Credit mess -- longish

Gary Smyth
Any chance of massive indignation and/or justice was lost in November, 2016 with all three partitions of government in place on a pro-business agenda.

That said, with the Equifax breach (and the similar credit reporting concerns who are all linked to one another) now determined by the Wall Street Journal to be March, 2017 not May, as earlier disclosed, it gave the hackers six months to do what they were able to disrupt about 105,000,000 (rounded off number of American citizens over the age of 18, excluding younger and non-citizens) who secured a credit card or major purchase from the banks and or major card companies.

This ought to be a very big deal but I doubt that beyond the retirements (read keeping their benefits) of some few corporate and computer personnel little will occur. These guys are literally too big to fail. If massive large scale changes take place with credit reporting, banks and large wholesale and retail and real estate will spiral into too many difficulties. That will not help the Federal and state programs for projected growth of the economy.

So in my view, don’t hold your breath. If you get tagged you won’t get relief as the problem with the whole is beyond national diligence. If you do choose to hold your credit reports, do not be surprised to find it difficult to start back up, you will get close scrutiny when you do, and while stopped. nearly impossible to get credit for large purchases – unless you have cash (or gold).

I had two hacks. One was from Amazon where they started low, $27-$23-and $58 in one weekend day. When no signal for purchases for those popped up, then they went for a big screen TV, and a cell phone. Amazon caught on with the larger purchases and I was notified. They stopped my accounts and went looking for the offending addresses. (I, of course, never heard from anyone if it was local or all of my accounts, so EVERYTHING had to be stopped. The first purchases were from Ebay and they never charged me. I did however have to stop and change checking accounts, all credit cards, any outstanding check not cleared, passwords, and any bill, AND monthly checks that were to be paid by date. Any I missed, or never thought of, were listed as either “no account found” or “Non-Sufficient Funds”, and only now, five months later, have the utilities, taxing agencies, and even Social Security cleaned up my data and I'm on track and in good graces. Try not getting tax refunds, pension, and SS checks for 90 days.

Bottom line, do what you can to alert your government officials, but this likely will not much change or get us better personal protection.

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