- Lending companies require customer social security numbers, and dates of birth to process loan applications.
- Lending companies require customer credit reports: credit account numbers, and balances to approve loans.
- Lending companies require customer bank account, and routing numbers to fund loans.
…the lending industry is dependent on customer information—a valued commodity, and potential liability when unmanaged.
Customer information, regardless of who stole it, can be used to perpetrate identity theft. A global crime that costs customers a great deal of time disputing transactions, and money—paying increased rates and fees until their credit histories are restored—a long term circumstance likely to negatively affect career opportunities.
Best efforts, to safe guard customer information, begin with reliable information technology, and a company wide policy not to sell customer information.
There is no practical way to ensure how the information will be used, or continually resold.