Friday, 22 September, 2017

Senator Durbin Calls for Congressional Hearings on Credit Company Equifax

Courtesy MGN  Credit monitoring company Equifax says a breach exposed social security numbers and other data from about 143 million Americans Courtesy MGN Credit monitoring company Equifax says a breach exposed social security numbers and other data from about 143 million Americans
Jo Caldwell | 14 September, 2017, 00:32

It has also been reported that Equifax executives sold personal portfolios of Equifax stock prior to the announcement.

If you're a resident of certain states - like ME or SC - it's free.

But even that doesn't totally protect your information since your data isn't fully frozen until it is on ice at all three credit bureaus.

You'll want to make sure your report is correct and up-to-date before you apply for a loan to make a major purchase like a home or vehicle or you apply for a job & often employers check the credit reports of prospective employees. Equifax scheduled meetings with investors yesterday and today to discuss the company's outlook for 2017. Using the "freeze" option does not protect your personal information but will protect your credit if someone tries to access it.

What's the difference between a credit freeze and a fraud alert?

Additionally, consider freezing your credit report so companies you already do business with are the only ones who have access. "Sharing this information with our office will allow us to warn others to be on the lookout for similar attempts". You will need it if you choose to lift the freeze. It gets its data - without you even knowing - from credit card companies, banks, retailers, and lenders. Some of you will have your identities stolen.

Bloomberg: The Category 5 Equifax Hurricane - "We just have to take a moment and let our collective jaws hang open in abject stupefaction". "The problem is that it is incomplete protection and it only lasts for a year". Fourth, as commented on by many, Equifax initially appeared to be using its offer of free products, including credit monitoring, as a mechanism to have affected consumers agree to an arbitration clause or class action waiver, although Equifax has since posted on its website that this was not its intention, and that no such waiver will apply to the cybersecurity incident.

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Sure. When your credit is frozen you can continue to operate your financial life just as you typically would. That's because most creditors need to see your credit report before they approve a new account. Security experts and officials alike slammed the company for a poorly designed response Web site, and for initially requiring potential victims to give up their rights to sue before they could obtain free credit monitoring. "It'll typically cost you about $10 to implement one, but it is pretty easy to do through bureau websites or on the phone, and it can be quite effective", CreditCards.com analyst Matt Schulz told NBC News in an email. It will last for 90 days and can be renewed.

Does a credit freeze affect my credit score?

With millions of people feeling vulnerable after the hack and scrambling to secure their most important information, getting a credit freeze has been more hard than usual in the past few days.

That's more than half the US population, including me.

In a posting on the Canadian part of its website, Equifax says it is "working night and day to assess what happened".

You can ask the credit reporting company to send corrected statements to any of the companies that may have checked your credit history in the previous six months. State investigators in several states have also launched a probe.

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