Was the equiafax hack for profit?

I have been reading into this equiafax hack business and it leaves a sour taste in my mouth.

First of all who asked the American public to intrust 3 private corporations with such private and sensitive information?

How is it that certain, large portion share holders dumped the stock days before the so called hack.

Why does it cost 10 dollars per reporting service to freeze your reports so to protect yourself from such a irresponsible and flawed system.

This seems to be a cash grab to me.

Step 1) dump stock

Step 2) claim hack

Step 3) charge 10 dollars a person for a service you never asked to be a part of.

Step 4) dissolve equiafax into experian and transunion, thus coming closer to monopolizing the system.

Step 5) profit.

What I am claiming is just a thought, what do you think?

a reply to: bananashooter

i'm pretty sure the stock dump came after the hack, but about 40 days before they made the hack info public.

well okay, but still, it seems fishy. a reply to: fiverx313

I heard a radio commercial this morning that used the Equifax breach as a way to get more subscribers to Lifelock. I think this will certainly be profitable for LIfelock. Made me wonder if its an overall win or loss for the identity safety industry.

originally posted by: bananashooter
well okay, but still, it seems fishy. a reply to: fiverx313

i think equifax has definitely acted questionably... first they concealed the hack while they dumped their stock... then they offered to sign you up for their protection service -- which included a clause that waives your ability to sue them -- and which you will doubtless have to deliberately go to unsubscribe to, so you can avoid paying fees after your free time is up.

it's all highly unscrupulous. i don't think it means there was no hack, though. it's just a predatory business doing what they do -- taking advantage of any and every situation.

Well I took measures long ago by completely destroying my credit to the point that nobody short of the mob would lend to me, so basically nobody wants to be me!

originally posted by: bananashooter
Well I took measures long ago by completely destroying my credit to the point that nobody short of the mob would lend to me, so basically nobody wants to be me!

haha, do it up right

a reply to: bananashooter

I've heard multiple times, from varying sources that the "hackers" demanded Bitcoin for ransom. Hmmm....



www.crowdfundinsider.com...

Just another orchestrated attack on bitcoin from the major financial institutions most likely. a reply to: FamCore

originally posted by: bananashooter
well okay, but still, it seems fishy. a reply to: fiverx313

In general the stock market is fishy. If you knew the amount of manipulation that happens it would make your head spin. It's unbelievably corrupt.

Yes but to participate in trading is completely voluntary, someone opening a line of credit in your name is not. a reply to: scojak

a reply to: bananashooter

Participating in the credit system is also voluntary. Nobody is forcing you to spend more than you earn, or not to use cash. It is completely by choice. Maybe the illusion the creditors created around it is that it is not voluntary, but it is.

originally posted by: HanSolo31
a reply to: bananashooter

Participating in the credit system is also voluntary. Nobody is forcing you to spend more than you earn, or not to use cash. It is completely by choice. Maybe the illusion the creditors created around it is that it is not voluntary, but it is.

Most people cannot pay cash for an automobile or a house. No credit entries, little chance to borrow.

It's being used to justify charging people more. More of he monetary greed of this country.

a reply to: roadgravel

I understand and agree. However, nobody is forcing you to borrow. If you cant afford a house, dont buy one. Real estate prices are inflated because people who can't afford houses are getting them (artificial demand). If everyone decides to live within what they can afford prices will have to come down, and creditors can go bye bye. This is a self inflicted wound and a vicious circle. People cant afford houses --> borrow money --> prices rise further --> more people cant afford housing --> more people borrow and on and on. Until something like Lehman occurs, bailout and all over again.

Yes, but I am talking about people who will have lines of credit started in their names. No one asked to be a part of experians data base. a reply to: HanSolo31

a reply to: HanSolo31

i completely understand your point and we do need to do more along those lines. But I doubt most people would ever be able to pay cash for a house.

a reply to: bananashooter

Absolutely, and I have empathy for those affected by this breach. Did you not know that your data was being stored ? I certainly knew this for the last 10 years or so. Every credit card transaction is being recorded, every debt outstanding is being recorded, and this data has to be stored somewhere. They dont have someone pick up a receiver and call on a secure line each time you take a loan or make a payment. You cant have the benefit of borrowing money you dont have without some opposite risk or cost. The internet comes at the cost of our attention span and privacy, modern medicine comes at the cost of opioid abuse, overuse of antibiotics, and then of course mutations and antibiotic resistant variations. Yin and yang. Everything comes at a cost. I just find it hard to believe that people are so surprised they store the data.

We need to switch to Blockchain tech for credit reports.a reply to: HanSolo31

originally posted by: HanSolo31
a reply to: bananashooter

Absolutely, and I have empathy for those affected by this breach. Did you not know that your data was being stored ? I certainly knew this for the last 10 years or so. Every credit card transaction is being recorded, every debt outstanding is being recorded, and this data has to be stored somewhere. They dont have someone pick up a receiver and call on a secure line each time you take a loan or make a payment. You cant have the benefit of borrowing money you dont have without some opposite risk or cost. The internet comes at the cost of our attention span and privacy, modern medicine comes at the cost of opioid abuse, overuse of antibiotics, and then of course mutations and antibiotic resistant variations. Yin and yang. Everything comes at a cost. I just find it hard to believe that people are so surprised they store the data.

I find it surprising that you seem to think it’s okay for the information not to be secured. FWIW, when I use credit, it’s of the 0% interest type and my IRAs, Mutual Funds, etc., continue to earn (although I suppose I could pay cash, drop my investment balances, and lose all the dividends income)...which, um, wouldn’t be very smart. BTW, generally you have to provide authoriztion for companies to store personal information in a database...at least since the 1974 Privacy Act. I am 100% sure I did not authorize Equifax, Experian, or Transunion to store my data.