Commercial law can be a peculiar thing, who owns what and why companies have certain rights you don’t. For example, you enter a hospital for surgery. Doctors snip out some piece of you. Likely, you never question who owns that removed bit of flesh or bone and you’re happy just to get rid of it.
Suppose doctors discover something unique and potentially highly profitable in that tonsil or toenail, your appendix or gall bladder. Your DNA might save millions of lives around the planet and earn billions of dollars… none of which you’re entitled to. Unless you signed an agreement otherwise, the physician or hospital owns that biological bit of you including the rights to exploit it. One woman actually applied for a patent on her own body for such a circumstance.
Monetizing Your Life
Financially successful corporations make tidy profits collecting information about you, not merely your earning and spending habits, but where you live, work, school, shop (or shoplift), if you’ve been to court and why. The peculiarity is you don’t own that data. Huge companies do and often their information is wrong and sometimes misused.
A few years ago, credit bureaus were finally forced to hand out credit reports to those who demanded them (a) no more than once a year or (b) if you were turned down for credit. But… odds are high you’ve never seen your full report, because it can contain information the bureaus don’t want you to know. When a mortgagee or a banker or employer receives your credit report, a line at the top might instruct them not to show the report to the subject (you or me), followed by information or opinions they don’t want shared with the… well, victim.
For example, the redacted secret part on my own credit report read “suspected of using false address.” This came about in two ways. First, I had been buying property, a dozen addresses were associated with my name, so I relied on a post office box, much as my grandmother had done. Second, the US Postal Service allows post box renters to use the post office’s physical address, quite handy for imprinting on checks. Such an address looks like:
In my case, the comment didn’t particularly affect me, but imagine someone applying for a sensitive job. The HR department reads the line “suspected of using false address,” and suddenly the potential employee is rejected with no reason given. The applicant should have a right to know about that careless assessment, but has no way of learning of or correcting the report. Why? The bureaus own the reports, you and I don’t.Chandler Hammett
1201 Post Industrial Drive #107707
Los Angeles, Ca 90210-7707
Monetizing Miscreants
In a past article, I pointed out that curious hackers– the benign exploring kind– can receive severe prison sentences for merely poking around in data warehouses and behind the scenes in web databases. I argued that bankers and merchants who fail to secure vaults, leave doors unlocked, and don’t hire a watchman should be punished as well. If any major office didn’t lock its doors, could you blame kids for wandering in and looking around?
Let’s discuss Equifax, which has suffered an extraordinary data loss to a ‘state actor’… presumably China, North Korea, or Russia. Stolen is your name, social security number, credit card numbers, drivers licence, address, and all the minutia that makes you you. With this kind of data, thieves can lie low for years before springing into action.
I say that as fact, because thieves (state actors) stole the records of the vast majority of working and retired citizens in two separate breaches. The second theft (the first was acknowledged only after the second came to light) affects between ¾ and ⅞ of American adults. Equifax admissions have edged upwards from 153-million stolen files to 182-million; outside assessments estimate as high as 200-million or more.
Note: Canadian and British records have been stolen in the same breach. Equifax says they’re “working with UK regulators,” whatever that means.
Monetizing Misfortune
Equifax executives cashed in stock before the breach became public, attempting to option their knowledge for their personal profit. Then after the big reveal, the company offered to help protect user accounts through a subsidiary— for a fee. Equifax and their security pet since had their arms twisted into providing the services free.
Political response has been as antithetical as you might expect. Congressional members of one political party sent a demand letter to Equifax with a deadline for explaining details and corrective actions. Contrarily, in defense of Equifax and in fear of impacting deregulation, the other major party is working a bill through Congress to limit the liability of credit bureaus and other companies.
Have You Been Hit? 866-447-7559
Here Equifax estimates whether or not your data has been sucked overseas. Be cautious of similar links, because identity thieves are working those, trying to snatch whatever data they can. Use this link:
☞ Has my data been stolen?Note that updates may still be made, so it’s possible an all-clear this week might turn into a false negative next week. Tap that link to see if you’ve become a victim:
Once you receive an indication, you can decide what to do next. Equifax can take several days to email you about options (now free) that they provide. The FTC offers suggestions and guidelines.
Equifax will provide ninety days of ‘fraud alert’ (notification of identity theft) and a year of monitoring, which can be renewed indefinitely. You may also choose to lock or freeze your account and ‘thaw’ it only when you apply for a loan or other use.
Use the phone number (866-447-7559) above if you have questions or need help you can’t find elsewhere. Contact the other credit bureaus to notify them your identity and data has been compromised.
| Equifax Inc. P. O. Box 740241 Atlanta, GA 30374-0241 800-685-1111 800-525-6285 1150 Lake Hearn Drive Atlanta, GA 30342 fraud: 800-525-6285 web site |
Experian P. O. Box 2002 Allen, TX 75013-2002 888-397-3742 888-243-6951 701 Experian Parkway Allen, TX 75013 fraud: 800-397-3742 web site |
Trans Union
Corp. P. O. Box 1000 Chester, PA 19022-1000 800-916-8800 800-888-4213 2 Baldwin Place Chester, PA 19022 fraud: 800-680-7289 web site |
Let us know if you’ve been hit. In the meantime, be safe out there– state actors abound!
