Is / Should Equifax Be 'Off The Hook'?

[easyt65]

It was announced recently that Equifax - one of the 'Big 3' credit rating companies - allowed a 'megabreach' of its computer files that compromised the personal information of 145.5 million Americans.
-- Americans did not have any say in whether they wanted any mega-company like Equifax storing their personal information (name, DOB, address, phone #, social security #s, etc). NOW there is a possibility that 145.5 million Americans could be the victims of identity theft, causing MASSIVE financial, legal, credit, home title theft, etc problems for them.

Equifax notified the American people through the media, sent me a mass-produced 'personal' letter how they potentially F*ED me over, said they would be partially 'monitoring' my credit for issues (for a while), offered me a ONE(1)-TIME FREE SCAN OF THE 'DARK WEB' to see if my personal information had already been out up for sale to criminal entities who would then use my information to steal my identity and create all the nightmarish problems mentioned above. (A 1-time free scan - how generous of them...)
*** UPDATE: Equifax is now also offering 1 year free credit monitoring if you go to their web site and sign up for it.

Great news for small businesses - your information was kept safe. It was just the 145.5 million American citizens - or a potential smaller subset of that number - who are potentially screwed.

Oh, more 'great news' for the citizens whose information was stolen:
- 'Equifax will roll out a new program that intends to give consumers more control over their own personal data. Under this system, consumers can lock and unlock access to their credit data for free. That will be available beginning in January of next year.'

Of course that REALLY doesn't help you now after your information was already stolen and may already be on the 'Dark Web' being sold to any number of US and/or international criminals. So good luck with that.


WAIT, THAT'S IT?! 'Hey, sorry we potentially f*ed you over. Good luck, and we hope your information isn't actually used to destroy your life'?!


Not really...but it still ain't good news:

"Equifax is facing nearly two dozen class-action lawsuits, along with a separate suit from the state of Massachusetts, over a massive data breach that compromised the personal information — names, addresses, birth dates and social security numbers — of more than 143 million people.

For those affected by the breach, the path forward is still unclear. While the credit reporting agency announced the breach last week, the breach actually occurred July 29, which means sensitive data from about half of the U.S. population has been available to hackers for weeks."

Americans are being told if you become a victim of identity theft you can join a class action law suit against Equifax later. WHAT ISN'T BEING HIGHLIGHTED IS THAT, REPORTEDLY, YOU ARE GOING TO HAVE TO PROVE THAT YOUR IDENTITY WAS STOLEN AS A RESULT OF THE EQUIFAX BREECH. Good luck with that. (Hopefully that will change somehow.)

Oh, and in case you were worried about the board members and investors of Equifax losing any money as a result of this news getting out, you can rest easy. They were able to share their stock and take precautions before they let the public know this happened. (Which is why their CEO had to testify before Congress after resigning...)
- WHEW, I was worried SICK about THEM!

Fmr. Equifax CEO in the hot seat: 5 things to know

Affected by the Equifax hack? Here's what to do now

 

[Moonglow]

I say that Equifax get a poor credit rating from the incident and has to pay higher interest..

 

[Kat]

*** UPDATE: Equifax is now also offering 1 year free credit monitoring if you go to their web site and sign up for it.

Who cares? The damage is done. No they should not get off the hook.

 

[WhyWhyAreYouLying]

Excluding even the insider trading piece, what Wells Fargo did in comparison was insignificant.
Every last one of them should go to jail...but with a phone listed at the collection agencies top call list. I've had calls for two years for a person that had the number prior. These agencies use the credit bureaus as a threat, as intimidation and for coercion and our Govt sits. Equifax Knew, or should have known...(they knew). The BS they and Collection agencies drive is nothing short of mental and verbal abuse. The ones hurt are Middle class and the 'lower rungs of the economic classes'... generally minorities. If the DNC wants to vilify someone, rather than the Wall Street Banks that give so heavy to their campaigns, here's a prime target. Why don't you actually do something for minorities and the middle class for a change...THIS.
Will Congress do anything? No, which is why their stock did not bottom out.
The Governments efforts against hackers seem only focused on the US Govt and nothing to support those of us footing the bills (insert your own NSA comment here).
Their only concern seems to be when the other party gets and advantage (the Russian email debacle).

 

[justinacolmena]

Sorry AOC, but Equifax probably won’t be paying people $125 apiece

Equifax and the rest of the consumer credit cartel aren't so much “off the hook” as they simply don’t have a pot to piss in any more than any of their sleazy marketing partners after committing wholesale identity theft and slamming people’s credit unjustly for not borrowing enough money.

It’s bunch of dirty online shopkeepers with a mobster-run protection racket and a payday-loan debt-collection gig on the side.