The official reason is that your credit score, in part, is based upon having a mix of different types of open creditโrevolving, like credit cards; and installment, like auto and mortgage loans. If you close your last installment loan, this affects the "mix" in a way that drops your score.
And that leads us to the second reason: the credit bureaus have a financial interest in depressing your credit score, because they sell valuable marketing data about high-risk borrowers to subprime lenders.
The more high-risk files there are, the more money they make from subprime lenders. Low-risk borrowers just aren't as profitable.
So what does this mean? Never confuse your credit score for anything other than its true purposeโa way for the credit industry to see how much money they can make off you.
๐จ Latest issue of my curated #cybersecurity and #infosec list of resources for week #42/2023 is out! It includes the following and much more:
โ ๐ ๐ Tracking Unauthorized Access to #Okta's Support System
โ ๐ ๐ฏ๐ต #Casio discloses #databreach impacting customers in 149 countries
โ ๐ ๐งฌ Hacker leaks millions more #23andMe user records on #cybercrime forum
โ ๐ ๐จ๐ณ D-Link confirms data breach after employee #phishing attack
โ ๐ ๐ฐ #Equifax Fined $13.5 Million Over 2017 Data Breach
โ ๐บ๐ฆ ๐งน Ukrainian activists hack Trigona #ransomware gang, wipe servers
โ ๐บ๐ธ ๐ฐ๐ต FBI: Thousands of Remote IT Workers Sent Wages to #NorthKorea to Help Fund Weapons Program
โ ๐ฎ๐ณ โ๏ธ #India targets #Microsoft, #Amazon tech support #scammers in nationwide crackdown
โ ๐ต๐ธ ๐ฎ๐ท #Hamas-linked app offers window into cyber infrastructure, possible links to Iran
โ ๐ฎ๐ปโโ๏ธ ๐ฅท๐ป Police seize #RagnarLocker leak site
โ ๐ฐ๐ต North Korean Hackers Exploiting Recent #TeamCity Vulnerability
โ ๐จ๐ณ ๐ท๐บ #China replaces #Russia as top #cyberthreat
โ ๐บ๐ฆ ๐ก CERT-UA Reports: 11 Ukrainian Telecom Providers Hit by Cyberattacks
โ ๐ซ๐ท ๐ช๐ธ #France frees the two biggest Spanish hackers
โ ๐บ๐ธ โ๏ธ Ex-Navy IT head gets 5 years for selling peopleโs data on #darkweb
โ ๐จ๐ญ ๐ณ๏ธ #Switzerlandโs e-voting system has predictable implementation blunder
โ ๐ ๐ญ Critical Vulnerabilities Expose โโ#Weintek HMIs to Attacks
โ ๐ ๐ญ #Milesight Industrial Router #Vulnerability Possibly Exploited in Attacks
โ ๐ฆ ๐ป๐ณ Fake #Corsair job offers on #LinkedIn push #DarkGate malware
โ ๐ฆ Google-hosted #malvertising leads to fake #Keepass site that looks genuine
โ ๐ฆ ๐ฌ #Discord still a hotbed of #malware activity โ Now APTs join the fun
โ ๐ฆ ๐ต๐ปโโ๏ธ SpyNote: Beware of This Android #Trojan that Records Audio and Phone Calls
โ ๐๏ธ ๐ฆ #Android will now scan sideloaded apps for malware at install time
โ ๐ฌ ๐ #WhatsApp#passkeys on the way, but as usual, for Android first
โ ๐ท๐บ ๐๏ธ Pro-Russian Hackers Exploiting Recent #WinRAR Vulnerability in New Campaign
โ ๐๏ธ โ Signal Pours Cold Water on Zero-Day Exploit Rumors
โ ๐ ๐ฅ #Cisco warns of new #IOS XE #zeroday actively exploited in attacks
๐ This week's recommended reading is: "RTFM: Red Team Field Manual v2" by Ben Clark and Nicholas Downer
Subscribe to the #infosecMASHUP newsletter to have it piping hot in your inbox every week-end โฌ๏ธ
Take a moment from our collective hellscape to witness the Circus of Facepalms!
Also known as the Cybersecurity Roundup, this week featuring Signal, Equifax, Barbie, a glimpse of a new show I'm in, and of course, news about covid. Never paywalled!
@1br0wn
The point of regulation in the UK is to give cover for criminal behaviour and negligence, not discourage it. Will that even cover the cost of the investigation? It certainly won't hurt #Equifax.
Same with #HMRC letting Eccleston, a billionaire, off with a paltry (for him) fine for his attempt to steal half a billion pounds from taxpayers.
The only way to punish the rich is prison, not fines.
Senator Ron Wyden told #404Media in a statement that โThese companies have demonstrated that they can't control who has access to their data products. The government needs to stop these companies from packaging and selling our personal information, and the senior executives that put profit over national security and Americans' safety should be punished accordingly.โ
#Privacy raises some thorny, subtle and complex issues. It also raises some stupid-simple ones. The American #surveillance industry's shell-game is founded on the deliberate confusion of the two, so that the most modest and sensible actions are posed as reductive, simplistic and unworkable.
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
Two pillars of the American surveillance industry are #CreditReporting bureaux and #DataBrokers. Both are unbelievably sleazy, reckless and dangerous, and neither faces any real accountability, let alone regulation.
Remember #Equifax, the company that doxed every adult in America and was given a mere wrist-slap, and now continues to assemble nonconsensual dossiers on every one of us, without any material oversight improvements?
"Our records indicate that in 2022, Equifax received a Right to Know request from you under the California Consumer Privacy Act. Due to a technology issue, which has been resolved, the Right to Know request was not processed successfully."
Absolutely agree with House Energy Chair Rodgers that #TikTok does not embrace American values. Where are the data breaches, a la #TMobile or #Equifax?
Equifax is out there busting its hump to leak private information on 147 million Americans, fully 44% of the population, and all TikTok has is some speculative connections to the CCP? Disgraceful.
Step up your game or sell it to someone who knows how to party.