Equifax: Last Week Tonight with John Oliver
Equifax’s data breach compromised personal data for nearly half of all U.S. adults — over 145 million people! Millions are now at risk for identity theft. In the wake of this crisis, it’s critical that Equifax takes the correct steps to help make things right for all of the consumers affected.
Consumers Union members have already collected more than 134,812 signatures on our petition to Equifax asking them to do right by consumers in danger. To date, Equifax’s response to these requests has been negligible.
Congress is holding hearings to investigate the breach, and we delivered a letter detailing the steps Congress can take to protect consumers. But, there are many issues Equifax should voluntarily address right now.
We’re planning to deliver the petition below to Equifax very soon, and we want to give everyone who hasn’t signed an opportunity to add their name. It’s clear this crisis has struck a chord with the American people, and it’s important for us to have as many signatures as possible.
Petition to Equifax
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1. Pay for credit freezes. Offer free credit freezes to consumers for a longer period of time to mitigate the potential for identity theft.
2. Extend credit monitoring for affected consumers. Equifax is offering one free year of monitoring. They should bump that to an indefinite service for consumers who are at high risk of identity theft due to the breach.
3. Provide more detailed information about what happened. We need to know exactly what data was exposed and how, so that consumers can make informed choices about their next steps.
4. Remove all mandatory arbitration clauses. It's unacceptable for Equifax to try to insulate itself from class-action lawsuits during this crisis. The company should remove all mentions of forced arbitration from their terms and agreements.
5. Hire and train staff who can review and process customer complaints promptly. Given the volume of leaked data, many customers and consumers will be contacting Equifax with problems. The company should hire and train staff to process these inquiries more rapidly.
6. Set aside a fund to compensate consumers whose data was exposed. Equifax has an obligation to American consumers to compensate them for the injury they may incur for years to come.
7. Investigate allegations of insider trading. News reports indicate that senior Equifax executives sold major amounts of stock before telling the public about the breach. Equifax should immediately preserve all documents and commit to an independent investigation of the possibility of insider trading.
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- Tim Marvin
Consumers Union, Policy and Action from Consumer Reports
Consumers Union, Policy and Action from Consumer Reports
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