No one has seriously enforced The Fair Credit Reporting Act or Far and Accurate Transaction Act (legislation that was specifically put in place to make what happened at Equifax illegal) for decades. There was some hope at the end of the tunnel with the CFPB under Cordray, but no longer. Tell the people who will be affected by the breach when they try to buy a home in the future that “Equifax felt enough pain.”
Are you kidding me people??! Forget the fact that Equifax did not disclose the breach for many months, forget the fact that Equifax Sr. Executives tried to cover up the breach, forget the fact that they have done little to nothing up to this point to prevent another hack… let’s just throw our hands up and say it was only a matter of time or it will only be a matter of time before it happens again? Let’s just give Equifax a “pass” on this one… THE biggest breach in US History? Wow!True indicator as to where we are headed- the fact that nobody gives a sh_t!
This is another true example of incompetence by an organization that should be held to the ultimate highest level! It is an organization that has a monopoly on our National Credit System. It has a direct impact on every credit transaction that takes place across our Nation. With the rare exception of a hand shake from your local banker- credit is not extended in this country without an individual first being judged by personal information that the 3 major Credit Bureaus (Equifax, Experian and Tran Union) have collected on each of us.
In fact, a high percentage of this information is incorrect and/or inaccurate. It is left up to the individual to fight each behemoth in order to correct any of these inaccuracies. If you have been subject to this process you understand how complicated and frustrating the process really is. The 3 major Credit Bureaus actually charge a fee to your Bank, finance company, credit card companies, local utility companies etc… in order for those companies to report specific credit information on you… They charge you a fee to pull credit information they have collected on you (with the exception of a free annual credit report)… These are the same organizations that charge you a fee for the “privilege “to Lock/Freeze your credit information. A freeze on your credit will prevent unauthorized individuals or companies from accessing your personal credit….. In other words, without the average consumer making a token payment to the 3 Major Bureaus to seal their personal credit information from unauthorized parties- the Bureaus are free to release that information to anyone who requests it.
The same 3 major Credit Bureaus that hold ALL of our personal information are very lightly regulated and essentially answer to no one … They hold the secret formula to a mysteriously encrypted logarithm they call your Personal Credit Score i.e. your FICO Score… this number is what determines whether or not you qualify for an extension of credit and if so, what terms and interest rate you will pay for the extended credit. On top of an unprecedented BREACH of private information… Senior Executives were able to take advantage of the time between when the Breach was discovered and the time Equifax alerted the general public to sell a % of their underlying stock in the company and cash out with over $2.0 Million in proceeds from the sale of their Equifax Stock
MBS Highway is a communication tool that will help you improve your batting average and turn more conversations into applications. Every morning, you’ll receive a coaching video from Barry Habib which will help you beat your competition and be a true advisor in this rapidly changing environment.
The National Association of Mortgage Brokers is the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973.
In addition to mandating members adhere to a professional code of ethics, NAMB provides mortgage professionals with education opportunities, and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
Ryan Hills and his team over at the RESource are great friends of ours. Tune-in their latest weekly episode right here on the home page of the National Real Estate Post. Ryan delivers fantastic content beneficial for both mortgage and real estate professionals.
Andrew Berman is a wonderful friend of the NREP Daily. His MNN shows are always insightful with great guests. Be sure to tune-in to MNN right her on the National Real Estate Post to see what Andrew has in store for you. Great content for mortgage and real estate pros alike!
Shred Media is the first professional development agency for the real estate & mortgage industry. Shred Media was created for industry professionals by industry professionals. We understand that you have to stand out to stay relevant to today’s consumer. That is why we are hustling daily to build a community where today’s top influencers and thought leaders come together to collaborate.
Two of our favorite guys over here at the NREP Daily. Ray and Dan are true leaders within the real estate industry and their weekly shows prove it. They bring great content and amazing guests to you in a fun and interactive way. Be sure to visit them by clicking the button below so you get notified when they go "live" on Facebook. Trust us, these guys are great!
No one has seriously enforced The Fair Credit Reporting Act or Far and Accurate Transaction Act (legislation that was specifically put in place to make what happened at Equifax illegal) for decades. There was some hope at the end of the tunnel with the CFPB under Cordray, but no longer. Tell the people who will be affected by the breach when they try to buy a home in the future that “Equifax felt enough pain.”
Are you kidding me people??! Forget the fact that Equifax did not disclose the breach for many months, forget the fact that Equifax Sr. Executives tried to cover up the breach, forget the fact that they have done little to nothing up to this point to prevent another hack… let’s just throw our hands up and say it was only a matter of time or it will only be a matter of time before it happens again? Let’s just give Equifax a “pass” on this one… THE biggest breach in US History? Wow!True indicator as to where we are headed- the fact that nobody gives a sh_t!
This is another true example of incompetence by an organization that should be held to the ultimate highest level! It is an organization that has a monopoly on our National Credit System. It has a direct impact on every credit transaction that takes place across our Nation. With the rare exception of a hand shake from your local banker- credit is not extended in this country without an individual first being judged by personal information that the 3 major Credit Bureaus (Equifax, Experian and Tran Union) have collected on each of us.
In fact, a high percentage of this information is incorrect and/or inaccurate. It is left up to the individual to fight each behemoth in order to correct any of these inaccuracies. If you have been subject to this process you understand how complicated and frustrating the process really is. The 3 major Credit Bureaus actually charge a fee to your Bank, finance company, credit card companies, local utility companies etc… in order for those companies to report specific credit information on you… They charge you a fee to pull credit information they have collected on you (with the exception of a free annual credit report)… These are the same organizations that charge you a fee for the “privilege “to Lock/Freeze your credit information. A freeze on your credit will prevent unauthorized individuals or companies from accessing your personal credit….. In other words, without the average consumer making a token payment to the 3 Major Bureaus to seal their personal credit information from unauthorized parties- the Bureaus are free to release that information to anyone who requests it.
The same 3 major Credit Bureaus that hold ALL of our personal information are very lightly regulated and essentially answer to no one … They hold the secret formula to a mysteriously encrypted logarithm they call your Personal Credit Score i.e. your FICO Score… this number is what determines whether or not you qualify for an extension of credit and if so, what terms and interest rate you will pay for the extended credit. On top of an unprecedented BREACH of private information… Senior Executives were able to take advantage of the time between when the Breach was discovered and the time Equifax alerted the general public to sell a % of their underlying stock in the company and cash out with over $2.0 Million in proceeds from the sale of their Equifax Stock