And that this is going to allow people to easily lock and unlock access to their Equifax credit report. The Identity Theft Resource Center has spearheaded an online petition called “Free From All 3” to demand that all three credit reporting agencies, which includes Equifax, Experian, and TransUnion, be required to provide free credit freezes to all Americans who request them due to this data breach.
Advertisement
San Francisco is seeking refunds for Californians who bought credit monitoring from Equifax before September 7, when the company disclosed the hack.
So what should consumers do?
The costs to freeze and lift the freeze on your credit vary based on where you live, but commonly ranges from $2 to $10 per agency.
Filer said Equifax hasn’t done a very good job of handling the situation post-attack either.
Questions have been raised about its decision to wait more than a month after discovering the hack to alert the public. “And keep in mind, too, that a credit freeze has to be unlocked and reinstated every time you apply for credit, so just because you do it once, doesn’t mean you’re in the clear”.
In addition to that, Barros also stated that the free-sign up for TrustedID Premier will also be extended.
A credit freeze, also known as a security freeze, restricts access to your credit report. Consumers whose information has been exposed may freeze their credit information, making it hard if not impossible for an imposter to open a new line of credit in their names.
But consumer advocates are questioning the company’s decision to offer a lifelong credit lock instead of a state-regulated credit freeze, and are concerned over the unknowns – including if enrolling could limit your rights to sue.
“There has to be a scheme of preventive monitoring in place”.
The combined value of freeze fees surely represents a big source of income to the credit bureaus, although it’s still a fraction of their business. You must freeze your credit at each of the three credit firms: Equifax (www.equifax.com), Experian (www.experian.com), and TransUnion (www.transunion.com).
Yes, the Equifax breach was bad but let’s be honest, it’s not the first data breach and it, unfortunately, will not be the last.
The company said in the filing that Smith will not receive his annual bonus, and his other potential retirement-related benefits won’t be awarded until Equifax concludes an independent review of the data breach.
Advertisement
A reader named Marvin, like so many others, wondered why he’s been having so much trouble placing a freeze on his file. Locking down your credit will not impact your credit score…. Flip it. Tails, you are about to be the victim of identity theft. This type of sharing is often in the fine print in the agreements with financial institutions and those other businesses from whom you’ve obtained credit, and people are often not aware that this happens. As many as 143 million people had their data compromised.
