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Managing your family’s credit amidst constant breaches

New IdentityTheft Scam

Last month’s revelation of the massive Capital One credit breach added to the litany of bad news on the privacy front. Just after the Federal Trade Commission settled with Equifax about its role in leaking the information of 147 million “customers,” Capital One announced that the personal information of nearly 106 million people was exposed.

David GardnerFor the Camera

There’s a certain irony in being called a customer by the credit bureaus. Do you remember giving Equifax the right to track your credit? They didn’t ask and you couldn’t easily “unsubscribe” if you wanted to.

With the Equifax breach settlement, you have the right to two major options even if no harm has come to you. The first choice is that you can elect to receive up to $125. While this would help offset the pain of the breach, when you dive into the details there’s no guarantee of how much restitution you would receive. It’s dependent upon how many claims are made. There is only $31 million set aside to cover this “alternative reimbursement compensation.” After the settlement is apportioned to over 147 million potential claimants, the amount you would get may be enough to cover lunch.

Source: on 2019-08-10 11:56:15

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