![]() ![]() The fund would be modeled after other successful victim compensation funds such as the September 11th Victim Compensation Fund and the Deepwater Horizon Settlement Fund. Its market cap has since declined by about 4.9 billion, to 12.3 billion. Prior to the disclosure of the data breach, Equifax’s market value stood at 17.2 billion. Since the 2017 cyberattack by members of the Chinese military, Equifax completely overhauled its security program to enhance protection of consumer data. While the breach happened over a year ago, many people are still wondering how to check if they were affected. Moreover, this Note also recommends the creation of an independent victim recovery fund as a remedy for the Equifax data breach. Welcome to the future After the breach, Standard & Poor’s has placed Equifax’s credit rating on outlook ‘negative’ according to TheStreet. The Equifax data breach was one of the largest data breaches in history, exposing the sensitive information of over 143 million people. This Note clarifies why class action lawsuits and arbitration are not viable legal remedies for massive data breaches where entities like credit reporting agencies are hacked, and in this instance, where Equifax was hacked. The data breach affected approximately 145 million consumers and subsequently a wave of consumer class actions followed. On September 7, 2017, Equifax, one of three major United States credit reporting agencies announced one of the largest data breaches in the history of the United States. If you see any fraudulent activity on your credit report, notify your bank or credit card company immediately.What happens when one’s sensitive information falls into the wrong hands? With the twenty-first century’s advancement of technology comes the increasing problem of data breaches wherein sensitive information is exposed. The FTC warns that is the only site “authorized to fill orders for the free annual credit report you are entitled to under law,” so steer clear of others making similar claims. Equifax also confirmed this week that it had suffered another, previously disclosed network breach in March, though the company did not provide details on what data, if any, was affected. Stagger the requests for every few months and you can keep an eye on things throughout the year. You can get a copy of your credit report online at You can request a free copy of your credit report once per year from each of the major credit monitoring agencies: Equifax, TransUnion, and Experian. Regardless of whether you accept TrustID Premier, it’s a good idea to keep an eye on your credit report for fraudulent activity-even if Equifax “believes that your personal information was not impacted.” Experts poking at Equifax’s data breach checker discovered it may be spitting out inaccurate records. Equifax will not call you out of the blue,” the U.S. Update: If you receive a call that claims to be from Equifax, don’t provide any personal information. One of the largest credit reporting companies in the United States, Equifax, recently announced that its databases were breached in a massive cyberattack. Those are all classic signs of a malicious phishing site, but fear not: is legitimate. It’s frighteningly bare-bones and runs on WordPress, the URL differs from Equifax’s main site, some browsers were throwing up phishing warnings due to back-end configuration issues, and Equifax even asks for your social security number to confirm whether it leaked your social security number. consumers to “see if your personal information is potentially impacted.” Let’s be frank: It looks like a fraud site. The FAQ page on says Equifax doesn’t need to notify hack victims because it issued a press release and made a webpage.įinding out if you were affected by the Equifax hack is trickier (and murkier) if you’re not part of that sliver. Equifax will mail those particular victims-far less than 1 percent of everyone affected-a notice that they were affected by the breach. The hackers also swiped credit card numbers for 209,000 people, and “certain dispute documents with personal identifying information” for 182,000 more. Shamefully, Equifax won’t be contacting most of the 143 million victims directly to let them know they’ve fallen prey to data hackers. Editor’s note: This article was originally published September 8, 2017, but has been updated with information about Equifax waiving credit freeze fees and the FTC’s warning about fraudulent phone calls.
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