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1 a class action suing over an arbitration clause forced on clients under duress would be an easy win and likely as big a lawsuit as a class action over the leak.
2 the arbitration clause no doubt refers to the one year offer, and not the data breach.
3 i have not even read it and i know i am right. lawyers would go to town on such a weak sauce attempt ot get consumers to give up their rights.
you are right on this, trying to get consumers to give up their rights would be against the public interest, and no court will allow that.
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Originally Posted by odanny
This was the third hack, you would have thought they knew after the first two that their firewall was porous. There is also the issue of three executives selling millions of dollars of stock before the hack was reported, even though Equifax knew about the hack for weeks before reporting it.
very true, and those executives need to be prosecuted for insider trading.
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Originally Posted by jacqueg
I sure wouldn't miss them.
With any luck, this will put a spotlight on credit reporting agencies.
I don't understand why so many people rely on these agencies. As many of us know to our cost, they frequently report things that are simply not true. Sure, you can challenge them, and get the offending item removed. Then, guess what - 6 months or 6 years later, it's back, and you have to challenge it all over again! They accept no accountability whatever for the accuracy of the "information" they report. And people pay good money for this.
its simple, when an item is reported to a credit agency, they do not investigate it, they just report it. after you challenge it bogus report, it comes off your credit report. then the company that reported your original issue, sells the account to another agency, usually for pennies on the dollar, and that agenecy reports your "default".
you have to remember that these agencies are not investigatory agencies, they are reporting agencies. they dont work for you, they work for the credit companies and banks. the problem is that the governments allow credit companies to sell your account to another agency, and the new agency never investigates the account, and that is where the problem lies. i think what needs to happen is that your accounts should not be allowed to be sold more than say twice. after that it should go into the trash bin never to haunt you again.
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Originally Posted by Mathguy
Huh? I haven't had debt in almost a decade and I have a massive credit score.
I think that you might be missing something somewhere as to the real issue.
not really. i also have a great credit score, but it goes up and down based on how much credit i am using. if i dont use enough, it does go down, if i use too much it goes down. my balances get paid off each month, and i dont use my credit cards except to track certain expenses, and for big ticket items that i need.
I didn't list Step 1 because I'm not a fan of using the Identity Protection Program that Equifax is giving but the rest is what I'll be doing.
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Step 2: Check your credit reports
More than three months passed between the time the breach may have started and now. We're not sure if the data of those affected was used maliciously during that period, so consider looking through your credit reports for any suspicious activity. The US government guarantees everyone a free annual credit report from the three major bureaus -- yes, including Experian. You can get those reports here. (UK citizens can find links to credit agencies here.)
When looking through your reports, keep an eye out for new accounts you didn't open, late payments on debts you don't recognize and any other activity that looks unfamiliar.
If you suspect someone used your identity to open credit cards, take on loans, or reopen closed accounts, contact the credit card company's fraud department immediately. You are not responsible for charges made on a fraudulent card, but you have to report the issue in a timely manner. Once you've reported the fraudulent credit, follow this guide to recovering from identity theft.
Step 3: Freeze your credit
It's still early days, so even if your credit report comes back clean, remain vigilant about protecting your credit. One of the most reliable ways to prevent someone from opening credit cards in your name is to place what's called a "credit freeze."
When you freeze your credit, you (or anyone masquerading as you) will be required to unfreeze your account by providing the PIN you got when you froze your credit.
To freeze your credit, contact each of the credit bureaus using these phone numbers:
Equifax: 1-800-349-9960
Experian: 1‑888‑397‑3742
TransUnion: 1-888-909-8872
The process is usually automated and can be completed within a few minutes. Just be sure to write down your PINs in a secure place.
Step 4: Set a fraud alert
A fraud alert is another way to make it hard for identity thieves to open accounts in your name. When a fraud alert is set, credit card companies will be required to verify your identity before opening an account. That, combined with the credit freeze, is a great way to keep your credit secure.
To set a fraud alert, contact just one of the credit card bureaus and ask for an initial fraud alert. Once the alert is set, it will last 90 days. After that, you'll have to renew it. Here are the appropriate phone numbers for the bureaus (remember, just call one):
Equifax: 1-888-766-0008
Experian: 1-888-397-3742
TransUnion: 1-800-680-7289
Step 5: Repeat the process for your loved ones
Because Equifax is not notifying those affected through direct mail or email, some people will be left without the resources or tech savvy to protect their identities or find out if they were compromised. With that in mind, consider helping your loved ones -- especially the elderly without computer access -- with the above steps.
Watch out for tax season
It's still to early to know if and how the data exposed in Equifax's breach will be misused, but one major concern comes around during tax season. Identity thieves can use stolen Social Security numbers to file fraudulent tax returns and receive refunds.
Many victims find out they have been targeted in tax fraud when they try to file their taxes -- the IRS tells them that their taxes were already filed. One of the best ways to prevent this from happening is to file early. For more, the IRS has an easy-to-follow guide on tax fraud.
The tool to see if you are compromised on Equifax's website is a complete joke. CNet did a test of it and here's their results:
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Something is not quite right with the results, though, as ZDNET's Zack Whittaker discovered. The tool provides random results, even for fictional names and social security numbers. I tested this myself with the last name "Hellomoto" and a random string of digits. Turns out that the person with the last name Hellomoto was not impacted.
Is Equifax's tool completely useless? The random results suggest that it can't be fully trusted, as it doesn't return errors for bogus entries and, in some cases, confirms that made-up people were affected. Equifax has already revised its tool once to provide more clear results (it previously didn't explicitly tell users they were impacted) but could be further improved -- or fixed.
At this point, we suggest that any person with a credit history take action as if they were affected. That means watching out for signs of identity theft and taking further precautions, such as freezing your credit and setting fraud alerts.
Editor's note, Sept. 9: Revised to reflect that Equifax made changes to its tool, but didn't address the bogus entry issue. Further clarified what happens when bogus entries are used in the tool.
The Equifax situation is criminal. These people failed in every aspect of their job. They compromised data for 143 million people. And then they sat on the information for 6 weeks, after they knew about it. However, that didn't stop the higher ups from unloading their stock.
Then, they put in place all kinds of half-assed measures with strings attached so that you can't sue them.
You've got to be kidding.
I'm normally not a proponent of the government solving problems, but if Trump really wants to do something constructive, then let his executive branch go after this bunch of criminals.
By the way, anyone who owns EFX stock better unload it, because it's got nowhere to do but down.
I totally agree with you! Someone needs to go after these people. They behaved despicably. I found that my data was compromised. There was a glitch as I was supposedly registering for the paltry 1 year credit monitoring they offered. It appears I didn't finish the process. I don't recall seeing the opt out warning, so I might be okay. Either way, time will tell. I am beyond angry and disgusted with these people.
Thankyou. Yep, anyone selling shares that WEREN'T planned in advance (as some are if you're high up in the company) are going to be facing insider trading charges.
The civil suit and fines are going to be massive, probably will take the company down.
My thoughts too. I think they are scrounging in the hopes they can salvage the company, but it looks pretty bleak. I think a class action would take so long that there wouldn't be enough funds left to pay anything of significance due to having to defend their inaction/ late actions, and resulting insider trading.
its simple, when an item is reported to a credit agency, they do not investigate it, they just report it. after you challenge it bogus report, it comes off your credit report. then the company that reported your original issue, sells the account to another agency, usually for pennies on the dollar, and that agenecy reports your "default".
you have to remember that these agencies are not investigatory agencies, they are reporting agencies. they dont work for you, they work for the credit companies and banks. the problem is that the governments allow credit companies to sell your account to another agency, and the new agency never investigates the account, and that is where the problem lies. i think what needs to happen is that your accounts should not be allowed to be sold more than say twice. after that it should go into the trash bin never to haunt you again.
Oh I know. Ideally, they would be investigative agencies, but I understand that's impossible.
I'd settle for a warning on each and every page they print, including their business letterhead. It would be in a large font (size 18?), in red and all caps, and read something like this -
"We do not verify any of the information we are passing on to you. If you make a decision based on this information, be aware that you may be rejecting a potentially ideal customer/employee. Conversely, you may be accepting a consummate identity thief who will work to gain your trust, clean out all your bank accounts (and maybe your relatives' bank accounts), and then disappear without a trace. We don't know which is which, therefore you don't know either. If you still want to give us money, we'll take it, just remember that we can't and won't stand by anything we say."
So is a class action lawsuits being started? If so how do we jump on board? It's about time our overlords faced some justice.
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Suggestions to combat the theft
