Holy Moly, Now Wells Fargo Recommends a Credit Freeze in Equifax Hack, by Wolf Richter

STRAIGHT LINE LOGIC

Credit being the life blood of the US economy, if credit freezes up because of the Equifax fiasco, it could well have knock-on economic effects. From Wolf Richter at wolfstreet.com:

Third largest US bank reaches out to its customers. A mass credit freeze would have a huge impact.

No one knows yet how the Equifax hack – during which Social Security numbers, birth dates, addresses and, “in some instances,” driver’s license numbers of 143 million consumers had been stolen – will wash out for Equifax, or for the other credit bureaus.

But it increasingly looks like a far bigger and broader mess not only for the credit bureaus but for the overall consumer-based US economy whose grease is easy and often instant consumer credit.

People are trying to put a credit freeze on their data at the three major credit bureaus to protect themselves from identity theft. Victims of identity…

View original post 247 more words

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Author: Lisa the Infidel

I am an #Infidel - born and bred North Carolina.

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