Equifax Clarifies Arbitration Clause After Massive Hack

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darkguy2

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Oct 4, 2013
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Of course it was just a misunderstanding. In no way did they think they could skirt lawsuits by opting out a large majority of future litigants without telling them. They are just a small company and don't have access to highly paid lawyers who would tell them this. (/sarcasm)

Really makes me sick that even in 2017 companies are not investing in proper data protections. Even more since this data is so critical to every person and cannot be changes like a CC number. They need to be made an example out of the make sure this does not happen in the future.
 

smashjohn

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Life Lock actually provided protective services for individuals and families, but they were sued by Experian in 2008 and forced to stop the practice. Basically they acted as your proxy and enabled/disabled fraud protection on your credit accounts at a moment's notice, allowing users to open credit easily and then lock their credit when they were done. Now we have no proactive protection available, and companies like Equifax, Experian and Transunion can profit from the breach by charging us for monitoring and insurance. Wouldn't it make more sense to let me control when a line of credit is can be opened rather than have to deal with the aftermath of fraud every time? Yes, but it would be less profitable for these companies.
 

TJ Hooker

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[strike]Did you mean SSN? Because getting a different credit card number is easy.[/strike]

Edit: Oops, misunderstood darkguy2's comment. Nevermind.
 

spdragoo

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I had to pay for Lifelock last summer -- aside from the issue with the IRS (!?!) getting hacked & someone attempting to use our information to file a fake return with them, someone stole my wife's identity & opened a bunch of store credit cards in her name (happened to luck out & catch her because she opened a CostCo membership the same day that we were trying to, just 30 minutes before we applied, & she was still at the other store; their staff delayed her until the police could show up). So we paid for their middle plan, which includes monitoring your accounts for transactions as well as regular sweeps of known "Darkweb" sites for your personal information. It's expensive, to be sure...but a) we've already been burned once, & b) it's cheaper than Experian's protection (which only covers you with their bureau, not the other 3). And boy, do they catch them. We originally had the alert threshold set at $500, so every month it asks us if we really meant to make our house payment. We just had a transaction they missed, though, because it was under that threshold, so now I've had to drop it to the $200 level (which now means the monthly car payment, as well as the semiannual car insurance payments, are going to trigger alerts). They're mildly irritating...but it gives us greater peace of mind.

Probably what they meant, though, was that they didn't want Lifelock handling the 'fraud alert' or 'credit freeze' options. Fraud alert flags on your account isn't necessarily a big thing because it's done for free (the 90-day alert gets shared with the other 2 credit bureaus, but the 7-year version has to be set with each one individually), & basically means that any financial institution (bank, credit union, loan company, auto dealership, etc.) has to contact you personally before opening any account. The credit freeze, though, is a major thing because a) as long as it's enabled no company is allowed to see your credit score/report (unless you already have a pre-existing & active account with them, or the company is an authorized collection agency acting on that company's behalf), & b) they charge a fee.

Fair warning on the fraud alerts: it makes a really big flag pop up with the Social Security Administration, & if you haven't already set up an online login for their site you'll have to go to a local office in person to get access to it.

Funny thing is, LifeLock sent me an alert back in May about a potential issue with 1 of my credit reports (possible name/address change, etc.). I called all 3 bureaus & went over the name/address information on them, but couldn't find anything that was out of place, & since the name/address in question actually belonged to my father (similar name, & they live close by) I didn't think anything more of it....now I'm wondering, since I had the alert in June, if it wasn't somehow tied into this hack.



No, I'm pretty sure he meant that, unlike changing CC numbers, it's really difficult to change the rest of the information. You have to go to a judge to legally change your name, changing your address means physically moving all of your stuff/buying a new place or finding a new place to rent/other financial issues, & I don't know if you can even change your SSN at all.
 

d_kuhn

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Soo... their leak means that key information that we're unable to alter will forever be compromised making our credit 'at risk' for the remainder of our lives. I'd like to see a class action suit that forces protective support for the duration of the risk (until I die or the system that uses these fixed identifiers changes). Next year I"m not going to start paying them to protect me from a f-up that THEY'RE responsible for.
 

blunion05

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God, I wish it was that simple. I don't know much about encryption or cybersecurity but with how much encryption there is to go around these days, I wonder if our SSNs could get a treatment like how Credit Cards got treatment with the chips.
 

wiyosaya

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The thing is that anyone can do what LifeLock was doing.

Everyone has two choices: 1. Place a fraud alert with any of these credit reporting agencies, and they are required to notify the others for free. If someone tries to take out credit in your name, lenders are required to verify with that it is really you requesting the credit. The only difficulty is that this is only good for one quarter, however, you can renew it indefinitely for free.

Choice 2: Place a credit freeze with the agency, which costs $5-$10 depending on where you live. This means that lenders cannot pull your credit report and, therefore, are not able to issue credit in your name. If you need to get additional credit, you can contact the agency and have them temporarily remove the credit freeze so that you can apply for any credit needed.

It may be a bit more difficult to take these actions yourself, however, I bet it is far cheaper than LifeLock. Why pay them for something that can be done for free, Fraud Alert, or for what may be only a one-time fee of $5 - $10?

See http://money.cnn.com/2017/09/07/pf/victim-equifax-hack-how-to-find-out/index.html
 

60FPS

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I don't understand why ppl aren't taking this seriously. Nearly half the us population could have their lives ruined from identity theft. WTF do we do now?
 

blunion05

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The problem is non-tech savvy folks don't realize the severity of this situation.

It's a "hasn't happened to me, so how bad could it possibly be?" reaction.

This security breach is so disgusting. These corporations don't care for our sensitive information in any way shape or form.
 

grimfox

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I'd like to see someone higher in the government give sh!t to Equifax, like congressional hearings and litigation than some attorney in New York. I know there is a huge natural disaster that is still on going but there has got to be someone free to start whipping on some Equifax Execs.
 

twburger

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Most big hacks are inside jobs. Equifax has not addressed that either. The only assured knowledge we have is that Equifax is incompetent, corrupt, deceptive and totally irresponsible and, with that Orange Gibbon as POTUS, will probably not pay a penny for this total shambles only Ivy League warped frat boy C-levels could create.
 

Kiers

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Also, has Equifax' trusted certificate store (which is the backbone of many HTTPS websites on web, think banks, credit card cos etc) been BREACHED too? No mention of that! this company is very culpable: they released "news" of the breach during two major hurricanes and an 8.1 earthquake (Mexico). culpable.
 
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