No Cigar For Congress, But Credit Freeze Now Free
Seems like eons ago when we first learned of the Equifax security breach and all the fail that followed. You know, like, the mgmt sold their stock before reporting the breach?
Here, happy Saturday, have a laugh and refresh your memory about how screwed so many people were and still are .
— mohamed shokier (@mo251997) September 27, 2018
Also exposed were people in the UK. And great to see, they fined Equifax 500,000 pounds. But the fine would have been in the millions had the event happened after they passed their new law.
— Mohamad Lawand (@Molawand) September 24, 2018
People in the UK's gov't a at least got a fine, and under a new more comprehensive law with bigger bite will get millions for future breaches, but what did we in the US get?
Free Credit Freezes
Well, thanks to Senator Elizabeth Warren we got Free Credit Freezes! (Yah, yah, Iknow, she is no progressive, but I like the fact that this actually passed. Anything pass with real teeth. Nope.) Warren still pushing but...
It's been one year since the major #Equifax breach that affected over 148 million consumers. Now members of #Congress are pushing the #CFPB and #FTC to continue holding #credit reporting agencies responsible. https://t.co/5d1BhBfN4O @CUJournal
— EPL, Inc. (@eplgetconnected) September 21, 2018
There is MUCH more to be done, of course.
Here is one of the better takes I have found on what one should consider doing:
Tomorrow's National Free Credit Freeze Law
For Immediate Release
Thursday, September 20, 2018
A new federal law will eliminate fees for getting and removing credit freezes across the country at the three nationwide credit bureaus on September 21st. The consumer advocacy group U.S. PIRG recommends getting credit freezes, not the similar locks offered by the bureaus, to prevent new account identity theft.
"It’s about time the credit bureaus stopped charging us for the right to control our own information. We didn’t give them permission to collect or sell our information in the first place," said Mike Litt, U.S. PIRG’s consumer campaign director.
By freezing access to your credit reports, you’re stopping identity thieves who apply for new accounts in your name using your stolen Social Security number. The new law also lets guardians create and freeze credit files for minors.
Because creditors run credit checks with any one or a combination of the three big credit bureaus, you need to block access to your reports with each of the three individually. Getting a freeze with one bureau but not the others is like locking your front door but leaving your garage and back door wide open.
You can place freezes online with Equifax, Experian, and TransUnion. You can place them by mail or by phone.
You can easily temporarily lift a freeze when you want to apply for new credit, or permanently remove a freeze.
Each bureau will give you a PIN with your credit freeze. You will use this PIN when you want to lift a freeze to apply for new credit.
If you are applying for credit, try to find out which credit bureau the business uses to check credit reports. You can save some time by only lifting your freeze for that credit bureau.
Make sure to account for the time it can take to lift a freeze. In most cases, if you request a lift online or over the phone, your report can be unfrozen within minutes (legally, it has to be done within an hour.) It can take longer if you don’t have your PIN, so make sure to keep your PIN in a safe, memorable place where you can quickly retrieve it when needed. If you request a freeze via U.S. mail, it can take up to three days after the bureau receives your request.
Some news outlets have reported that cell phone companies have opened fraudulent accounts using credit reports provided by the National Consumer Telecom & Utilities Exchange (NCTUE). We therefore also recommend freezing your credit report at NCTUE.
The credit bureaus offer a similar (but different) product called a credit lock. Credit freezes are a right mandated by law. Companies don’t get to set conditional terms on freezes, like they can on credit locks. For example, if you sign up for free credit locks with Equifax and TransUnion, they can use your information for marketing purposes and share it with other financial companies that want to sell you something. TransUnion makes you agree to an arbitration clause.
In addition to recommending credit freezes, U.S. PIRG offers tips, explained further in its recent report, to help consumers prevent and detect other types of identity theft and fraud:
Existing Account Fraud: Check your monthly credit card and bank statements.
Tax Refund Fraud: File your taxes as soon as possible, before thieves do. Also, if you qualify, get an Identity Protection (IP) PIN.
Social Security Benefits Fraud: Sign up for your “my Social Security” (MySSA) account before thieves claim it and change your direct deposit info to route into their checking accounts.
Health Care Services / Medical Benefits Fraud: Sign up for online accounts with your health care and insurance providers to periodically check for any fraudulent services on your statements.
Other Fraudulent Activity: Check your free annual consumer reports with companies that specialize in collecting information often misused by criminals.
Phishing Scams: Ignore requests for personal information by email, links, phone calls, etc.
“The threat of identity theft is unfortunately all too real. But you can take steps to prevent and detect different types.” said Litt. “Start with credit freezes if you don’t have them already. You should get your free credit freezes today, because each day that goes by is another day an identity thief could open accounts and rack up a ton of debt in your name.”
U.S. PIRG (Public Interest Research Group) Education Fund is an independent, non-partisan group that works for consumers and the public interest. Through research, public education and outreach, we serve as counterweights to the influence of powerful special interests that threaten our health, safety, or well-being.
AskBobRankin.com post https://askbobrankin.com/alert_freeze_your_credit_files_for_free.html?aw... pointed to other agencies than the big three.
But in searching Twitter I found even more. Bloody hell.
— Sultan Ali Tv (@SultanAliTv) September 22, 2018
At least in the EU and UK they have instituted better requirements and US companies and organizations who want to operate there have to comply.
Here in the US we are still quite exposed.
How many Americans will have the time or mental energy to do all of the above?
Cyber criminals vs. Equifax... pic.twitter.com/fIoJXHfw6X
— Jake Williams (@MalwareJake) September 27, 2018