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Equifax Lobbied for Easier Regulation Before Data Breach

Equifax Lobbied for Easier Regulation Before Data Breach”

The firm will mail notices to consumers whose credit card numbers or dispute documents with personal information were accessed, it said.

Equifax is moving to improve the PIN generation process. On its website, Equifax asserted that the company "acted immediately" to stop the hack, and "promptly engaged a leading, independent cybersecurity firm which has been conducting a comprehensive forensic review to determine the scope of the intrusion, including the specific data impacted".

Additionally, identitytheft.gov is the government's official website that will walk you through clear checklists of actions you can take to recover from identity theft.

Some lawyers have already announced suits that they hope will be class-action cases.

Equifax's response to its breach fell short to begin with.

The company discovered the breach in late July. People trying to find out if they were affected have gotten some confusing or contradictory information.

Equifax should get rid of the arbitration clause from this agreement. It's also unclear whether Equifax would still charge you a fee to lift the freeze. While Republicans have been less vocal than Democrats in demanding more rules, they have said they want to know what went wrong and whether Equifax violated any laws. Then you'll be given a date when you can return to the site and sign up for the monitoring service.

There has been a significant amount of confusion about that. The lists were used by third-party companies for the "impermissible purpose" of marketing loan modification and debt relief services. In its statement Monday, it said it had again adjusted the language in the FAQs on its website.

A credit freeze limits who can see your credit report information.

Stay vigilant, possibly for a long time. Such PINs could potentially be brute-forced by someone attempting to unlock a credit report for the objective of identity theft.

The massive and highly intrusive breach should be a wake-up call for Americans to check online bank and credit card statements regularly, ideally every week, said Matt Schulz, senior industry analyst for CreditCards.com.

A host of state and federal authorities as well as politicians have stepped in to investigate.

In January, the consumer bureau accused Equifax and TransUnion of misleading consumers about credit products they had sold them.

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.

U.S. Sen. Brian Schatz is yelling now - at least on Twitter.

New York Attorney General Eric Schneiderman said the clarification came as a result of conversations with his office.

Why do three companies have control of so much private information?

Given the seriousness of the breach, there are worries about the long-term future of the company.

"It's time for companies who lose consumer data or do not protect it to be held responsible", said Dan Berger, president of the National Association of Federally-Insured Credit Unions. Equifax failed at that.



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