In the wake of the Equifax breach, many people have explored options on additional security and damage control. Putting a security freeze is a step above fraud alerts and can prevent thieves from getting credit in a victim's name, even if they have their social security number. For those under 65 years of age, putting a credit freeze costs $10 (so a total of $30 for all three major credit bureaus). Freezes can be requested by mail or online, and the bureaus must place the freeze within three business days of receiving the message.
Equifax was recently hacked and over 143 million people had their credit information stolen. Even worse, Equifax executives sat on the news for five weeks while many executives sold stock before it would tank. Leo says that this was insider trading plain and simple. Equifax has a higher duty to protect user credit information because we are required to have our credit monitored. They had one job: Protect the data that they gathered without our permission.
The news broke this week that credit reporting agency Equifax had been hacked, and that 143 Million credit files had been stolen. This is prompting a huge class action lawsuit. Leo says the three big credit agencies have a very high duty to keep customer information safe, and they failed.