Stop and Read What Morris+D’Angelo Advises for the Equifax Hack
I have a strong feeling that you’re aware of the latest security breach at one of the major credit companies you may have heard of, Equifax. Unfortunately for you and for me, these occurrences of security breaches or “Hacks” are seemingly becoming commonplace news.
Why Would You Care
The Information (Data) that was compromised would make it so that someone could, potentially, use that data to open accounts at financial institutions without your knowledge.
What to do?
Freeze You Accounts and then Come Talk to Us but, before you do, ask yourself how much is at risk? This will help us determine the best advisory path toward resolution.
There are three major Credit Reporting Agencies (CRAs) in the US: Equifax, TransUnion, and Experian. Their business model is keeping records And ONLY RECORDS; their inventory is your and my Personal Data, organized on a per-person basis, about debts. They may sell this information to banks for the banks to use. They also sell credit scores, a product that provides the bank information to evaluate your creditworthiness.
Never pay a penny of a debt that isn’t yours. Paying waives your legal rights because the system assumes that nobody would pay something they didn’t actually owe. Paying also doesn’t help you, because in most cases paying debts that were once delinquent does not improve your credit scores.
Unfortunately, What We Advise
- Assume the CRAs will do the bare minimum to comply with the law. They are among the most odious and user-unfriendly institutions in the United States. You want to minimize your interactions with them; you want to minimize with discretion what you provide to them about your situation.
- You should never call a CRA, ever. They have phone centers staffed with people whose only job is getting you off the phone. They have very limited capacity to help. ONLY Communicate In WRITING in a Paper Letter when dealing with any CRA.
- Paper trails are terrifying to regulated institutions.
Often customer support representatives are taught to determine and recognize those who might be organized enough to document and articulate in writing their grievances.
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Daniel frequently provides Media Content via Workshops, Podcasts and Printed Articles on topics like Cross Border Transactions, Wealth Preservation and Planning, Global Banking and many other high-level financial topics that serve and demonstrate the Value of our Global Network that should be of interest to those who need Private High-Wealth Services. If you wish for Daniel to speak to you or your Professional Group, please contact us.
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