Equifax all over the place; Reverses itself: Won’t Charge for “Free Service” Following Hack

A monitor displays Equifax Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Sept. 8, 2017. The dollar fell to the weakest in more than two years, while stocks were mixed as natural disasters damped expectations for another U.S. rate increase this year. Photographer: Michael Nagle/Bloomberg

Equifax Inc., the consumer credit reporting giant is finding it hard to deal with the harsh realities of being hacked.

Dependent upon who you listen to, Equifax executives or personal information security gurus, one thing appears certain, as many as 143 million Americans now have compromised personal credit information as a result of a major hack several months ago.

As consumers might expect, Equifax, Inc. didn’t own up to the cyber security breach until it couldn’t be hidden from the public any longer.

Last week, Equifax Inc. announced that it had been hacked by criminals who obtained personal details about 143 million Americans, including names, addresses and Social Security numbers.

To make up for its massive cybersecurity failure, the firm said it would give victims a free one-year subscription to its credit monitoring service.

Typical of an unfeeling corporate giant that often ruins peoples’ financial lives by compiling their credit information, Equifax offered a free service that consumers would have to pay for!

This was its effort to assuage an outraged public.

The free service required credit card information up front and would be charging for the free service after a trial unless consumers complained and notified the company.

“We are not requesting consumers’ credit card information when they sign up for the free credit file monitoring and identity theft protection we are offering to all U.S. consumers,” the company said in a statement. “Consumers who sign up for TrustedID Premier will not be automatically enrolled or charged after the conclusion of the complimentary year of TrustedID Premier.”

On the Equifax website the change was called a “clarification.”

Clarification, indeed.

 

 

 

 

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