A good article from Website Magazine for anyone with a website. Expect fake signups, orders and accounts: https://www.websitemagazine.com/blog/what-businesses-need-to-know-in-the-wake-of-the-equifax-breach

A thought I had the other day. We should all get a pin number we can change that's tied to our identity. Apply for a loan, apartment, credit card, or whatever requires a credit check, that pin needs to be verified. If we are compromised then we simply get a new pin by mail. There has to be a better way than what we are doing.

Wanderer wrote: Yes here is a quote from the terms of service:

"You will be forfeiting Your right to bring or participate in any class action (whether as a named plaintiff or a class member) or to share in any class action awards, including class claims where a class has not yet been certified, even if the facts and circumstances upon which the Claims are based already occurred or existed."

Apparently this has changed due to public outcry. Victims of the attack can use the monitoring service without agreeing to binding arbitration. It's not recommended to use it though. I'm shocked that Equifax is still charging people for it. I don't mean to keep bumping this thread, but it's so disturbing to me.
https://consumerist.com/2017/09/11/dont-take-equifax-up-on-its-credit-monitoring-offer/
https://consumerist.com/2017/09/15/sen-elizabeth-warren-introduces-bill-that-would-make-credit-freezes-free/#more-10289105

The only good thing that might come of this, is learning about the finances of crooks. Just as with the Ashley Madison hack where good, family men were outed, I bet we'll see corporations and billionaires outed for their financial crimes. There's bound to be a smoking gun.

Moneyes wrote:

JacksonM wrote: This is a ridiculous situation. The fact that they can't say if the information was encrypted (seriously?),

They think we're stupid if they expect us to believe that. If they were encrypted, the odds of this happening are slim. And if they were encrypted, it was outdated if a black hatter can come in and decypher it. No one wants to deal with a financial company that is so slipshod to where the criminals can outsmart them like this.

They can play stupid all they want. I will not deal with them for the simple fact that they are unprofessional.

I honestly think this will be the end of them. Its too large of a data breach to come back from.

Has anyone else used other credit monitoring services for protection?

JacksonM wrote: This is a ridiculous situation. The fact that they can't say if the information was encrypted (seriously?),

They think we're stupid if they expect us to believe that. If they were encrypted, the odds of this happening are slim. And if they were encrypted, it was outdated if a black hatter can come in and decypher it. No one wants to deal with a financial company that is so slipshod to where the criminals can outsmart them like this.

They can play stupid all they want. I will not deal with them for the simple fact that they are unprofessional.

When you find a good one let us all know. My daughter's bank account is having issues right now. She is at the bank as we speak. Someone put a $20 hold on her account and someone else took about $30 so far so she is there trying to find out what the deal is. Never had this problem before so I told her to start another account.

JGibbs wrote:

FrankN wrote:
I am planning on getting credit monitoring services, but will not use Equifax because I plan to pursue action against them.

Have you found a reputable company? I've been checking around, but it's hard to separate facts from hype. I've looked at LifeLock, but after reading the small print I'm giving it a pass. The commercials brag that if you're a client, they'll spend up to $1 million dollars to "hire lawyers, investigators, consultants and whatever else it takes to restore your name and help you recover the direct losses from the identity theft." Which sounds fantastic; however, there are so many exclusions and got'chas that it's pretty useless. They seem to have encryption problems too, and have been in trouble with the FTC more than once .

None of them have great reviews, but I am looking at AllClear ID. The important thing is you should definitely keep a close eye of your credit each month. If you notice anything, report it immediately.

FrankN wrote:
I am planning on getting credit monitoring services, but will not use Equifax because I plan to pursue action against them.

Have you found a reputable company? I've been checking around, but it's hard to separate facts from hype. I've looked at LifeLock, but after reading the small print I'm giving it a pass. The commercials brag that if you're a client, they'll spend up to $1 million dollars to "hire lawyers, investigators, consultants and whatever else it takes to restore your name and help you recover the direct losses from the identity theft." Which sounds fantastic; however, there are so many exclusions and got'chas that it's pretty useless. They seem to have encryption problems too, and have been in trouble with the FTC more than once .

I bet they won't be punished at all. They'll pay a fine and maybe some will get fired, but they'll exit with a golden parachute in place. There will certainly be no jail time and no additional regulations will be put in place. Our politicians are all bought and paid for. We've seen this type of pathology play out time and time again.

This is a ridiculous situation. The fact that they can't say if the information was encrypted (seriously?), the fact that the executives claim they knew nothing of the breach before banking hundreds of thousands of dollars is too far-fetched. I'm with Joker and kind of hope they crash and burn as a result. It would serve them right and hopefully put the other two on notice in case their measures aren't up to snuff.

I was also potentially impacted by the breach as well. I have been doing a little research this weekend, and below are a few articles I found helpful.

I am planning on getting credit monitoring services, but will not use Equifax because I plan to pursue action against them.

http://www.chicagotribune.com/business/ct-how-to-freeze-your-credit-equifax-20170911-story.html

http://money.cnn.com/2017/09/11/technology/equifax-identity-theft/index.html

It wouldn't surprise me a bit to see Equifax go down in flames because of this. They are going to have to change the management, get different employees, and prove themselves before anyone will ever trust them again. Can't believe they knew so long before they ever said anything. Terrible!

All true and valid points Wanderer. Which what makes the issue with Equifax, and how they are handling it, all the more troublesome.

People need to find a good credit-to-cash balance in their lives. If we do, we won't be a tightly tied to the credit reporting agencies as we are now.

There is a place for credit along with cash in our world today. Some employers require a credit score to hire employees, some insurance companies require a credit score to obtain insurance and set the rates based on the credit score not the actual loss experience. Many people could not obtain home loans if they did not have a credit score. So, whether we agree with all the happenings with Equifax or any one else, the world today revolves around our credit rating. As an aside, I do not agree with some of this but, like many things in life my opinion and a dime won't place a phone call on a pay phone (oh ... forgot they are few and far between). In my life time I remember when cash and checks were king but that time is long gone and we need to recognize what is required today. To go on, because someone has access to credit does not mean they do not know how to handle it or will go into debt. As for myself, I place purchases on credit and pay the lender before the bill cuts and reports zero to the credit bureau. It is much simpler than paying cash for a car rental (which likely they won't do) or trying to purchase an airplane ticket with cash on the internet. Now many gas station that are closed but offer 24 hour service only take credit or debit card for after hour purchases and I could go on. The world dragged me into the technology world after I got nailed for a huge cash deposit to rent a car and then they decided to not take the cash as it wasn't enough to cover potential losses so I switched to the modern world. The idea we can live in a cash society would not fit most people today.

A couple of things. First, if your credit score is 200, what exactly do you have to worry about?

Second, the first thing I thought about when I saw this topic was Dave Ramsey. He told his audience one time that he has had a credit score of 0 for 20 years. Whatever it is that he buys, he pay cash. You don't need credit or a credit score when you pay for everything in cash. Your credit score does not determine your wealth. It determines how easy it is to get a higher credit limit so you can be more in debt.

I know, few of us are in a situation where we can pay for everything in cash (bank debit is the same thing), but for most of us it shouldn't take over 10 years to get ourselves there.This story, to me at least, just underscores the importance of doing just that.