Equifax, one of the three major credit reporting agencies, is responsible to collect detailed data from American consumers, including driver’s license numbers, Social Security numbers and more. Earlier this month, a massive data breach was revealed that may impact as many as 143 million Americans. As many as 209,000 people have had their credit card information, and personal identifying information was exposed on some 182,000 consumers involved in disputes on their credit report.
Despite this, Republican lawmakers continue their push for deregulation of credit agencies, as well as the strength of the Consumer Financial Protection Bureau (CFPB).
The hack is a major deal not only for the fact that Equifax is one of just three national credit reporting companies responsible to rate and track the financial history of consumers. It’s also notable that Equifax won’t be contacting everyone who was affected – only those who dispute records or credit card information was accessed. The company has recommended consumers sign up for identity theft protection, which it is offering free for one year. Doing so, however, may limit your right to file a consumer rights lawsuit against the firm later, instead forcing you into arbitration, unless you file notice with the company within 30 days that you choose to opt out. Continue reading