This stems from the software patents – software developed before there were enough safeguards in place to protect the consumer…and certainly without any thought of privacy laws.
Were you asked if you wanted to share your personal information? Were you told it would be in an archaic cloud (years before the “cloud” became so popular). The simple answer is NO – you were never advised or told that the information was going into a “data storage” tank accessible to thousands of other people everyday! See the 1003 loan application for example: https://deadlyclear.wordpress.com/2012/04/18/behind-the-securitization-curtain-21st-century-mortgage-casino/
Imagine receiving a phone call that 25% of your wages are going to be garnished because of a credit card account opened 14 years earlier that was never paid off. Making things worse, you know you didn’t have a credit card from the bank in question at that time, so it can’t possibly be your debt. This should be an easily remedied error, but not if a court has already granted a default judgment against you, making you responsible for paying back money that you didn’t owe and didn’t find out about until it was too late.
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