Published: Thu, September 21, 2017
Economy | By Annette Adams

Suspecting Longer Breach Time, Attorney General Issues Subpoena To Equifax

Suspecting Longer Breach Time, Attorney General Issues Subpoena To Equifax

The bill would also make uniform the federal process for freezing credit, make illegal the selling of consumer data for marketing purposes while someone's credit is frozen, improve fraud alerts for consumers, allow consumers to obtain an additional free credit report per year and entitle consumers to a refund from Equifax if they paid for a post-hack credit freeze. It recently announced that hackers had gained access to consumers' social security numbers, birthdates, and other information.

Most credit card companies have zero-liability policies, which means you aren't held liable for fraudulent charges you report.

The tools are readily available to conduct this type of screening at the point of enrollment, but many organizations continue to rely on single validating data point, such as a consortium score or a credit report, versus checking multiple validation checks that are extremely hard for fraudsters to fake.

That's what makes the Equifax data breach - and the company's cavalier, cynical response to it - all the more alarming.

Equifax Inc. announced on September 7 that hackers had busted into its computer system. In fact, he says, House lawmakers were considering legislation the industry favored on September 7: "On the day of the Equifax breach announcement, the House held hearings on not one, but two bills to weaken consumer protections over the credit bureaus'".

It was also recently revealed that Equifax knew about a significant breach of its network in March of 2017, five months before it was disclosed publicly. Check this list of state guidelines for security freeze details in your state, including groups that can place security freeze requests for free. This webpage includes links for information on how to contact each of the three major credit reporting agencies to set up a security freeze or fraud alert.

If you feel like you gave your personal information to an imposter, it's time to change any compromised passwords, account numbers or security questions.

The subpoena, says Shapiro, will get at exactly when the data breach occurred.

And then, he added, "Most importantly, just look out for suspicious activity". The bill upholds the idea that Equifax's negligence is directly causing millions of Americans to freeze their credit and that Equifax should not be able to profit off of those freezes. Even if you yourself want to get a mortgage or an auto loan, you have to call and get it lifted, which takes around three business days.

"There really isn't a fix for this, because this is permanent information that they have".

She recommends consumers sign up for a credit monitoring program whether they were affected or not.

Place an initial fraud alert on your credit report.

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