If you want help from Equifax, there are strings attached

Robyn Valdez
September 12, 2017

The three executives "sold a small percentage" of their stock and "had no knowledge that an intrusion had occurred at the time", Ines Gutzmer, a spokeswoman for Atlanta-based Equifax, said in an emailed statement late Thursday. To make things even worse, credit card numbers for approximately 209,000 USA consumers, and certain dispute documents with personal identifying information for approximately 182,000 US consumers, were pilfered.

Understandably, many are skeptical or suspicious of signing up for these offered services through Equifax. That language landed the company in hot water with users and regulators alike.

"Equifax owed a legal duty to consumers like Ms McHill and Mr Reinhard to use reasonable care to protect their credit and personal information from unauthorized access by third parties". It also now says people will get randomly generated PINs when they try to put a security freeze in place. The intruders also accessed dispute documents with personal identifying information for about 182,000 consumers.

Check out what to do if you think you've been compromised in the Equifax hack here.

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"I would say any of the credit reporting agencies; I would consider it the mother-load of data for someone who wants your data", he says. Equifax has set up a site - equifaxsecurity2017.com - where consumers can check if their data was exposed.

The bureau recommended freezing credit files with the other two major credit reporting agencies: Experian (1-888-397-3742) and Trans Union (1-888-909-8872).

A credit freeze is one of few measures affected Americans can take to protect against identity theft, or at least make it very hard for potential thieves, now that their personal information could be up for sale online. Often, victims of identity theft can freeze their credit at no charge.

"First thing they should do is they should report it to the police and then file an affidavit for fraud with their bank or whatever their financial institution is", said Rivers. Arbitration is slated to be barred in the financial industry next year by the Consumer Finance Protection Bureau, but Republicans have sought to reverse that ruling.

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And three of the company's executives sold almost $2 million in Equifax shares days after the cyberattack was discovered, SEC filings show.

Go to AnnualCreditReports.com and use this service to request free copies of your credit report. The last one " recently had four credit accounts opened in his name without his authorization".

While their services are essential to the USA economy, the credit-reporting bureaus don't have the same regulatory oversight as the financial industry.

Because July 29 was a Saturday, it's possible that the three executives didn't know about the breach or its severity at the time they sold the stock, Jeff Meuler, a Robert W. Baird & Co. analyst, said Friday in an interview on Bloomberg Television.

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Other reports by Info About Network

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