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Equifax is yet another form of financial corruption. The charge/fee incurred in freezing your credit is so close to a shakedown - this is absurd. Credit ratin

Equifax is yet another form of financial corruption. The charge/fee incurred in freezing your credit is so close to a shakedown - this is absurd. Credit ratings of the population are a product they sell to financial firms and then they charge (read shakedown) that population for pausing the sale of that data so you the consumer can prevent irreparable credit harm. Then when they screw up and allow a leak of your data which will eventually cause irreparable harm they have the audacity to bully those they've screwed over.

losteric 9y ago
It's even more ridiculous: The bank lets criminals walk out the door with money in our name. Equifax demands money to avoid punishing us when banks are defrauded through their own incompetence. This is worse, because Equifax aided the criminals, but we were always getting screwed over.
- njarboe 9y ago
  Wonder why there aren't class action law suits against banks and other companies that lie to the credit bureaus about people defaulting on loans? It is not "identify theft" that is the problem, it is banks libeling people and the credit bureaus passing the libel along. You loaned money to someone and didn't even have their correct identifying information. Well that's a bit of a problem for you. You say that the fraudster used my name and other info to impersonate me. I can see you are in a bit of a pickle in how to get your money back. You are going to lie and say I defaulted on your loan to a credit bureau? Fuck you, asshole. I'm going to call the police and you are going to get a big fine and/or go to jail. One can dream, anyway.
  - drieddust 9y ago
    It is because these shenanigans are perfectly legitimatized. I recently read "A Man for All Markets" by Edward O. Thorp and it opened my eyes to the level of corruption practiced by Financial Institutions. I find India incredibly corrupt but now I think America is not far behind. Only reason financial crimes in America does not come to light is because they are legitimatized by completely twisting the Laws to favor the right set of people. Case in point is Mr. Trump who has declared bankruptcy multiple times without having any impact on his personal worth. This is just nuts.
    - EpicEng 9y ago
      >Case in point is Mr. Trump who has declared bankruptcy multiple times without having any impact on his personal worth. This is just nuts So... if that weren't possible, how do you think it would affect the rate at which businesses are created? Let's say you want to start a business, but if you hit hard times and need to fold, you are _personally_ liable for any debt? Would you start that business, knowing that your financial life could easily be destroyed for the next 30 years? If you _did_ decide to start that business, do you think you'd want to grow at anything more than a snail's pace (if at all)?
      - drieddust 9y ago
        If that is the case then why business owners should be compensated handsomely when they succeed? while they reap the benefits of success ,failure should be owned by society? I am not saying personal financial position should be destroyed but if you are a multimillionaire already why your failures should be outsourced to society? And as far as growth is concerned, what's wrong with growing slowly? Cancer too is growth, it's just uncontrolled. Coming to Trump, he repeatedly failed doing the same type of business.
        Fjolsvith 9y ago
        I would argue that being a multimillionaire doesn't actually count as failing.
        dkersten 9y ago
        https://www.washingtonpost.com/politics/2016/live-updates/general-election/real-time-fact-checking-and-analysis-of-the-first-presidential-debate/fact-check-has-trump-declared-bankruptcy-four-or-six-times/ https://www.washingtonpost.com/politics/2016/live-updates/ge... According to this Washington Post article, he filed for Chapter 11 a number of times. You argue that being super rich doesn’t count as failing, quite from the article “Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004, after accruing about $1.8 billion in debt.“, which sounds like a failure to me. Trump seems to be good at wiping out other people’s money while protecting his own.
nwatson 9y ago
Fortunately some states like North Carolina force credit bureaus to let consumers freeze credit reports for no fees. I froze our family credit with the big three and it didn't take long (one bureau required me too register an online account) and now am finalizing Innovis freeze too.

losteric 9y ago

It's even more ridiculous: The bank lets criminals walk out the door with money in our name. Equifax demands money to avoid punishing us when banks are defrauded through their own incompetence. This is worse, because Equifax aided the criminals, but we were always getting screwed over.

njarboe 9y ago
Wonder why there aren't class action law suits against banks and other companies that lie to the credit bureaus about people defaulting on loans? It is not "identify theft" that is the problem, it is banks libeling people and the credit bureaus passing the libel along. You loaned money to someone and didn't even have their correct identifying information. Well that's a bit of a problem for you. You say that the fraudster used my name and other info to impersonate me. I can see you are in a bit of a pickle in how to get your money back. You are going to lie and say I defaulted on your loan to a credit bureau? Fuck you, asshole. I'm going to call the police and you are going to get a big fine and/or go to jail. One can dream, anyway.
- drieddust 9y ago
  It is because these shenanigans are perfectly legitimatized. I recently read "A Man for All Markets" by Edward O. Thorp and it opened my eyes to the level of corruption practiced by Financial Institutions. I find India incredibly corrupt but now I think America is not far behind. Only reason financial crimes in America does not come to light is because they are legitimatized by completely twisting the Laws to favor the right set of people. Case in point is Mr. Trump who has declared bankruptcy multiple times without having any impact on his personal worth. This is just nuts.
  - EpicEng 9y ago
    >Case in point is Mr. Trump who has declared bankruptcy multiple times without having any impact on his personal worth. This is just nuts So... if that weren't possible, how do you think it would affect the rate at which businesses are created? Let's say you want to start a business, but if you hit hard times and need to fold, you are _personally_ liable for any debt? Would you start that business, knowing that your financial life could easily be destroyed for the next 30 years? If you _did_ decide to start that business, do you think you'd want to grow at anything more than a snail's pace (if at all)?
    - drieddust 9y ago
      If that is the case then why business owners should be compensated handsomely when they succeed? while they reap the benefits of success ,failure should be owned by society? I am not saying personal financial position should be destroyed but if you are a multimillionaire already why your failures should be outsourced to society? And as far as growth is concerned, what's wrong with growing slowly? Cancer too is growth, it's just uncontrolled. Coming to Trump, he repeatedly failed doing the same type of business.
      - Fjolsvith 9y ago
        I would argue that being a multimillionaire doesn't actually count as failing.
        dkersten 9y ago
        https://www.washingtonpost.com/politics/2016/live-updates/general-election/real-time-fact-checking-and-analysis-of-the-first-presidential-debate/fact-check-has-trump-declared-bankruptcy-four-or-six-times/ https://www.washingtonpost.com/politics/2016/live-updates/ge... According to this Washington Post article, he filed for Chapter 11 a number of times. You argue that being super rich doesn’t count as failing, quite from the article “Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004, after accruing about $1.8 billion in debt.“, which sounds like a failure to me. Trump seems to be good at wiping out other people’s money while protecting his own.

nwatson 9y ago

Fortunately some states like North Carolina force credit bureaus to let consumers freeze credit reports for no fees. I froze our family credit with the big three and it didn't take long (one bureau required me too register an online account) and now am finalizing Innovis freeze too.