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[MSNBC] MasterCard, Visa confirm credit card data theft described as 'massive' - Page 3

post #21 of 40
Hey guys. I'd really check in on this if I were you. Judging from this timeline would be exactly around the time my CC was "compromised" and suddenly it wouldn't work. Took a while to get a new but I brushed it off but now that more details are coming to light who knows how much information has been compromised especially if they are now JUST admitting it.
post #22 of 40
Good thing I don't live in the US then. Although here in Sweden we have an extra layer of protection (correct me if I'm wrong but I think both Visa & MasterCard have it), when you are using your credit card and write down all info, you still have to enter a password that you picked once you activated your card. So it's a bit hard for a hacker to use my cc, he will have to hack my brain for the password smile.gif
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post #23 of 40
Ouch. Something like this is never a good thing.
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post #24 of 40
At this point I'd settle for an authenticator to use my credit card.
post #25 of 40
Why are there so many telling people that you "have to have a credit card" in order to have a credit history? This is so NOT true.

I know this is a forum for mostly techinilogical news, but I truly hope that no one here would take financial advice from a random person on here without doing some definite checking up.

There are many other ways you can get a credit history started WITHOUT having a credit card. Don't get me wrong credit cards are the easiest way, but many young people don't yet have the responsibility to use one properly, at least not yet. Not to mention they aren't always being taught either.

You can very easily get a credit reporting form filled out for the3 main bureaus and report in your car insurance history, rent history, and many other things too.

No one has mentioned that you can get a loan at a credit union, bank, or other financial institutions as well. Some may require a co-signer, others will offer you the loan on your own for a higher interest rate.

There are other alternatives as well.

Telling someone that they have to have one to start a credit history is just wrong.

Sorry to have derailed the thread, wasn't my intention. I just hate to have false information spewed as facts.

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post #26 of 40
Quote:
Originally Posted by shlunky View Post

Why are there so many telling people that you "have to have a credit card" in order to have a credit history? This is so NOT true.

I know this is a forum for mostly techinilogical news, but I truly hope that no one here would take financial advice from a random person on here without doing some definite checking up.

There are many other ways you can get a credit history started WITHOUT having a credit card. Don't get me wrong credit cards are the easiest way, but many young people don't yet have the responsibility to use one properly, at least not yet. Not to mention they aren't always being taught either.

You can very easily get a credit reporting form filled out for the3 main bureaus and report in your car insurance history, rent history, and many other things too.

No one has mentioned that you can get a loan at a credit union, bank, or other financial institutions as well. Some may require a co-signer, others will offer you the loan on your own for a higher interest rate.

There are other alternatives as well.

Telling someone that they have to have one to start a credit history is just wrong.

Sorry to have derailed the thread, wasn't my intention. I just hate to have false information spewed as facts.

§

Thank you for typing that out. I've never had a credit card, likely never will. thumb.gif
    
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post #27 of 40
Quote:
Originally Posted by Nebel View Post

Good thing I don't live in the US then. Although here in Sweden we have an extra layer of protection (correct me if I'm wrong but I think both Visa & MasterCard have it), when you are using your credit card and write down all info, you still have to enter a password that you picked once you activated your card. So it's a bit hard for a hacker to use my cc, he will have to hack my brain for the password smile.gif

yup, we have it in Belgium as well and most online sjops over here require you to enter it.
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post #28 of 40
The federal law mandates that all consumer data be encrypted, so if it's not, they should get a very heavy spanking for this one..

That's going to cost them a lot to watch those credit cards for fraud alone...

We will see where this goes, I think the Government better step in though, seriously...


This gave me serious pause, and I thought about something suddenly...

Maybe this was a ploy to implement a new credit card system?

I mean if the leak was that massive, surely their company would be in jeopardy of getting hit HARD...
Edited by _GTech - 3/31/12 at 9:57am
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post #29 of 40
Quote:
Originally Posted by Nebel View Post

Good thing I don't live in the US then. Although here in Sweden we have an extra layer of protection (correct me if I'm wrong but I think both Visa & MasterCard have it), when you are using your credit card and write down all info, you still have to enter a password that you picked once you activated your card. So it's a bit hard for a hacker to use my cc, he will have to hack my brain for the password smile.gif

That's called EMV or chip and pin. EMV is already proven to be vulnerable against middle man attack.
Quote:
Originally Posted by WC_EEND View Post

yup, we have it in Belgium as well and most online sjops over here require you to enter it.

Again. That's called EMV or chip and pin. EMV is already proven to be vulnerable against middle man attack.
Quote:
Originally Posted by shlunky View Post

Why are there so many telling people that you "have to have a credit card" in order to have a credit history? This is so NOT true.
I know this is a forum for mostly techinilogical news, but I truly hope that no one here would take financial advice from a random person on here without doing some definite checking up.
There are many other ways you can get a credit history started WITHOUT having a credit card. Don't get me wrong credit cards are the easiest way, but many young people don't yet have the responsibility to use one properly, at least not yet. Not to mention they aren't always being taught either.
You can very easily get a credit reporting form filled out for the3 main bureaus and report in your car insurance history, rent history, and many other things too.
No one has mentioned that you can get a loan at a credit union, bank, or other financial institutions as well. Some may require a co-signer, others will offer you the loan on your own for a higher interest rate.
There are other alternatives as well.
Telling someone that they have to have one to start a credit history is just wrong.
Sorry to have derailed the thread, wasn't my intention. I just hate to have false information spewed as facts.
§

Right and wrong.

Rent history, insurance history, and other things do NOT get to be reported to three major credit bureaus (TransUnion, Equifax, and Experian). They may be reported to PRBC optionally, but right now 99% financial institution do not use PRBC.

Without credit history (aka thin file), it is extremely difficult to obtain a loan. Yes, getting a loan is also a way to start building credit. However, when you have thin file or bad credit history, lenders either reject you outright, ask for collateral, or ask for cosigner with high interest rate. It is NEVER a good idea to cosign a loan. I have seen a lot of horror stories where cosigning a loan takes a wrong turn. Today is not where couple years ago where those with thin files can easily obtain a loan. Now days very few lenders engage in subprime lending.

The best way to start building credit is getting secured credit card or apply a credit card from B&M store or Capital One. Secured credit card is where you put down deposit as collateral, just like your house as collateral in mortgage or HELOC. If you default on your payment your deposit will be taken away, otherwise it stays there. After good payment history of one or two year you can either get a better credit card (unsecured credit card, no collateral required), or that your secured credit card graduates into unsecured version and refund your deposit.
Edited by trumpet-205 - 3/31/12 at 10:16am
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post #30 of 40
For the record, establishing a credit line through a bank is the best way to establish your credit...

You might be able to take out a secured loan, for a small amount, as long as the repayment takes at least 6 months to a year, this will help establish your credit, if with nobody else at least it will establish your credit with your bank...

However, there are many other sources of lenders who will indeed lend to people with bad credit, it just depends upon what you are seeking a loan for...

I know people with horrible credit who get loans all the time, just not through banks or through traditional avenues...

It's always best to only take out small loans and repay them within 6 months - 1 Year...

Never take out a large loan unless someone else is paying for it! thumb.gif

The power of compounding often destroys many borrowers, not realizing they not only have to pay the loan back, but interest FIRST, it's indicative to garnishing your paychecks in the future...

Trust me, you don't want to go through the nasty legal proceedings should you decide not to repay the loan.

Borrowing should be avoided unless you are using the borrowed money to make money with or it's a dire emergency... (You needing new shoes does NOT qualify as an emergency, sorry.) biggrin.gif

/end of financial advice...
Edited by _GTech - 3/31/12 at 10:09am
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