Published: Tue, September 12, 2017
Markets | By Erika Turner

What should be done to prevent more credit data hacks like Equifax's

What should be done to prevent more credit data hacks like Equifax's

This may cost a small fee if you do not have proof of identity theft or a police report, and you will have to lift or remove the freeze if you need a third party to access your credit report for a credit card application or auto loan application, for example.

Cyber criminals were able to hack credit card numbers, social security numbers, birth dates, addresses and driver's license information.

Equifax is a consumer credit reporting agency in the United States, and it is considered one of the three largest agencies.

"You need to take more action", one consumer wrote on Twitter to Equifax.

Credit agency Equifax has revealed that data from 143 million customers may have been compromised in a security breach earlier this year.

Understandably, many are skeptical or suspicious of signing up for these offered services through Equifax.

Instead, the 10 digits corresponded to the time and date your credit file freeze was performed using the format MMDDyyHHmm, so if you performed the freeze on 9 September 2017, at 3.30pm, your PIN would read: 0909171530.

You'll be directed to a screen that lists the steps of the process. "Lifetime credit monitoring. Reimbursement for all other freezes".

Equifax says it has found no evidence of activity on Equifax's core consumer or commercial credit reporting databases.

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Security experts are recommending consumers whose data was stolen place credit freezes on their accounts.

Many security experts have been recommending freezing credit reports as an identity theft defensive maneuver to anyone who has been affected by the Equifax breach - more than half of the USA adult population. This will stop hackers from creating new accounts under your name.

Hulshizer is also an identity theft victim.

Corporate culture could also be a factor.

In addition to adding more call center agents to its centers to assist consumer calls, they also changed the language in the user agreement for TrustedID Premier. Such PINs could potentially be brute-forced by someone attempting to unlock a credit report for the objective of identity theft.

"At the time of writing, the breach announcement happened about three days ago - and there are fewer than 5,000 minutes in three days", Stockley writes.

The chairmen of at least two U.S. House committees say they want to hold hearings. Eight million New Yorkers were reportedly impacted.

Before Equifax announced the breach, some lawmakers last week were considering whether to lower penalties for credit-reporting bureaus whose inaccurate information hurts consumers, according to The Wall Street Journal. Days later, three senior managers including Chief Financial Officer John Gamble sold stock worth nearly $1.8 million.

After news of the breach became public, it was revealed that three senior executives at Equifax, including the company's chief financial officer, sold nearly $2 million worth of the company's shares just days after it learned of the hack.

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