About 40% of Americans have had their personal information stolen from hackers who broke into the credit bureau Equifax.
Problems Equifax and other credit scoring companies have with the public include:
- The public has no choice in dealing with the companies. Banks and other lending companies give Equifax your personal information without your knowledge. In other words, there is no way to prevent companies like Equifax from having your information to steal.
- Equifax has been negligent in its dealing with the matter. When they offered to give people a year of "free" credit monitoring, they attempted to sneak in:
- taking away your right to sue the company in exchange for the monitoring.
- paying for the service once the free year expires.
- Attempts to freeze credit accounts with Equifax is being met with roadblocks and stalemates as the system is overwhelmed by the surge of applicants.
- Unlike loan companies and banks, there are pitifully few regulations to prevent credit service companies from this sort of neglect.