Or, if you are Equifax CEO Richard Smith-who had the misfortune of answering "yes" to every single one of those questions, and was going to have to answer many more uncomfortable questions posed by the likes of Elizabeth Warren in just a couple of days-you retire. Would Alanis Morissette consider it "ironic" that a company that sells credit monitoring products put so many consumers at risk with a data breach? He has been CEO at Equifax for a dozen years, receiving millions of dollars in bonuses and stock and option awards. "This company fell asleep at the switch and upended the lives of millions of people".
The development was announced on Wednesday via a Wall Street Journal op-ed penned by interim CEO Paulino do Rego Barros Jr. Mark Feidler, an Equifax board member, replaces Smith as chairman.
A credit file freeze with Equifax does not mean anyone affected by the data breach will be in the clear. The company also is facing scrutiny from Congress and other federal agencies.
The FTC and the Henry County Police Department are encouraging everyone to check Equifax's website concerning the breach - www.equifaxsecurity2017.com - to learn if their information was exposed.
Indeed, an Equifax spokeswoman said in an email that under the terms of the company's plan, Smith is "entitled to that pension under any circumstance" and company filings show that even if Smith were to be fired "for cause", he would still receive the pension and supplemental retirement plan. "Most consumers don't know that fraudulent accounts have been set up in their name until the account becomes delinquent and they start receiving notices for collection". "I have rarely seen such a botched response to an existential threat". Senator Brian Schatz of Hawaii said the company needs to be held responsible for its actions. The House Energy and Commerce committee said in a tweet that it still plans to hold its hearing October 3.
The breach was disclosed on 7 September, with Equifax revealing hackers had compromised the personal information of almost half the population of the United States. "So I fully expect Mr. Smith to testify before the Banking Committee next week, regardless of the timing of his retirement", said Sen. Brian Schatz said in a statement, according to CNBC.
The company's full-throated mea culpa is unlikely to stem the ongoing criticism of its data security posture with regulatory investigations and enforcement actions ongoing, class action lawsuits filed and more to come. Even though a fix was released, Equifax did not immediately install it. Some credit monitoring companies will also notify you if suspicious activity occurs on your credit card or your bank account. And it's called the Freedom from Equifax Exploitation Act, which.
"Ultimately, Equifax should be paying for the freeze at all three agencies". They collect all this information, they don't ask your permission. And keep in mind this is several weeks after the company knew about this hack but hadn't yet made it public. This is sensitive information, the FTC warns, so make sure any computer used to access the website is secure and the network connection is encrypted.
Equifax is offering free credit freezes until November 21, 2017.
"The service we are developing will let consumers easily lock and unlock access to their Equifax credit files" Barros wrote. You can check your credit score and read your credit report for free within minutes using Credit Manager by MoneyTips.