Equifax Security Breach 2017 UPDATE

EQUIFAX SECURITY BREACH 2017 UPDATE

I wrote a blog post last week over on the Omega Credit Repair blog that covered what happened with the Equifax security breach that happened earlier this year, and was announced last week. This is an update regarding concerns about consumers’ rights to legal action against Equifax

A number of “experts” immediately began circulating a rumor that signing up for the TrustedID Premier Service meant that consumers had waived their rights to legal action against Equifax as a result. While there was some admittedly troubling language in the original agreement, it has since been removed, and Equifax has publicly apologized in a statement released on 9/8/17. Moreover, New York Attorney General Eric Schneiderman has said that the language was “unacceptable and unenforceable”. Schneiderman’s office has already been in contact with Equifax, and has since launched a formal probe into the details of exactly what happened, and the potential ramifications to, and remedies for, consumers who have been affected.

Of greater interest is the fact that at least three high level executives at Equifax dumped millions of dollars in Equifax shares shortly after the initial discovery of the security breach. Chief Financial Officer John Gamble Jr., workforce solutions president Rodolfo Ploder and U.S. information solutions president Joseph Loughran collectively sold nearly $2 million in Equifax stock within the company days after the cyberattack was discovered. It remains unclear whether or not their share sales had anything to do with the breach. An Equifax statement indicated that the three executives sold what they called a “small percentage” of their shares on August 1st and 2nd. According to that statement, the executives “had no knowledge that an intrusion had occurred at the time they sold their shares.”

To date, the SEC declined to comment on the share sales.

For now, keep a close eye on your credit reports, (especially your Equifax credit report) and get a credit monitoring service if your don’t have one… I’ll keep you updated as this story develops… If you think you have any kind of fraud or identity theft, please give Omega Credit Repair a call at 214-733-8336.

-Doc Compton

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