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Naive question: what harm can come from someone having your credit record? Companies all the time do hard inquiries to access your credit record. EDIT: don't
by alberth 4y ago
Naive question: what harm can come from someone having your credit record?
Companies all the time do hard inquiries to access your credit record.
EDIT: don't get me wrong, it's not good this was able to be done. But what's the actual impact though?
- tantalor 4y agoCame here to ask this. The article doesn't say why this is a bad thing. At best it implies poor security by the credit agencies might increase the risk that "identity thieves will ruin your financial future" but it doesn't say how access to a credit report will do this. Guessing: something in the report (what exactly?) might make taking out bogus loans easier by selecting the most vulnerable victims (why?)
- downrightmike 4y agoFun one is they buy a motorcycle and insurance and keep charging it to you and you have to fight with the insurance companies to clear the debt.
- mynameisvlad 4y agoIdentity verification questions are generally based on public records along with the credit report information. Some questions might not be detailed in the report (like how much a specific loan’s monthly payments are) but others would definitely be included, like the name of a creditor on file.
- janalsncm 4y agoIf the credit record has your SSN, a criminal can pretend to be you and borrow money in your name. Then the bank will come after you for repayment and the credit reporting company will 1) report that you have outstanding debt 2) report on any “missed payments” on this debt 3) lower your credit score because of 1 and 4) share this false info with other credit reporting agencies.