Equifax and Your Financial Future–You Are Screwed!

So Equifax gets hacked and up to 140 million financial records with bank accounts, wage info, debt info., social security numbers, savings, date of birth (really a valuable number by the way), credit info. and so much more is now out in the Ethernet–for frigging forever! Then their top people know of this for a month before it comes out–giving them time to run and hide and reportedly get stock and money out before it gets discovered and the stock begins to decline.

Let’s look at this a bit deeper because guys this may affect your future credit, potential employment, earnings, credit, savings and so much more for as long as you live! Let’s say you are 25 years old as this is written. Nothing happens to affect you currently. When you get to say 50 years of age and you have the family, house, savings, decent credit and so much more including some $$ banked in Social Security (if it still exists then). By then cash is done away (government is working on that scam right now). So by then everything is on plastic or a chip or whatever and accessible via computers or whatever. You are happy, got the one or two kids, wife, house, savings, retirement saved, and all is just dandy–then your information from 25 years earlier is accessed and used. Away go your savings, your retirement, your credit and you are now in shit city–your life destroyed by actions done 25 years earlier thanks to Equifax–a company probably no longer in business in the year 2042.

Credit card

 (Photo credit: Wikipedia)

This is a financial life ruining time bomb that will not go away–at least NOT in today’s world with today’s technology. No one knows how this can be cured–if even possible. It is incredibly serious–way the hell more serious than currently portrayed–watch and see. Back until the late 1950s your social Security Number by law was not to be used for identification–it even said that on the actual issued card!  Now the damn thing is required for I.D. and is tossed around casually like, well, your date of Birth. Your DOB is incredibly valuable by the way–that and your name is key to your individual identification-maybe more than fingerprints. Your medical records are also tied to date of birth, your SSN, and more. Many things can be done with your medical information to include credit and insurance and even future employment potential. Now the ability to access that too is out there for you to contend with–hey, we having fun yet?

Of the 140 million potential records “lost” by Equifax let’s say 100 million are actually at risk. If you go to the Equifax site enter your last six social security numbers and your last name it will pop up that you MAY have been hit–not that you were or were not but MAY. Then at our last look at their site you can opt to give Equifax money to CYA you to some extent. What the hell…

An old Social Security card with the "not...

An old Social Security card with the “not for identification” message (Photo credit: Wikipedia)

So you give them $10 bucks to help make make you feel a bit better. Now if 100 million do just that for just that amount Equifax stands to pull in one billion dollars! And the other two major credit monsters want their cut too so it all cost you around $40 to get some sort of reporting protection you are getting screwed–if that will really help in the first place.

Sticking with Equifax only since they did this to all of us–their charging us for this protection, (if you want to call it that) for their screw up and coverup is like the arsonist who sets your house afire charging you for the gas she used and her calling the fire department on your behalf. It is like the good old days when the mob visited your business and said for a cut each week your business would not be blown up or burned down.

The Equifax CEO and others are scheduled (they agreed–we’ll see) to testify in congress about the 3rd of October regarding this mess (someone bring rope, tar and feathers). How to really resolve this very real disaster will NOT get determined there or really anywhere probably for as long as you live. The info. is out, you can’t change your SS Number, your date of birth, name, etc. You could change banks, bank accounts, etc. but access is still done through your name, SSN and date of birth and they can be tracked quick in today’s data connected world.

Some nice young person in Nigeria may already have your information by now and access to your accounts, etc. to include credit cards and is charging the hell out of things while she can. Think of the mess and money this could cause to the credit card companies and retailers as they to try to reimburse you for false charges–and it is already tough enough to get them to do that now.

One thing for damn sureNO consumer should have to pay Equifax one single dollar for the reporting check and any protection (we laugh at any protection idea) they are offering or may offer for their major screw up. And the other two credit reporting outfits capitalizing on this should be rate restricted too. About the coverup–someone at Equifax should have to serve some prison time if insider trading resulted in any stock changes before this came out!

 

 

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