upon us.
Congress must take action.
This has happened before at Equifax.
Equifax says March breach not related to major hack [well, hmmm … read the article and come to your own conclusion …]
Gargantuan legal cases will ensue.
Some good news may result?
So what’s a gal or guy to do? Freeze your credit now** and “melt” it when needed? Sign up for a credit monitoring system (not owned by Equifax)? Pester your congressional representatives to pass legislation ensuring this will never happen again? Re-read “What can you do about this right now?” Keep the faith, take heart, be confident that smarter people than me and you are working on a solution to this for everyone -- just like this perhaps!
** Just in case you choose to go the freeze route, find more information below. And yes, this process has to be repeated 4 separate times or, if you are married, then eight times (sorry)!
*** From SavvyOnCredit: “In addition to the three most prominent consumer-reporting agencies (Experian, Equifax, and TransUnion) there are several other national agencies that may collect, store and disseminate your personal financial information. While the big three dominate the traditional market, other players compete by offering complementary services for lenders.
Innovis is the fourth national U.S. consumer credit bureau. Innovis began life as Associated Credit Bureaus before going through several name changes and ownership changes. Their competitive advantage was a broad file of negative or derogatory information. Today, they offer a range of supporting services: verification, flood zone determination, appraisal services, and more.”