I've had free credit monitoring for at least 4 years now due to places I've had business with getting hacked including the DoD. They all send you a letter of apology with the info to sign up for a year of free credit monitoring. At some point, I assume, things are going to get very bad for me but so far I haven't had any issues.
Nothing will improve in this area until the banks and credit bureaus have more skin in the game.
Thinking about it overnight, I think this event will actually greatly increase the earnings of all three major credit reporting agencies.
The reason is the $10 to freeze your credit and $10 for each temp thaw/refreeze.
If only 10% of the 150,000,000 people decide now to freeze their credit, and do about three thaws a year like we have, then you are talking an increase in revenue of $900 million a year. FOR DOING NOTHING
Might actually be time to buy Equifax stock on a dip.
Removing top brass doesn't solve the problem it just removes a target. Seriously, any business can get hacked. No matter how careful they are. Credit monitoring? I generally pass on the offer, I want monitoring that rejects the fraudulent charges. CC companies already do that.Seppuku for the top brass maybe?
Don't want to be the bearer of bad news. But when I got my SSN hacked from the IRS Transcript hack, I had to send in a form to the IRS so that in the future, for taxes, I get a postcard with a PIN required for filing.
So, I'm thinking, with the Equifax breach, if your SSN got stolen, don't you have to let the IRS know too. Otherwise, couldn't anybody with your SSN fill out a fake tax return?
Don't quote me ... Just thinkin' aloud .
You're joking, right? A POSTCARD?? Same thing happened to us but we at least get two letters (DW and I get individual PINS) so the letter carrier and the world don't see the numbers.
https://www.irs.gov/identity-theft-...tion-personal-identification-number-ip-pin#q1Q1: What's an IP PIN?
A1: The IRS IP PIN is a 6-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. We send new IP PINs each year in late December or early January by postal mail.
If we assigned you an IP PIN, you must use it to confirm your identity on any return filed during the current calendar year. This includes current year returns as well as any delinquent tax returns.
An IP PIN is used only on Forms 1040, 1040A, 1040EZ, 1040PR and 1040SS. If you’re a spouse with an IP PIN, please refer to Question 6. If your dependent has an IP PIN, please refer to Question 22.
Crystal ball time:
There will be a massive class action suit. The lawyers will get millions of dollars. The participants will get coupons for a year of free credit monitoring and 10% off the annual $99 fee for one year.
In 2015, a breach at Experian jeopardized the personal data on at least 15 million consumers. Experian also for several months granted access to its databases to a Vietnamese man posing as a private investigator in the U.S. In reality, the guy was running an identity theft service that let cyber thieves look up personal and financial data on more than 200 million Americans.
DW and I are both affected. Got sign-up dates of 9/12 and 9/13. We both have credit frozen at all 3 agencies, so hopefully that will provide some protection. This would be HUGE news if it weren't for 3 active hurricanes, one massive recovery, and an 8.2 earthquake. Good timing by Equifax PR.
Hahahaha, Thats the silver lining.So EFX is down some 13% in after hours. I might buy some puts tomorrow because this baby is going down some more.
Thinking about it overnight, I think this event will actually greatly increase the earnings of all three major credit reporting agencies.
The reason is the $10 to freeze your credit and $10 for each temp thaw/refreeze.
If only 10% of the 150,000,000 people decide now to freeze their credit, and do about three thaws a year like we have, then you are talking an increase in revenue of $900 million a year. FOR DOING NOTHING
Might actually be time to buy Equifax stock on a dip.