A year after offering free credit monitoring to all Americans on account of its massive data breach that exposed the personal information of nearly 148 million people, Equifax now says it has chosen to extend the offer by turning to a credit monitoring service offered by a top competitor — Experian. And to do that, it will soon be sharing with Experian contact information that affected consumers gave to Equifax in order to sign up for the service.
It is now free in every U.S. state to freeze and unfreeze your credit file and that of your dependents, a process that blocks identity thieves and others from looking at private details in your consumer credit history. If you’ve been holding out because you’re not particularly worried about ID theft, here’s another reason to reconsider: The credit bureaus profit from selling copies of your file to others, so freezing your file also lets you deny these dinosaurs a valuable revenue stream.
Later this month, all of the three major consumer credit bureaus will be required to offer free credit freezes to all Americans and their dependents. Maybe you’ve been holding off freezing your credit file because your home state currently charges a fee for placing or thawing a credit freeze, or because you believe it’s just not worth the hassle. If that accurately describes your views on the matter, this post may well change your mind.
I spent a few days last week speaking at and attending a conference on responding to identity theft. The forum was held in Florida, one of the major epicenters for identity fraud complaints in United States. One gripe I heard from several presenters was that identity thieves increasingly are finding ways to open new mobile phone accounts in the names of people who have already frozen their credit files with the big-three credit bureaus. Here’s a look at what may be going on, and how you can protect yourself.
Almost 20 percent of Americans froze their credit file with one or more of the big three credit bureaus in the wake of last year’s data breach at Equifax, costing consumers an estimated $1.4 billion, according to a new study. The findings come as lawmakers in Congress are debating legislation that would make credit freezes free in every state.
The figures, commissioned by small business loan provider Fundera and conducted by Wakefield Research, surveyed some 1,000 adults in the U.S. Respondents were asked to self-report how much they spent on the freezes; 32 percent said the freezes cost them $10 or less, but 38 percent said the total cost was $30 or more. The average cost to consumers who froze their credit after the Equifax breach was $23.
A credit freeze blocks potential creditors from being able to view or “pull” your credit file, making it far more difficult for identity thieves to apply for new lines of credit in your name.
A recent consumer survey suggests that half of all Americans still haven’t checked their credit report since the Equifax breach last year exposed the Social Security numbers, dates of birth, addresses and other personal information on nearly 150 million people. If you’re in that fifty percent, please make an effort to remedy that soon.
Credit reports from the three major bureaus — Equifax, Experian and Trans Union — can be obtained online for free at annualcreditreport.com — the only Web site mandated by Congress to serve each American a free credit report every year.
Past stories here have explored the myriad criminal uses of a hacked computer, the various ways that your inbox can be spliced and diced to help cybercrooks ply their trade, and the value of a hacked company. Today’s post looks at the price of stolen credentials for just about any e-commerce, bank site or popular online service, and provides a glimpse into the fortunes that an enterprising credential thief can earn selling these accounts on consignment.
Maybe you’ve been feeling left out because you weren’t among the lucky few hundred million or billion who had their personal information stolen in either the Equifax or Yahoo! breaches. Well buck up, camper: Both companies took steps to make you feel better today.
Yahoo! announced that, our bad!: It wasn’t just one billion users who had their account information filched in its record-breaking 2013 data breach. It was more like three billion (read: all) users. Meanwhile, big three credit bureau Equifax added 2.5 million more victims to its roster of 143 million Americans who had their Social Security numbers and other personal data filched in a breach earlier this year. At the same time, Equifax’s erstwhile CEO informed Congress that the breach was the result of even more bone-headed security than was first disclosed.
To those still feeling left out by either company after this spate of news, I have only one thing to say (although I feel a bit like a broken record in repeating this): Assume you’re compromised, and take steps accordingly.
Richard Smith — who resigned as chief executive of big-three credit bureau Equifax this week in the wake of a data breach that exposed 143 million Social Security numbers — is slated to testify in front of no fewer than four committees on Capitol Hill next week. If I were a lawmaker, here are some of the questions I’d ask when Mr. Smith goes to Washington.