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Tag: Equifax

Is locking your Equifax credit report good enough?

Is locking your Equifax credit report good enough?

Finance
Freezing your credit after Equifax hack...not so easyAfter facing outrage over last month's security breach, Equifax said it will offer a new, free service that gives consumers more control over their personal information.It's called a credit lock, and it will allow people to decide who has access to their Equifax credit report. Problem is, locking your credit at Equifax will still leave you vulnerable to identity theft -- you need to block access at all three agencies. Richard Smith, who retired as CEO after the hack, told Congress that locks should become an industry standard, calling on the other two credit reporting agencies to step up. "I would encourage TransUnion and Experian to do the same. It's time we change the paradigm and give the power back to the consumer to control who a...
Equifax breach: 6 things Congress can do to help

Equifax breach: 6 things Congress can do to help

Finance
Elizabeth Warren to Equifax: You're making millions off this screwupAfter members of Congress grilled former Equifax CEO Richard Smith at four hearings this week, one thing is clear: There is outrage on both sides of the aisle over the massive data breach. But what will they do about it? The three major credit rating agencies, Equifax, Experian, and TransUnion, aren't going away. They are an integral part of the U.S. credit system, and it would be difficult for consumers to get a mortgage, a loan, or even a credit card without them. Some Democrats are calling for a total overhaul of the industry because credit rating agencies don't currently have an economic incentive to help protect consumers' data. "Equifax won't be losing any business as a result of its failures... And that's because...
Lawmakers grill former Equifax chairman over data breach

Lawmakers grill former Equifax chairman over data breach

Technology
House Republicans and Democrats on Tuesday grilled Equifax's former chief executive over the massive data hack of the personal information of 145 million Americans, calling the company's response inadequate as consumers struggle to deal with the breach. Former Equifax CEO Richard Smith apologized for the compromise of such information as names, addresses, birth dates and Social Security numbers. Smith was the lone witness at the first of several Capitol Hill hearings this week. No current Equifax official testified. "The criminal hack happened on my watch, and as CEO, I am ultimately responsible, and I take full responsibility," Smith said. "I am here today to say to each and every person affected by this breach, I am truly and deeply sorry for what happened." Democrats favor legislation ...
Equifax raises the impact of US data breach

Equifax raises the impact of US data breach

Technology
Equifax has revealed 2.5 million more Americans than previously thought may have had information compromised in a huge cyber security breach at the firm. The credit report giant said on Monday about 145.5 million of its US customers might have been affected, up from a previous estimate of 143 million. The update came a day before former boss Richard Smith testifies in Congress about the attack.Mr Smith apologised ahead of the hearing for the firm's failings.Critics say the company failed to take proper steps to guard information - such as Social Security numbers, birth dates and addresses - and waited too long to inform the public.Equifax disclosed the attack last month, estimating that about 400,000 Britons and 100,000 Canadians may also have had data compromised.On Monday, the firm raise...
Equifax board hired law firm WilmerHale to review breach and early August stock trades

Equifax board hired law firm WilmerHale to review breach and early August stock trades

Finance
Equifax's board has hired the law firm WilmerHale to do an independent review of the data breach and the company's response to it and to review early August stock trades by some of its top executives, the company said Friday.An Equifax spokeswoman said the board's special committee investigating the matter is "conducting a thorough and independent review" of the breach and retained WIlmerHale. The law firm is also reviewing "the circumstances surrounding the trading by certain of the Company's executives," she said in an email.Three executives sold $ 1.8 million in shares just days after Equifax discovered the breach but more than one month before it disclosed it to the public. A spokeswoman has said previously that the executives, who include the company's chief financial officer, were no...