FadeToBlack&Gold
Microlot Marxist
The biggest info sec and financial scandal of the 2010s is on deck. Continue.
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Nice Planet 14: You People Make Me Sick
- Thread starter FadeToBlack&Gold
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The biggest info sec and financial scandal of the 2010s is on deck. Continue.
Twitch Boy
Defacing this tagline is a MAX foul
Re: Nice Planet 14: You People Make Me Sick
Fear quotient is up as well. The guy living off $50K stashed under his mattress suddenly looks like he knows what he's doing. People will see that. Less buying, fewer loans taken out...
All it takes is one domino. Playing dicky-dick with the creditworthiness of half the nation is a pretty nice-sized domino.
Econ 101: it's not what you're worth, it's what people THINK you're worth. If that trust vanishes from either end...welcome to 1929.
Fear quotient is up as well. The guy living off $50K stashed under his mattress suddenly looks like he knows what he's doing. People will see that. Less buying, fewer loans taken out...
All it takes is one domino. Playing dicky-dick with the creditworthiness of half the nation is a pretty nice-sized domino.
Econ 101: it's not what you're worth, it's what people THINK you're worth. If that trust vanishes from either end...welcome to 1929.
Re: Nice Planet 14: You People Make Me Sick
What they think you're worth, and what they think you can pay. I'm not worth much, but when I got my car loan, they took the odds and knowledge of my (minute) credit history and figured I could pay the monthly bill. I haven't made a min payment yet, always has been a few dollars more. They are rather pleased with that.
What they think you're worth, and what they think you can pay. I'm not worth much, but when I got my car loan, they took the odds and knowledge of my (minute) credit history and figured I could pay the monthly bill. I haven't made a min payment yet, always has been a few dollars more. They are rather pleased with that.
unofan
Well-known member
Re: Nice Planet 14: You People Make Me Sick
No they're not, because you're costing them interest. They LOVE minimum payments.
No they're not, because you're costing them interest. They LOVE minimum payments.
Re: Nice Planet 14: You People Make Me Sick
Allow me to rephrase: I'm not missing payments. That is what they are pleased about. The bank actually asked if I *ever* took out a loan. I have. Once. 15 years ago. So, no history of loans. Just minimal credit card crap.
Allow me to rephrase: I'm not missing payments. That is what they are pleased about. The bank actually asked if I *ever* took out a loan. I have. Once. 15 years ago. So, no history of loans. Just minimal credit card crap.
dxmnkd316
Lucia Apologist
Re: Nice Planet 14: You People Make Me Sick
You guys need to take off your tinfoil hats. They didn't hack and take control of Equifax or the credit market. At worst the credit history of Americans was stolen. That's hardly worth worrying about.
The Great Recession was because trillions of dollars were poorly invested and a once-in-a-lifetime* bubble burst.
*ETA: Unless Republicans have their way.
You guys need to take off your tinfoil hats. They didn't hack and take control of Equifax or the credit market. At worst the credit history of Americans was stolen. That's hardly worth worrying about.
The Great Recession was because trillions of dollars were poorly invested and a once-in-a-lifetime* bubble burst.
*ETA: Unless Republicans have their way.
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Re: Nice Planet 14: You People Make Me Sick
It's not that it was stolen, it's what they can do with it. It could be nothing. It could be everything.
It's not that it was stolen, it's what they can do with it. It could be nothing. It could be everything.
Re: Nice Planet 14: You People Make Me Sick
Yeah, I do. I had the privilege of knowing 3 of my great-grandparents (2 of whom came off the boat from Oslo just before that time). Told me many a story. Sadly, some of their practices ended their lives a little early (like eating gristle because it was edible, and they did that until the day they died).
Yeah, I do. I had the privilege of knowing 3 of my great-grandparents (2 of whom came off the boat from Oslo just before that time). Told me many a story. Sadly, some of their practices ended their lives a little early (like eating gristle because it was edible, and they did that until the day they died).
dxmnkd316
Lucia Apologist
Re: Nice Planet 14: You People Make Me Sick
I'm not sure what any of that has to do with what I wrote.
I'll give 5:1 that nothing even remotely close to what you loonballs are predicting happens.
Credit cards aren't going to have much impact since the consumer isn't going to pay for fraudulent charges. On top of that, if the breach was six months ago, most of the cards will have already been replaced or will be shortly. Credit card companies are getting very good at stopping fraud.
Credit history? Big deal. I'll tell you mine. Social security number and address? I would strongly prefer you didn't have it, but the smart consumer checks their credit report once a year. Most consumers who have credit cards now get their credit report monthly for free.
In order for what happened in 2008 to happen again from this breach, tens of millions of mortgages would need to be fraudulently taken out and allowed to go into default. Not going to happen.
I'm not sure what any of that has to do with what I wrote.
I'll give 5:1 that nothing even remotely close to what you loonballs are predicting happens.
Credit cards aren't going to have much impact since the consumer isn't going to pay for fraudulent charges. On top of that, if the breach was six months ago, most of the cards will have already been replaced or will be shortly. Credit card companies are getting very good at stopping fraud.
Credit history? Big deal. I'll tell you mine. Social security number and address? I would strongly prefer you didn't have it, but the smart consumer checks their credit report once a year. Most consumers who have credit cards now get their credit report monthly for free.
In order for what happened in 2008 to happen again from this breach, tens of millions of mortgages would need to be fraudulently taken out and allowed to go into default. Not going to happen.
Re: Nice Planet 14: You People Make Me Sick
We're not saying it's GONNA happen. The potential is there. Big time. BIG time. You just got 'splained to by people much smarter than I am in this sort of thing. This is a HUGE hack. Some people, because as you say they don't pay attention, will be affected. It's the end number of people that will determine the effect.
We're not saying it's GONNA happen. The potential is there. Big time. BIG time. You just got 'splained to by people much smarter than I am in this sort of thing. This is a HUGE hack. Some people, because as you say they don't pay attention, will be affected. It's the end number of people that will determine the effect.
FadeToBlack&Gold
Microlot Marxist
Re: Nice Planet 14: You People Make Me Sick
I'm not the one predicting economic havoc.
This is still a massive info sec scandal emanating from a company whose business is confidential data and PII, not to mention the apparent insider trading.
I'm not the one predicting economic havoc.
This is still a massive info sec scandal emanating from a company whose business is confidential data and PII, not to mention the apparent insider trading.
dxmnkd316
Lucia Apologist
Re: Nice Planet 14: You People Make Me Sick
No it's not. No I didn't. No, at worst it's going to be a headache for a handful of people.
That's probably good, because we'll forget about this by next year. Just like target, Home Depot, chipotle, Blue Cross, and every other major breach.
It is a big security breach and I'm sure some people will set their hair on fire. The biggest thing to come of this will be the insider trading scandal.
No it's not. No I didn't. No, at worst it's going to be a headache for a handful of people.
That's probably good, because we'll forget about this by next year. Just like target, Home Depot, chipotle, Blue Cross, and every other major breach.
It is a big security breach and I'm sure some people will set their hair on fire. The biggest thing to come of this will be the insider trading scandal.
Re: Nice Planet 14: You People Make Me Sick
You realize this is one of three (IIRC) companies to manage ALL credit data? This isn't some department store.
You realize this is one of three (IIRC) companies to manage ALL credit data? This isn't some department store.
Re: Nice Planet 14: You People Make Me Sick
From the article on CNN:
Equifax is one of three nationwide credit-reporting companies that track and rates the financial history of U.S. consumers. The companies are supplied with data about loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history, which all factor into credit scores.
From the article on CNN:
Equifax is one of three nationwide credit-reporting companies that track and rates the financial history of U.S. consumers. The companies are supplied with data about loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history, which all factor into credit scores.
Handyman
Hug someone you care about...
Re: Nice Planet 14: You People Make Me Sick
Yeah but DX's point is nothing can really be done with it that cant be fixed. The things that could come of it (and most likely wont) are just major amounts of identity theft. While that is a hassle that isnt going to cause a run on the banks and it certainly isnt going to cause a 2008 like crash. (unless the thieves use the info to rob the bank)
We dont live in a "cash" world anymore. To get things done you need to have some sort of credit or access to a bank account. While this is going to be a problem millions of people arent going to give up the ease of their banking lives and pull their money. Maybe if the banks were the ones hacked but Equifax? That has nothing to do with anything. I bet half the people dont know what Equifax is (or care) and the ones that do arent going to all of a sudden get rid of their car payments, house payments, credit cards and money market accounts just because they lost faith in 1 of 3 major credit bureaus. Even discounting the fact that doing so would be illogical the truth is people are lazy and they arent going to start hoarding cash in their house in large quantities over this because that takes a lot of effort. They arent going to give up their mobile banking and online billpay for it either. Maybe some farmers who hate banks will use this to reinforce their beliefs but no one living in a city or suburb is going to do anything, because they would have to uproot their entire lifestyle in order to do it.
Yeah but DX's point is nothing can really be done with it that cant be fixed. The things that could come of it (and most likely wont) are just major amounts of identity theft. While that is a hassle that isnt going to cause a run on the banks and it certainly isnt going to cause a 2008 like crash. (unless the thieves use the info to rob the bank)
We dont live in a "cash" world anymore. To get things done you need to have some sort of credit or access to a bank account. While this is going to be a problem millions of people arent going to give up the ease of their banking lives and pull their money. Maybe if the banks were the ones hacked but Equifax? That has nothing to do with anything. I bet half the people dont know what Equifax is (or care) and the ones that do arent going to all of a sudden get rid of their car payments, house payments, credit cards and money market accounts just because they lost faith in 1 of 3 major credit bureaus. Even discounting the fact that doing so would be illogical the truth is people are lazy and they arent going to start hoarding cash in their house in large quantities over this because that takes a lot of effort. They arent going to give up their mobile banking and online billpay for it either. Maybe some farmers who hate banks will use this to reinforce their beliefs but no one living in a city or suburb is going to do anything, because they would have to uproot their entire lifestyle in order to do it.
Re: Nice Planet 14: You People Make Me Sick
I'm with dx on this one. Whooptiefreakindoo, so now for about the tenth time my information has been hacked. I'd still put this one well below OPM on my care list. This has virtually no impact on me, OPM makes me more than a little hesitant to travel to some places I'd like to at some point.
I'm with dx on this one. Whooptiefreakindoo, so now for about the tenth time my information has been hacked. I'd still put this one well below OPM on my care list. This has virtually no impact on me, OPM makes me more than a little hesitant to travel to some places I'd like to at some point.
ScoobyDoo
NPC
trixR4kids
New member
Re: Nice Planet 14: You People Make Me Sick
If you forget to pay your credit card they destroy your life via credit score. If they're completely irresponsible and everyone's info gets hacked well... it happens
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