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Senate set to approve bill that would make credit freezes free
In the aftermath of last year's Equifax data breach, a handful of Senators led by Elizabeth Warren introduced a bill that would allow consumers to freeze their credit at any time for free. Now the Senate appears to be set to approve a broader banking bill that includes that stipulation, the Wall Street Journal reports. Currently, eight states and Washington DC require credit-reporting agencies like Equifax, Experian and TransUnion to provide credit freezes at no cost to the consumer while the other 42 states allow those companies to charge fees in most cases. But this bill, on track to be approved by the Senate next week, would make it so all consumers across the country could request and end a credit freeze without having to pay any fees to do so.
Equifax to launch a free lifetime credit lock service
Equifax's new chief knows it'll take a lot of effort to make people trust the credit reporting agency again. He started by penning a letter of apology published by The Wall Street Journal, wherein he admitted that the company wasn't able to live up to people's expectations. Equifax was hacked, he wrote -- its website "did not function as it should have," and its "call center couldn't manage the volume of calls" the company received after the security breach was made public. The interim CEO has also revealed that Equifax will launch a new service on January 31st that will give you the power to lock and unlock your credit anytime. Best thing about the offer? It will be free for life to all its customers in the US.
Equifax waives credit freeze fees after facing backlash
Equifax has learned the hard way that people don't appreciate having to pay $10 for protection when it's not their fault their personal details were compromised. Especially if that $10 solution has its own security flaw. That's why it's now offering to waive all credit freeze fees to prevent identity thieves from opening credit lines in the names of the 143 million Americans affected by the massive cyberattack it suffered. You won't even have to give up your right to join a class action by taking up the bureau on its offer. The bad news is that it will only waive fees for the next 30 days, so you may want to tell your friends to tell their friends to take advantage of the offer while it lasts.
