ANOTHER data breach, and this one is HUGE

The latest data breach being reported in the press is nothing short of mind-boggling.

Of all the companies out there, you wouldn't expect Equifax, one of the three credit-reporting bureaus in the United States, to be hit by a massive hack, and boy, is this one a doozy: it's compromised the personal information of a whopping 143 million Americans.

And it gets worse.

Equifax is under fire for waiting six weeks before it notified the public last week. Rather than alerting people who were affected, it set up a website that wasn't available for days.

Equifax offered free credit monitoring -- but to add insult to injury, they initially required those who enrolled to waive their right to sue the company. (It later backtracked, allowing people to sue if they sent it written notice within 30 days.)

The beleaguered company added that credit card numbers for about over 200,000 people were exposed in the breach, as was "personal identifying information" on over 180,000 customers involved in credit report disputes.

Equifax CEO Richard Smith has been called to testify before Congress in October.

Aside from being slapped with a huge fine, I hope the company fires Smith and others at the top who could allow something like this to happen. They should provide free credit monitoring for at least five years, not just one.

I've requested my credit report from Equifax in the past, thinking all along that my personal information was in good hands.

If you can't trust the credit bureaus with protecting your personal data, who can you trust?

This data breach is unprecedented and shameful. Equifax is going to have to work very hard to win back the trust of consumers, and rightfully so. Many customers like myself will be going elsewhere for our credit reporting needs.

What's your take on this scandal? How do you feel Equifax should be penalized?

Comments

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