Equifax cyberspace hack causes a credit report leak
Equifax is a credit report company. That may sound simple, but it’s not. The truth is, they provide global information about human resources, business, processing, and outsourcing services. All this intel about governments and consumers is conveniently available on the internet, for a fee of course. A recent cyberspace hack will now affect consumers all over the world.
Essentially, Equifax gathers personal information about everyone and ranks your credit score. Credit ratings will enable you to walk into a bank and receive a loan, or get a credit card to travel or buy food, pay bills, etc. The company records all your comings and goings without your consent or knowledge. This information is then passed along to debt collecting companies and recovery management firms.
It is not crystal clear where all the data is derived
However, the hands of Equifax extends from US information to international workforce and global consumers. Its data bases host assets, telecommunications, and utility payments. Additionally, all travel charges, employment, income, demographics, marketing information, banking and financial information about everyone is stored in their database. They also provide free information, support, and services to all debt collections and recovery.
Between May and July 2017, criminals gained access to all the Equifax cyberspace files. In the leak, all personal identity information, even UK and Canadian residents were affected.
Some managers at the company sold stock right before the hack took place
This entire scenario seems seriously suspicious. Top managers earn an annual salary of more than $4 million. It raises eyebrows and many questions that they sold stocks just before the theft. Nevertheless, the Federal Bureau of Investigations is not commenting about its activities regarding any investigation.
Who gave the right to the company to compile all our private information? I know I didn’t give my personal consent, did you?
Now it’s all in the hands of an unknown entity as if it wasn’t before. But who is concerned the most about their assets and credit? Well, Taylor Swift and Michelle Obama are on the list of breached parties. Apparently, these celebrities are more important than other exposed citizens.
Of course the company, Equifax has more concern over how much this will cost them. Because their insurance coverage does not quite cover the breach, now Equifax is left to scramble. The company holds a policy that covers $100 million, with which the companies London counterparts must share.
But the good news is, now the company will be under investigation
Multiple state and federal sources are filing a class action suit over the insane breach. It won’t be a surprise if a brand new company pops right up to take on the role Equifax has now fallen. At every corner, there are vultures ready to steal your identity. Now they have easy access, thanks to Equifax.