CFPB Issued Civil Investigative Demand on EQ Reporting Issues

[HoustonLynne]

Just read about this.

 

Buried deep (and I mean DEEP...scroll all the way to the bottom) in the financial report EQ filed for 2014-Q1 is the following notice:

 

CFPB Investigation. In February 2014, we received a Civil Investigative Demand (a “CID”) from the Consumer Finance Protection Bureau (the “CFPB”) as part of its investigation to determine whether nationwide consumer reporting agencies have been or are engaging in unlawful acts or practices relating to the advertising, marketing, sale or provision of consumer reports, credit scores or credit monitoring products in violation of the Dodd Frank Act or the Fair Credit Reporting Act. The CID requests the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and are in discussions with the CFPB regarding our response to the CID. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action or proceeding against us.

 

http://www.sec.gov/Archives/edgar/data/33185/000114420414024604/v374519_10q.htm

 

[belairpatrol]

I am forwarding this to my Cal US Senator Diane Feinstein as my complaint against Chase and Equifax, I filed with her from 4 months ago has gotten nowhere. You should contact your state's US senator

[moosetracks]

Wow, I never would have seen it I would have been done halfway thru the whole filing, quite ingenious to put it at the end...

[Guest]

Just read about this.

 

Buried deep (and I mean DEEP...scroll all the way to the bottom) in the financial report EQ filed for 2014-Q1 is the following notice:

 

CFPB Investigation. In February 2014, we received a Civil Investigative Demand (a “CID”) from the Consumer Finance Protection Bureau (the “CFPB”) as part of its investigation to determine whether nationwide consumer reporting agencies have been or are engaging in unlawful acts or practices relating to the advertising, marketing, sale or provision of consumer reports, credit scores or credit monitoring products in violation of the Dodd Frank Act or the Fair Credit Reporting Act. The CID requests the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and are in discussions with the CFPB regarding our response to the CID. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action or proceeding against us.

 

http://www.sec.gov/Archives/edgar/data/33185/000114420414024604/v374519_10q.htm

 

 

I hope EQ gets SLAMMED!

 

I am also reminded of letters some apparently got from EXP, saying something to the effect of "Please note that involvement from the CFPB does not change things" or something like that.

 

Sent from my SCH-I605 using Tapatalk

[HoustonLynne]

Wow, I never would have seen it I would have been done halfway thru the whole filing, quite ingenious to put it at the end...

Rather crafty, eh...? I have to give credit to ICANHASMUNY? here, because she tipped me off to an "insider" newsletter for the debt-collecting industry (anyone can subscribe). They keep themselves WELL informed of what's going on along the grapevine. I stole this lil tidbit from today's email from them. Naturally, I won't post a link to the middleman, but you can look up ARM (Accounts Receivable Mgmt) -- check out "inside arm DOT com"

[cashnocredit]

 

Wow, I never would have seen it I would have been done halfway thru the whole filing, quite ingenious to put it at the end...

Rather crafty, eh...? I have to give credit to ICANHASMUNY? here, because she tipped me off to an "insider" newsletter for the debt-collecting industry (anyone can subscribe). They keep themselves WELL informed of what's going on along the grapevine. I stole this lil tidbit from today's email from them. Naturally, I won't post a link to the middleman, but you can look up ARM (Accounts Receivable Mgmt) -- check out "inside arm DOT com"

 

 

That's normally where they put litigation issues. Q's are all structured the same way.

[SeekingWealth]

Would this be considered directed at Quizzle and DCU for buying credit reports from EQ?

[ICANHASMUNY?]

Just read about this.

 

Buried deep (and I mean DEEP...scroll all the way to the bottom) in the financial report EQ filed for 2014-Q1 is the following notice:

 

CFPB Investigation. In February 2014, we received a Civil Investigative Demand (a “CID”) from the Consumer Finance Protection Bureau (the “CFPB”) as part of its investigation to determine whether nationwide consumer reporting agencies have been or are engaging in unlawful acts or practices relating to the advertising, marketing, sale or provision of consumer reports, credit scores or credit monitoring products in violation of the Dodd Frank Act or the Fair Credit Reporting Act. The CID requests the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and are in discussions with the CFPB regarding our response to the CID. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action or proceeding against us.

 

http://www.sec.gov/Archives/edgar/data/33185/000114420414024604/v374519_10q.htm

 

 

 

http://krebsonsecurity.com/2013/10/experian-sold-consumer-data-to-id-theft-service/

 

 

“Experian acquired Court Ventures in March, 2012 because of its national public records database. After the acquisition, the US Secret Service notified Experian that Court Ventures had been and was continuing to resell data from US Info Search to a third party possibly engaged in illegal activity. Following notice by the US Secret Service, Experian discontinued reselling US Info Search data and worked closely and in full cooperation with law enforcement to bring Vietnamese national Hieu Minh Ngo, the alleged perpetrator, to justice. Experian’s credit files were not accessed. Because of the ongoing federal investigation, we are not free to say anything further at this time.”

[ICANHASMUNY?]

http://krebsonsecurity.com/tag/u-s-secret-service/

[HoustonLynne]

Just read about this.

 

Buried deep (and I mean DEEP...scroll all the way to the bottom) in the financial report EQ filed for 2014-Q1 is the following notice:

 

CFPB Investigation. In February 2014, we received a Civil Investigative Demand (a “CID”) from the Consumer Finance Protection Bureau (the “CFPB”) as part of its investigation to determine whether nationwide consumer reporting agencies have been or are engaging in unlawful acts or practices relating to the advertising, marketing, sale or provision of consumer reports, credit scores or credit monitoring products in violation of the Dodd Frank Act or the Fair Credit Reporting Act. The CID requests the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and are in discussions with the CFPB regarding our response to the CID. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action or proceeding against us.

 

http://www.sec.gov/Archives/edgar/data/33185/000114420414024604/v374519_10q.htm

http://krebsonsecurity.com/2013/10/experian-sold-consumer-data-to-id-theft-service/

“Experian acquired Court Ventures in March, 2012 because of its national public records database. After the acquisition, the US Secret Service notified Experian that Court Ventures had been and was continuing to resell data from US Info Search to a third party possibly engaged in illegal activity. Following notice by the US Secret Service, Experian discontinued reselling US Info Search data and worked closely and in full cooperation with law enforcement to bring Vietnamese national Hieu Minh Ngo, the alleged perpetrator, to justice. Experian’s credit files were not accessed. Because of the ongoing federal investigation, we are not free to say anything further at this time.”

 

http://krebsonsecurity.com/tag/u-s-secret-service/

I've been trying to keep up with the exploits of Experian, too. It's looking pretty dirty, and it may be the tip of the iceberg.

 

Do you know more about this CID issued to Equifax...? The above info I posted is all I've heard so far.

[ICANHASMUNY?]

there's nothing on the CFPB website; they don't posts investigations, apparently.

 

http://www.consumerfinance.gov/administrativeadjudication/

 

but this site does... he he.

 

http://www.cfpbmonitor.com/tag/civil-investigative-demand/

[HoustonLynne]

there's nothing on the CFPB website; they don't posts investigations, apparently.

 

http://www.consumerfinance.gov/administrativeadjudication/

 

but this site does... he he.

 

http://www.cfpbmonitor.com/tag/civil-investigative-demand/

Haha...I found the original info on insideARM, which I subscribed to when you offered the tip recently!

[ICANHASMUNY?]

 

Just read about this.

 

Buried deep (and I mean DEEP...scroll all the way to the bottom) in the financial report EQ filed for 2014-Q1 is the following notice:

 

CFPB Investigation. In February 2014, we received a Civil Investigative Demand (a “CID”) from the Consumer Finance Protection Bureau (the “CFPB”) as part of its investigation to determine whether nationwide consumer reporting agencies have been or are engaging in unlawful acts or practices relating to the advertising, marketing, sale or provision of consumer reports, credit scores or credit monitoring products in violation of the Dodd Frank Act or the Fair Credit Reporting Act. The CID requests the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and are in discussions with the CFPB regarding our response to the CID. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action or proceeding against us.

 

http://www.sec.gov/Archives/edgar/data/33185/000114420414024604/v374519_10q.htm

http://krebsonsecurity.com/2013/10/experian-sold-consumer-data-to-id-theft-service/

“Experian acquired Court Ventures in March, 2012 because of its national public records database. After the acquisition, the US Secret Service notified Experian that Court Ventures had been and was continuing to resell data from US Info Search to a third party possibly engaged in illegal activity. Following notice by the US Secret Service, Experian discontinued reselling US Info Search data and worked closely and in full cooperation with law enforcement to bring Vietnamese national Hieu Minh Ngo, the alleged perpetrator, to justice. Experian’s credit files were not accessed. Because of the ongoing federal investigation, we are not free to say anything further at this time.”

 

http://krebsonsecurity.com/tag/u-s-secret-service/

I've been trying to keep up with the exploits of Experian, too. It's looking pretty dirty, and it may be the tip of the iceberg.

 

Do you know more about this CID issued to Equifax...? The above info I posted is all I've heard so far.

 

 

More like pretty "stupid" and after that fast buck.

 

between the date breaches at choice point, teletrack and now experian, I would expect that 50% of the entire population of the US has their personal information stolen;

 

this Experian fiasco isn't the first time a CRA has inadvertently sold data to ID thieves, you think they would have better controls and procedures.

 

 

http://www.nbcnews.com/id/11030692/ns/technology_and_science-security/t/choicepoint-pay-million-over-data-breach/

 

In addition to a $10 million fine, ChoicePoint will also create a $5 million fund to help consumers who became victims of identity theft after the data warehouser sold information on 163,000 consumers to an alleged crime ring.

[Rogue]

ICAN - Since you mentioned the ChoicePoint (CPS) data scandal, thought I would provide some background info on CPS. The origins of CPS go back to Equifax...CPS was previously the Equifax Business Information Services (EBIS) division. In 1997, EBIS was spun-off from Equifax as a tax-free stock dividend to EQ shareholders and named ChoicePoint. The Equifax CLUE database was included as part of the spin-off and was an integral part of CPS.

 

In 2008, the parent of Lexis-Nexis (LN), Reed Elsevier, acquired ChoicePoint. Subsequent to this, CPS (Including CLUE) was integrated into LN. During their existence, CPS acquired several other major database companies including CDB Infotek and Medi-Net in California and Database Technologies (DBT Online) in Florida.

 

DBT co-founder Hank Asher was forced out (he was bought out) in 1999 when both the FBI and DEA suspended their DBT accounts after discovering his cocaine smuggling background. Subsequent to his departure from DBS, Asher founded Seisnet and was a key part of developing the MATRIX data mining system for the Florida Department of Law Enforcement. In 2004, Asher sold Seisnet to guess who? Reed Elsevier, parent of LN! And Seisnet was also integrated into LexisNexis!!

 

Please don't ask me how I know all of this, but there is so much scandal related to many of these data companies, you would never believe me even if I posted it all here! But one last morsel of data for you all...CDB Infotek founder Rick Rozar, never got to spend his millions from selling out to CPS, because in 1998 at the age of 44, he mysteriously died at his home on Bayside Drive in Newport Beach, CA after allegedly falling from his roof?

 

I have only touched the surface of all the data company acquisitions related to the above cited firms, however, every company acquired that I could post about here has one common denominator....they are ALL now part of LexisNexis! Go figure....

Edited April 27, 2014 by Rogue

[IndyPoolPlayer]

ICAN - Since you mentioned the ChoicePoint (CPS) data scandal, thought I would provide some background info on CPS. The origins of CPS go back to Equifax...CPS was previously the Equifax Business Information Services (EBIS) division. In 1997, EBIS was spun-off from Equifax as a tax-free stock dividend to EQ shareholders and named ChoicePoint. The Equifax CLUE database was included as part of the spin-off and was an integral part of CPS.

 

In 2008, the parent of Lexis-Nexis (LN), Reed Elsevier, acquired ChoicePoint. Subsequent to this, CPS (Including CLUE) was integrated into LN. During their existence, CPS acquired several other major database companies including CDB Infotek and Medi-Net in California and Database Technologies (DBT Online) in Florida.

 

DBT co-founder Hank Asher was forced out (he was bought out) in 1999 when both the FBI and DEA suspended their DBT accounts after discovering his cocaine smuggling background. Subsequent to his departure from DBS, Asher founded Seisnet and was a key part of developing the MATRIX data mining system for the Florida Department of Law Enforcement. In 2004, Asher sold Seisnet to guess who? Reed Elsevier, parent of LN! And Seisnet was also integrated into LexisNexis!!

 

Please don't ask me how I know all of this, but there is so much scandal related to many of these data companies, you would never believe me even if I posted it all here! But one last morsel of data for you all...CDB Infotek founder Rick Rozar, never got to spend his millions from selling out to CPS, because in 1998 at the age of 44, he mysteriously died at his home on Bayside Drive in Newport Beach, CA after allegedly falling from his roof?

 

I have only touched the surface of all the data company acquisitions related to the above cited firms, however, every company acquired that I could post about here has one common denominator....they are ALL now part of LexisNexis! Go figure....

 

And I thought mob fiction paperbacks had weird plot twists

[nysbadmk8]

ICAN - Since you mentioned the ChoicePoint (CPS) data scandal, thought I would provide some background info on CPS. The origins of CPS go back to Equifax...CPS was previously the Equifax Business Information Services (EBIS) division. In 1997, EBIS was spun-off from Equifax as a tax-free stock dividend to EQ shareholders and named ChoicePoint. The Equifax CLUE database was included as part of the spin-off and was an integral part of CPS.

 

In 2008, the parent of Lexis-Nexis (LN), Reed Elsevier, acquired ChoicePoint. Subsequent to this, CPS (Including CLUE) was integrated into LN. During their existence, CPS acquired several other major database companies including CDB Infotek and Medi-Net in California and Database Technologies (DBT Online) in Florida.

 

DBT co-founder Hank Asher was forced out (he was bought out) in 1999 when both the FBI and DEA suspended their DBT accounts after discovering his cocaine smuggling background. Subsequent to his departure from DBS, Asher founded Seisnet and was a key part of developing the MATRIX data mining system for the Florida Department of Law Enforcement. In 2004, Asher sold Seisnet to guess who? Reed Elsevier, parent of LN! And Seisnet was also integrated into LexisNexis!!

 

Please don't ask me how I know all of this, but there is so much scandal related to many of these data companies, you would never believe me even if I posted it all here! But one last morsel of data for you all...CDB Infotek founder Rick Rozar, never got to spend his millions from selling out to CPS, because in 1998 at the age of 44, he mysteriously died at his home on Bayside Drive in Newport Beach, CA after allegedly falling from his roof?

 

I have only touched the surface of all the data company acquisitions related to the above cited firms, however, every company acquired that I could post about here has one common denominator....they are ALL now part of LexisNexis! Go figure....

 

Unreal.