Third Party

Posted 10/07/2020 3:18PM

Any individual who does not have a direct connection is Considered a third party

In my Survey, I stated "Excluding Credit Reports. People you do business with, often report your Personal Information like you Social Security # to a debit collector or others, called 'Third Party'."

I then asked: "Do you think that Business should provided a "Third Party" with your personal information?"

Poll response From 9/30/2020 9:45AM

Closed 10/7/2020 with 9 Voted out of 191 Views

11% Yes

78% No

11% Maybe

I believe it should be against the law for any company to Provide your Information to a Third Party regardless of the reason Without your written consent which can also be dangerous because they can included in any thing you sign without reading (Fine Print It.)

People you owe money to ( A Debt ) are the worst ones to automatically provided another company ( A Debt Collector ), including but limited to Doctors and Hospitals with your personal and very sensitive information like you Birth Date and Social Security Number.

When Identity Thieves have access to your personal information, they may open up new loans, rack up debt in your name and leave those debts unpaid because it's not them.

Three main age groups stand out among victims of identity theft which are

• The elderly,
• College Students,
• Children.

Between 2012 and 2014, the Bureau of Justice reports the number of elderly victims grew by 25 percent. In children, identity theft victims as young as 5 months old have been reported.

One reason this might have occurred is, The person you owe the debt to has report the information to a Third Party, Yes even your child's Date of Birth and Social Security Number is among the information along with yours.

The four types of identity theft include

• Medical identity theft: This occurs when an individual identifies themselves as another to procure free medical care.
• Criminal identity theft: occurs when someone uses another person's personally identifying information, like a person's name, Social Security number, or credit card number or other financial information, without permission, to commit fraud or other crimes
• Financial identity theft: is criminal activity that involves accessing someone's personal information for fraudulent financial gain by someone stealing your credit card information to make purchases without your knowledge.
• Child identity theft: occurs when someone uses a child's Social Security number to commit fraud. That might include opening credit accounts, taking out loans or applying for government benefits or a job. The crime can go undetected for years. Victims of child identity theft often discover it when they're older.

Identity Thieves obtain your personal information

• Data breaches. This often make headlines.
• Phishing identity theft: refers to the act of obtaining victims' sensitive information by posing as trusted companies and organizations.
• Unsafe Internet connections identity theft: Many consumers display a sense of invincibility when it comes to public Wi-Fi connections with two-thirds of respondents reporting they engage in unsafe internet use over public connections.
• Mail identity theft: is a felony that occurs when someone steals, takes, or abstracts your mail. Mail thieves can mine your mail for cash, checks, and obtain personal information that can be used.
• Dumpster diving identity theft: is a technique used to retrieve information that could be used to carry out an attack on a computer network. Dumpster diving isn't limited to searching through the trash for obvious treasures like access codes or passwords written down on notes.
• Social Security card identity theft: is lost or stolen, contact your local police department as soon as possible to file a theft report. Contact the Social Security Administration at 1-800-772-1213 to request a replacement Social Security card and to alert them as well.
• To see if your Social Security number is being used by someone else for employment purposes, review your Social Security Statement at My Account to look for suspicious activity. Finally, you'll want to use additional scrutiny by regularly checking your bank and credit card accounts online
• Weak data protection identity theft: you can lose money and may find it difficult to get loans, credit cards or a mortgage. An Identity Thief can use a number of methods to find out your personal information and will then use it to open bank accounts, take out credit cards and apply for state benefits in your name.

Identity Thieves can affect credit score:

Because of the thieves actions, it can trash your credit score because the theft can apply for new credit, max out the credit card and fail to make payment. In addition: every credit inquiry could take up to 20 points off your score and the increase in credit card debt will also effect your score.

How likely are you to have your identity stolen?

33% of U.S. adults have experienced identity theft, which is more than twice the global average. 1 in 5 victims of identity theft have experienced it more than once. 14.4 million consumers became victims of identity fraud in 2019, about 1 in 15.

Among the leading causes of identity theft:

Is that data breaches stand out as they can rapidly impact a massive group of people. Hackers gained access to the credit card information of millions of shoppers at the major national retailer Target in the 2013 incident.

Third Party

Is a generic legal term for any individual who does not have a direct connection with a legal transaction but who might be affected by it. A third-party beneficiary is an individual for whose benefit a contract is created even though that person is a stranger to both the agreement and the consideration.

Third-Party Threats

• Regulatory and legal violations. Regulation and enforcement have intensified globally.
• Breaches of systems and data.
• Reputation damage.
• Financial dependence.
• Systemic events.
• Geopolitical events.
• Establishing ownership and buy-in.
• Evaluating risks.

Third-Party Risk :

The potential risk that arises from institutions relying on outside parties to perform business services or activities on their behalf. Third-party risk is greater than it's ever been, and managing third party risk effectively will require a rethinking of the traditional security model.

Debt collectors (Third Party) are not permitted

To try to publicly shame you into paying money that you may or may not owe. In fact, they're not even allowed to contact you by postcard. They cannot publish the names of people who owe money. They can't even discuss the matter with anyone other than you, your spouse, or your attorney.

Why you should never pay a collection agency?

If you don't pay your bank loan, credit card, or other debt, the lender may decide to send your file to a collection agency (Third Party). The reason is how you decide to pay off your outstanding debt will affect how long it will remain on your credit report

What is the difference between a debt collector and a collection agency?

Third Party Debt Collectors. Consumers often use the terms “creditor” and “debt collector” interchangeably, but they are two separate entities. The company they hire is a debt collection agency. Debt collection agencies pursue the debt and receive a percentage of the amount they collect.

The disadvantage of third party data:

Are the Drawbacks of Third-Party Data. There is no transparency into how third-party data has been collected. And anyone using it may put you at risk of breaching data privacy regulations