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Equifax Breach Fallout: Your Salary History

krebsonsecurity.com

31–40 of 140 posts

Re: Equifax Breach Fallout: Your Salary History

#31
post #8

It seems in China people use their cellphone to pay everything these days, credit/debit card are becoming old-fashion and meaningless there. Hope one day we can do it here. For mortgage and car loans you do not need credit card either. So we can just give up credit card totally. We do need a new way to build people's credit scores somehow though.

I think you are a bit confused.

Credit cards only matter to Equifax and other credit scoring companies because of the "instant loan" that they give to a consumer. The banks that issue credit cards want to know if the consumer will pay back that loan.

As long as consumers can get instant loans through some kind of mechanism (credit card, phone, pinky swear, etc.) there will be a role for credit scores and the companies that generate them.

Re: Equifax Breach Fallout: Your Salary History

#32

Is it legal for employers to provide salary data on particular employees without permission?

I went looking to create an account for employment verification at Equifax about a week ago. It was via different channel that this Krebs one, where you go to the product page and can sign up for a one time check for around $40 IIRC. And it does require you to affirm you have permission from the employee before getting their data. How they verify that is beyond me.

I would love to know if there is a way to see what data is held on me, and who has requested it.

Re: Equifax Breach Fallout: Your Salary History

#33
post #19

I didn't know this existed at all. I thought they just made phone calls to your previous employer and asked. Are we allowed to see what's in it? I mean normally, not just when there's a data breach (and it looks like they shut it all down right now). Because when you get asked this on an interview, what's the "right" answer? There's base pay, bonuses, 401k match, all kinds of stuff. So the "right" answer is up in the…

Have you ever logged into Credit Karma? I wholehearty recommend it just to see how much information they are pulling, fully automatic up to seven days ago. Its not only my salary month by month, but also all my bank accounts, all credit card account all with amount I owe, amounts and history I paid, everything! Full front-face info, straight from credit reporting bureaus! :|

Where does Credit Karma show your salary information?

Re: Equifax Breach Fallout: Your Salary History

#34
post #18

I hope all the hacked data gets open-sourced. Maybe then we'll have some serious reform. This is ridiculous. What is it going to take to get Congress to actually do something? In the meantime, my strategy is to keep my credit score bad.

Considering the $7.2 million contract the IRS just awarded Equifax in a no contest bid, I think we're definitely getting close! /s

If you have a better way to ensure knowledge based authentication continuity for all online IRS transactions until they switch providers, I'd love to hear it.

Re: Equifax Breach Fallout: Your Salary History

#35
post #19

I didn't know this existed at all. I thought they just made phone calls to your previous employer and asked. Are we allowed to see what's in it? I mean normally, not just when there's a data breach (and it looks like they shut it all down right now). Because when you get asked this on an interview, what's the "right" answer? There's base pay, bonuses, 401k match, all kinds of stuff. So the "right" answer is up in the…

Have you ever logged into Credit Karma? I wholehearty recommend it just to see how much information they are pulling, fully automatic up to seven days ago. Its not only my salary month by month, but also all my bank accounts, all credit card account all with amount I owe, amounts and history I paid, everything! Full front-face info, straight from credit reporting bureaus! :|

Damn credit karma shows you all that? I don't think I've seen any place where it says how much I've paid for CCs or my bank accounts or my salary (not sure if that's just because it's self-employed/freelance income).

Re: Equifax Breach Fallout: Your Salary History

#36

It's offensive that I have to go jump through hoops, set security questions and a secret pin just so I can secure my own salary information. Is it too much to dream that Equifax should be legally obligated to provide, at the bare minimum, a way to easily secure this sensitive information? If I were a hiring manager or in HR this would be a goldmine for verifying candidates' salaries and work histories, and gaining th…

1. I've only ever given my SSN to a company in the same packet of information that contained my signed offer letter, so we'd be far past negotiations at that point. If you're worried about them going back and verifying what you said you made, well, you shouldn't be lying about that anyway.

2. I'd hope that people might hesitate a little bit before committing acts of identity fraud on an institutional scale.

Re: Equifax Breach Fallout: Your Salary History

#37
post #28
post #12

Earlier quoted context omitted.

No. Credit cards are fairly uncommon in China. Most people link an ATM card and load a balance into their WeChat account.

I'm not sure how this works in China, but credit reporting isn't exclusively about credit cards (but that is probably the most common component). It's about anything that would involve extending credit - mortgages, car loans, personal loans, paying for a cell phone monthly, etc... So, just because credit cards aren't common in China, doesn't mean that there isn't some other equivalent tracking going on... (although,…

PP means that in China, and actually majority places, people don't purchase daily needs on credit.

Yes people still need credit, and typically a government branch keeps track this kind of information.

Re: Equifax Breach Fallout: Your Salary History

#38
post #19

I didn't know this existed at all. I thought they just made phone calls to your previous employer and asked. Are we allowed to see what's in it? I mean normally, not just when there's a data breach (and it looks like they shut it all down right now). Because when you get asked this on an interview, what's the "right" answer? There's base pay, bonuses, 401k match, all kinds of stuff. So the "right" answer is up in the…

This makes an already asymmetrical negotiation even tougher. There are two other credit bureaus that ostensibly do the same exact thing, so even though Equihax has shut this down for now, it doesn't mean that it isn't still occurring. All we need now is a 23AndMe breach, and we'll be fast-tracked to the GATTACA timeline!

[deleted]

Re: Equifax Breach Fallout: Your Salary History

#39

Why are these people still in business?

"Still in business"? Hell, not only that, their stock continues to go up after bouncing off what appears to be the bottom. Which makes me torn, because despite wanting very much to see Equifax and those of their ilk go out of business, I have a bunch of call options I bought when it looked like low 90s was about as low as they were going to go. I still hold those options (though they're set to expire in about two weeks).

You see, once EFX bounced off its low, I thought I'd catch a "dead cat bounce" with some call options I'd hold for a week and make a few bucks. It's a proven strategy for me, find a company with a scandal, wait a week for it to blow over, make a quick and small profit when it bounces back up. Then unload, because it won't last. Worked for me with United Airlines as one example. But EFX just keeps going up...and up, and I have no idea why. They were always a horrible, if profitable, company. But the Equifax problem isn't even remotely close to being resolved, and yet at the rate it's going it'll be back to pre-scandal prices before long. (Note that I don't believe it will get back to those prices any time soon, but it's trending that way.)

So to answer your question: I don't have a good answer. The almighty market seems to think things aren't all that bad, despite the masses of unpopular sentiment. My best guess is that there are a lot of fingers in that pie (this article being but one example) that don't want to see their source of data disappear. Still can't figure out why that's driving the stock price up, though.

Re: Equifax Breach Fallout: Your Salary History

#40

Is it legal for employers to provide salary data on particular employees without permission?

Under FCRA, your employer or potential employer must get permission from you before performing any credit report (which includes a salary report).

>You must give your consent for reports to be provided to employers. A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry. For more information, go to www.ftc.gov/credit.

https://www.consumer.ftc.gov/articles/pdf-0096-fair-credit-r...

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