>>VIC MICOLUCCI: FLORIDA’S CHIEF FINANCIAL OFFICER IS ASKING THE CREDIT RATINGS
AGENCY EQUIFAX TO RESOLVE ITS
CREDIT SCORE ISSUES. ONE
RECENT EXAMPLE IS A
JACKSONVILLE WOMAN WHO CLAIMS
EQUIFAX REPORTED HER CREDIT
SCORE WRONG, FORCING HER INTO
A MUCH LESS FAVORABLE LOAN
CFO. JIMMY PATRONIS JOINING US
LIVE THIS MORNING TO TALK MORE
ABOUT IT. GOOD MORNING TO YOU,
SIR.
>> GOOD MORNING, VIC. GOOD TO
BE WITH ABSOLUTELY. SO THIS
CREDIT GIANT SAYS THAT IT SENT
LENDERS INCORRECT CREDIT
SCORES FOR MILLIONS OF PEOPLE
IN THE SPRING AND DURING A
PERIOD OF ABOUT 3 WEEKS, THEY
BLAMED IT ON A CODING ISSUE.
HOW CAN THIS ERROR, JIMMY
ACTUALLY HURT PEOPLE
FINANCIALLY AND POTENTIALLY IN
A VERY LONG TERM.
>> SO PERFECT EXAMPLE, MOST
APARTMENT COMPLEXES, THEY
FIRST THING THEY DO IS THEY
PULL YOUR CREDIT TO MAKE SURE
THAT YOU’RE GOING TO BE A
RELIABLE TENET. WELL, IF MY
CREDIT SCORE IS AFFECTED BY AS
MUCH AS 20 POINTS AND LIKE IN
THIS PARTICULAR CASE IS WHAT
THEY’RE SPECULATING THE BREACH
CAN DO THAT CAN MAKE ME
INELIGIBLE FOR THAT PARTICULAR
APARTMENT COMPLEX. SO NOW I’M
GOING TO GO HAVE TO
ACCOMMODATION SOMEWHERE ELSE.
AND IT COULD BE AT 100 OR $150
MORE A MONTH. AND THIS WAS AT
NO FAULT OF MY KNOW, DOING TO
MY HOME. THIS IS BECAUSE
EQUIFAX WAS NOT ABLE TO MANAGE
THEIR OWN EQUIPMENT FOR
CONTROL MAY BE A BREACH.
>>VIC MICOLUCCI: YEAH, AND
CERTAINLY TIMES ARE SO TOUGH
FOR PEOPLE. THEY DON’T HAVE
THAT EXTRA $150. WE’VE GOT A
HOUSING CRISIS OR I’VE GOT
INFLATION. WE’VE GOT A LOT OF
REASONS WHY YOU NEED EVERY
DOLLAR IN YOUR BANK ACCOUNT.
>> WELL, HEAR THERE’S MORE
THAN ONE CREDIT RATING AGENCY.
SO HERE’S YOU KNOW, MY EQUIFAX
AND THEY SAY ARE ALL OF THE
IDENTIFIED ACCOUNTS FOR NOTED
THAT ALL OF YOUR ACCOUNTS WE
NEED TO WE NEED TO SHOW SOME
SOME CORRECTION OR MAYBE JUST
SOME AREA. GREAT. WHAT IF THEY
GO TO EXPERIAN. ONE OF THE
OTHER CREDIT RATING AGENCIES
THAT DID NOT HAVE TO YOU KNOW,
YOU GOT COMPLETING CREDIT
REPORTS THAT ARE OUT IN THAT
SPACE. I MEAN, IT’S YOU KNOW,
IT’S VERY UNFORTUNATE. THIS IS
FORTUNATELY, I REPEAT BEHAVIOR
BY EQUIFAX. YOU KNOW, THEY
ABOUT TO DO MORE THAN CREDIT
MONITORING. THERE OUGHT TO BE
MORE PROACTIVE TO HELP
INDIVIDUALS BECAUSE THIS
MISTAKE WILL COST OUR CITIZENS
MONEY.
>>VIC MICOLUCCI: ALL RIGHT. SO
HERE’S THIS LETTER WHERE YOU
DON’T MINCE WORDS. THIS CAME
OUT YESTERDAY. YOU SENT IT TO
THE CEO OF EQUIFAX DEMANDING
ANSWERS WITHIN 30 DAYS. WHAT
HAPPENS NEXT?
>> WELL, WE’LL HAVE TO TAKE
MEASURES. IN THE PAST WE HAVE
MADE CHANGES IN FLORIDA
STATUTE IN ORDER TO HELP
CITIZENS IN THE STATE OF
FLORIDA. BASED ON HOW THESE
CREDIT RATING AGENCIES
OPERATE, HE WAS A PERFECT
EXAMPLE. IF LET’S SAY YOU
WANTED TO FREEZE YOUR CREDIT,
YOU WANT TO MAKE SURE NOBODY
ELSE CAN ACCESS BECAUSE YOU
JUST HAD ENOUGH OF WHAT THE
DATA BREACH COULD BE. YOU CAN
CALL EQUIFAX EQUIFAX, FREEZE
MY CREDIT, EQUIFAX’S. SURE IT
WAS OUR FAULT BUT WILL FREEZE
IT AND DON’T CHARGE YOU 10
BUCKS. THAT’S BALONEY. SO WE
CHANGE FOR THE LAW SAYING IF
YOU WANT TO FREEZE YOUR
CREDIT, ANY OF THE CREDIT
RATING AGENCIES HAD TO DO IT
FOR FREE. SO AGAIN, WE’LL GO
BACK. WE’LL VISIT WILL FIND
SOLUTIONS WILL WORK WITH OUR
LEGISLATIVE PARTNERS AND WE
WILL PROTECT THE CITIZENS OF
THE STATE OF FLORIDA IS CREDIT
RATING.
>>VIC MICOLUCCI: JIMMY, I KNOW
THAT YOU AND OTHER PEOPLE AT
THE STATE ARE WORKING REALLY
HARD RIGHT NOW. WHAT IS YOUR
MESSAGE TO PEOPLE WHO BELIEVE
THAT THEY MIGHT HAVE BEEN
IMPACTED BY THIS ERROR?
>> AS AS EQUIFAX IS GOING TO
TRY TO LEAD AND WE LEAP
FORWARD IN ORDER TO TRY TO GET
OUT IN FRONT OF FORTUNATELY,
THERE’S A LOT TO THINK OUTSIDE
OF THE BOX AND THEY’RE GOING
TO HAVE TO GO ABOVE AND BEYOND
WHAT MAY BE A NORMAL SOLUTION
MIGHT BE. I HATE TO SAY IT,
BUT MAYBE LITTLE BIT MORE
PUNISHMENT THAN THERE IS
SOLUTION SIMPLY BECAUSE WHAT
THEY DID IS NOT A ONE-TIME
EVENTS. THIS IS THE SECOND
TIME THIS HAPPENED AGAIN IN
2017, AGAIN AFFECTING MILLIONS
OF INNOCENT PEOPLE.
>>VIC MICOLUCCI: ALRIGHT,
FLORIDA’S CFO, JIMMY PATRONIS.
THANK YOU SO MUCH FOR YOUR
TIME THIS MORNING. THANKS TO
BIG THANKS SO MUCH. APPRECIATE
YOU, BUDDY. ABSOLUTELY. AND I
DO WANT TO POINT OUT THAT WE
ARE REACHING OUT TO EQUIFAX TO
GET THEIR SIDE OF THE STORY TO
GET ANY RESPONSE. IF WE DO GET
SOMETHING BACK FROM THEM, WE