Quote:
Originally Posted by FredMitchell
It is stolen, not from another person, but from a credit issuing company. The criminal misrepresents himself with information that got verified via a SSN that was valid and matched the name and other information on his application.
So the impact is spread across the employees, stockholders, and other creditors having to pay higher interest rates.
|
Credit issuing companies deserve to lose money. They don't even require their merchants to use the latest and most secure methods to accept credit cards, like tap-to-pay. They allow restaurants to take customer credit cards into another room to process a payment. They don't require a photo on their cards or any other biometric identification. They hire lobbyists to get the Federal Government to make borrowing easier, so people can get deeper into debt. They promote "having good credit" as a good thing when it isn't. I don't ever borrow money where I need to pay interest, so I don't care what the interest rates are. There is no way that I will ever pay off a loan that a criminal initiated in my name.