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How Equifax Explained its Coming Nightmare

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wolfstreet.com / by Wolf Richter / Nov 10, 2017

“It is not possible to estimate the amount of loss or range of possible loss.”

Equifax reported that revenue ticked up 4% year-over-year in the third quarter to a less-than expected $835 million and net income plunged 27% to […]

This Isn’t A Joke: The IRS Just Hired Equifax To Safeguard Taxpayer Data

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zerohedge.com / by Tyler Durden / Oct 4, 2017 6:40 PM

Just hours after Equifax CEO Rick Smith wrapped up his testimony before the House Energy and Commerce committee – the first in a series of Congressional “fact-finding missions” about the hack – Politico reported that the IRS […]

From the Crap You Can’t Make up File – Equifax gets Fraud Prevention Contract from IRS

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johngaltfla.com / by John Galt / October 3, 2017

I swear you just can not make this crap up any more.

From Politico’s website tonight:

IRS awards multimillion-dollar fraud-prevention contract to Equifax

Yes, seriously.

The same IRS that handles all of your private information just gave a […]

Watch Live: Former Equifax CEO Faces Congressional “Public Shaming” Over Hack Farce

zerohedge.com / by Tyler Durden / Oct 3, 2017 9:55 AM

Former Equifax CEO Richard Smith (now retired) can expect a serious grilling this morning as he faces a congressional hearing into the utter farce surrounding the company’s gross mishandling (and potential insider trading) of a cyber-security breach which has left almost 150 million […]

Debt-Slave Industry Frets over Impact of Mass Credit Freezes

wolfstreet.com / by Wolf Richter / Sep 30, 2017

Their doom-and-gloom scenario: Consumers suddenly becoming prudent.

“Let’s face it, 143 million frauds won’t be perpetrated right away; it will take some time to filter through,” Steve Bowman, chief credit and risk officer at GM Financial, the auto-lending subsidiary of General Motors, told Reuters.

[…]

Peak Irony: Equifax Is (Finally) Hiring A “Fraud Monitoring Leader”

zerohedge.com / by Tyler Durden / Sep 28, 2017 9:36 AM

Overnight, one day after the now former CEO of Equifax, Richard Smith, announced his “retirement” from the humiliated, and hacked company, but not before collecting an exit bonus as much as $90 million, his replacement, interim CEO Paulino do Rego Barros Jr. penned […]

Equifax and Our Broken Computer Industry

mauldineconomics.com / BY GEORGE FRIEDMAN / SEPTEMBER 25, 2017

The Equifax hack ought to have been the last straw in the saga of our inept computer industry. Critical information on the vast majority of American families was compromised. To say that this was not a rare phenomenon understates it. There has been an endless array […]

Equifax Breach Is a Reminder of Society’s Larger Cybersecurity Problems

financialsense.com / THE CONVERSATION / 09/22/2017

The Equifax data breach was yet another cybersecurity incident involving the theft of significant personal data from a large company. Moreover, it is another reminder that the modern world depends on critical systems, networks and data repositories that are not as secure as they should be. And it […]

Equifax Accidentally Directs 200,000 Customers To Fake Phishing Website

zerohedge.com / by Tyler Durden / Sep 21, 2017 12:20 PM

And the hits just keep coming for Equifax, the once-trusted credit-monitoring firm that has been embroiled in one of the biggest corporate public-relations disasters in recent memory since disclosing that hackers had penetrated its cyber security defenses and absconded with sensitive personal and […]

Muddy Waters’ Carson Block Sues Equifax For $500,000

zerohedge.com / by Tyler Durden / Sep 17, 2017

Disgraced credit-monitoring company Equifax, which has seen its stock drop by nearly 40% since disclosing what will likely be remembered as one of the most damaging data breaches in US history, eliciting dozens of class-action lawsuits, calls for investigations by at least one state […]

Lawsuits Against Equifax Pile Up. But Where Are the Handcuffs?

wolfstreet.com / by Wolf Richter / Sep 17, 2017

Short seller Carson Block victimized by Equifax hack, Sues for $500,000

Carson Block, the infamous short-seller who among other things peeled back some of the layers covering up Valeant’s murky business schemes and crushed its shares and made a ton of money in the […]

Equifax is Not Your Friend: Should Everyone Freeze Their Account?

mishtalk.com / Mike “Mish” Shedlock / September 17, 2017

The Equifax security breach scandal keeps growing and growing. Their handling of the data breach that affected as many as 143 million accounts has been horrendous.

Executives dumped their shares before reporting the stolen data. Following the breach, their website did not function properly, people […]

Massive Equifax Hack Shows Cyber Risk to Deposits and Investments Today

goldcore.com / By janskoyles / September 13, 2017

44% of US population affected by Equifax hack Hackers took names, birthdays and addresses, Social Security and driver’s license numbers Steve Mnuchin “concerned about the global financial system and keeping it safe,” Hacks is a reminder of the vulnerabilities created in a connected world Cyber security […]

With scumbags like this, it’s easy to understand why Bitcoin is at $4600…

sovereignman.com / by Simon Black / September 8, 2017

File this one away under ‘utterly repulsive’.

As you probably heard, yesterday the US-based credit reporting agency Equifax announced a massive cyberattack that affects as many as 143 million consumers.

Names. Birth dates. Addresses. Social Security Numbers. Even some credit card numbers were stolen.

Literally […]

F Stands For Facebook: Presenting The New FICO Credit Score

zerohedge.com / by Tyler Durden on 08/07/2015 12:56

In April, we brought you the “FAKE-O” score or, as we delicately described it, “banks’ brilliant plan to lend to deadbeats.”

The problem with FICO scores – or any other measure of creditworthiness where the model inputs are linked to payment history – is that they don’t […]

This is What We’ve Been Waiting for, the True Recovery of the American Economy

wolfstreet.com / by Wolf Richter • July 31, 2015

Consumers Finally “Getting on with Their Lives” as Credit-Card Debt Slaves: Equifax

Equifax, which profits from the process when more people apply for credit and load up on debt, sees the miracles of the current economy this way: “American consumers continue to show signs they are […]