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Equifax: Another demonstration of recklessness with consumer’s money

It has been almost a decade since the recession of 2008. Many variables were
responsible for the crash, but ultimately the banks were irresponsible. Many people lost
their homes and unemployment skyrocketed.
This year, Equifax had a security breach that lasted from May-July. It took another
month for Equifax to disclose the breach to the public, but three senior executives managed
to cash in by selling their shares before dropping the bomb.
The Breach affected approximately 143 million people. This compromised Social
Security numbers and other important information. If you bought a car, applied for a credit
card, or bought a house, it is more than likely your information was breached.
Equifax is offering a protection plan to consumers, which was met with skepticism.
A hack is one thing, but the overall recklessness and decit is concerning for consumers.
Experts recommend taking advantage of any services that are available. Many
advise that it’s better to protect yourself than to leave your information vulnerable. PSECU
urges students to take this breach seriously. They recommend that students check their
accounts daily and change passwords. Any form of fraud could damage your credit and
future.
An article from WYDaily raises the point that consumers cannot simply switch the
company that holds their credit history. This puts consumers at an extreme disadvantage. If
Apple came out with a phone that would blow up in our hand, consumers would switch to
Android.
Equifax holds and trades our data, but we don’t sign up for the service. Equifax is a
small example of corporate domination that is bad for consumers and overall capitalism.
Companies can disregard consumer’s demands with little remorse knowing that they won’t
lose customers. It could be argued that’s why Equifax has been so reckless.