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FEATURING JAMIE COURT – The oldest credit reporting company in the US, Equifax announced this month that a massive data breach by hacking has compromised the personal information of about 143 million people, mostly in the US but also in the UK and Canada. The multi-billion dollar company says it found out about the breach in late July, and yet took weeks to inform the public.
When those people who were impacted contacted Equifax asking to freeze their credit files, the company charged them. After public outrage, Equifax decided to drop the fees for the next month. It is also offering a year’s worth of free credit reporting.
Additionally, it was revealed that three of the company’s top executives sold nearly $2 million of their stocks in the days before the public was informed of the problems. They claim they had no knowledge of their own company’s data breach. Equifax’s stock has predictably plummeted this month.
The company has been sued several times over the years and has fought to make it harder for the public to file lawsuits.
Jamie Court, President of Consumer Watchdog, author of ‘The Progressive’s Guide To Raising Hell: How To Win Grassroots Campaigns, Pass Ballot Box Laws And Get The Change You Voted For’.