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Talk about a nightmare. It is being reported that criminals were able to hack into Equifax and make off with the credit information of 143 million Americans. We are talking about names, Social Security numbers, dates of birth, home addresses and even driver’s license numbers. If this data breach was an earthquake, we would be talking about a magnitude-10.0 on the identity theft scale. We have never seen anything like this before, and to say that this will be “disastrous” for the credit industry would be a massive understatement.
What really disturbed me about this story is that this hack reportedly occurred between “mid-May and July of this year”…
– Equifax must pay $18.6 million after failing to fix Oregon woman’s credit report (The Oregonian, July 26, 2013):
A jury Friday awarded an Oregon woman $18.6 million after she spent two years unsuccessfully trying to get Equifax Information Services to fix major mistakes on her credit report.
The judgement, likely to be appealed, appears to be one of the largest awarded to a consumer in a case against one of the nation’s major credit bureaus.
Julie Miller of Marion County, who was awarded $18.4 million in punitive and $180,000 in compensatory damages, contacted Equifax eight times between 2009 and 2011 in an effort to correct inaccuracies, including erroneous accounts and collection attempts, as well as a wrong Social Security number and birthday. Yet over and over, the lawsuit alleged, the Atlanta-based company failed to correct its mistakes.