Credit Freeze Is Not the End All, Be All

Credit Freeze Is Not the End All, Be All

Credit Freeze Is Not the End All, Be All

Fortune says a lock will be more convenient than a freeze but also doubts "Equifax has the technical chops to pull this off and do it in a secure way".

The consumer credit reporting company has been criticized for a series of missteps that compounded consumers' frustration after the company was hacked and some 143 million consumers' financial and personal data was exposed.

"We will act quickly and forcefully to correct our mistakes", he wrote.

So she made a decision to get a one-time credit freeze at all three credit bureaus, which she has heard is better than monitoring, as it prevents anyone from accessing your files and applying for credit.

The Consumer Financial Protection Bureau's (CFPB) director, Richard Cordray has said that the agency would increase oversight of Equifax and its rivals. The unit also sells credit information to resellers who offer their own monitoring services to individuals. The AP reported Smith won't get his annual bonus and other retirement benefits until the Equifax board looks at an independent review of the hack.

In an opinion-editorial article in The Wall Street Journal on Thursday, interim Equifax CEO Paulino do Rego Barros apologized for the hack and said the company would provide a new service by January 31 that would allow consumers to lock and unlock access to their Equifax credit reports for free for life. However, please note that the other bureaus are not offering free credit freezes in response to the Equifax breach, so consumers will have to incur the cost of placing freezes (and removing them) with the other bureaus. First of all, rather than spending time trying to find out if your personal data was compromised or not in the Equifax breach, just assume that it was.

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Equifax said the breach potentially affects 143 million USA customers - with information like names, Social Security numbers, birth dates and addresses possibly compromised. Meanwhile, legal action against the beleaguered credit reporting agency continue to grow, with a new suit filed in San Francisco and another one expected to come from Chicago.

Some services may help you watch for problems.

- Considering freezing your credit reports.

"These services may allow the credit reporting agency to market to consumers more aggressively for products that they may not need and/or shouldn't pay for", said Tetreault.

The company confirmed that customer data of no other country that they operate has been impacted by the data breach. Smith, who retired Tuesday, leaves the company with at least $48.9 million in stock awards and benefits accumulated during his 12-year tenure at the company.

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