• Linn Cook

Equifax to Pay for Data Breach

In response to a massive data breach that occurred in 2017, Equifax has been ordered to pay $700 million for allowing the records of more than 147 million consumers to be stolen by hackers. This information included social security numbers, names, birth dates, addresses, credit card numbers and even driver's license numbers. Bad Equifax! Bad!

This means that the possibility of meeting your doppleganger or even multiple dopplegangers is much more likely than not. This also likely means that your super secret password 'password' has been figured out by a guy named Gleebo who hangs out in a cantina on the planet Tatooine. With a breach of this size, it's not just an existential threat, it's a galactic one.

Luckily, the fine folks at the CFPB have scolded Equifax the only way it could, by forcing them to basically give away their $19.95 credit monitoring product to virtually every man, woman and child in the United States as penance for being asleep at the switch for two and a half months.

And let's not forget, in the spirit of capitalism, the former CIO of Equifax sold all of his shares in the company a little more than a week before the breach was announced, making him eligible for the Darwin Award Hall of Fame in the financial category. Truly outstanding performance when you consider that Equifax shares have basically recovered from the drop that occurred as a result of the breach.

Now go get your free credit monitoring!

Happy Monday everyone!

#cfpb #security #creditreport


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