You've probably already heard that Equifax was hacked and sensitive personal data was stolen for 143 million Americans (half of all U.S. adults), and that Equifax has kindly offered their Trusted ID credit monitoring service for free to help mitigate this disaster.
 
Here are a few things you might not have heard...
 
The breech happened in May. They didn't discover it until July. They didn't admit it publicly until September. The first gap shows incompetence, the second gap reveals malfeasance.
 
Four days after the discovery, and long before the incident was made public, three Equifax executives sold $2 million in Equifax stock, including the company's CFO. Here in the U.S. that's called insider trading, which means making stock trades based on information not available to the suckers who bought that stock. It's fraudulent and you can go to prison for it (see Martha Stewart). Even if it is just a white-collar prison with tennis courts. Will that even happen? Not likely.
 
Before you sign up for the "free" monitoring service, read the fine print: by doing so, you waive your right to sue Equifax. There is currently a $70 billion class action lawsuit in progress. If you are one of the people whose information was compromised (as I am) then you will likely be entitled to monetary damages. It won't be enough to compensate you for the yacht somebody in Romania bought with your credit card, but it'll at least be a slap in the face to Equifax.
 
These people lost personal information that you never agreed to give them in the first place. You will be under increased threat of identity theft for life, because while you can change passwords and close accounts you cannot change your Social Security number, birthdate or driver's license number. That information has most likely already been sold on the black market.
 
Think you're safe because you don't live in the U.S.? Many of the compromised records were for UK and Canadian citizens, too.

I've read some discussion of whether the mediation clause will prove enforceable. Of course, lawyers on both sides will make plenty of money while this is sorted out. On the apparent cases of insider trading, I'll be astonished if charges are brought against the Equifax executives.

Bit,
 
Great summary of the situation. I was curious to find out whether I was affected, so I went to their site and entered my last name and the last six digits of my SSN. (Now I'm wondering whether I should have done that.) The answer was that I wasn't affected.
 
To my surprise, an Enroll button appeared. What a nerve. In the middle of this scandal, they ask me to sign up and give them my information.
 
Mitch I.

I don't understand in the first place why companies are allowed to profit from selling information about ME without my permission and without giving me a piece of the action.

All of what Dave said, plus watch any recently closed credit accounts you may have.  Most times, if you make a charge against one, it automatically reopens and you won't even know it until much later.
 
If this was done by a foreign country or a group of professionals, there may be NO effect for 5-10 years then, as Dave pointed out, since your birth date and Social Security Number don't change, they can start using those then.  Plus, there's a LOT of spending habit and other personal information that could be mined.
 
Hmm...  I think I'll hack the required systems and change my SSN and birth date.  I want to be younger anyway, ya? 

drewfx1
I don't understand in the first place why companies are allowed to profit from selling information about ME without my permission and without giving me a piece of the action.

Exactly. In my not so humble opinion, what they are doing should be illegal.

Yes, the nerve of them wanting us to sign up (giving more info to another one of their potentially insecure web sites) for credit monitoring. Then in a year, start charging us for their mistake.
 
Metaphorically speaking, the CFPB should rape equifax, chop them off at the ankles and bury them in a shallow grave. Equifax has shown nothing but indifference, incompetence and criminal negligence.

Ugh, double post. Time to get a new mouse.

Wow I was compromised.  Until I see more details I may or may nor enroll.
That may explain why 6 months ago I got a citibank card that I never applied for.  I got put on an immediate 6 month watch.
That may also explain why almost every new on line purchase I make is held up until I respond to a text message.  As long as I have my phone next to me it all goes pretty well.
 
This internet thing is going to be the end of us.
 
JR
 
 

Wow I was compromised.  Until I see more details I may or may nor enroll.
That may explain why 6 months ago I got a citibank card that I never applied for.  I got put on an immediate 6 month watch.
That may also explain why almost every new on line purchase I make is held up until I respond to a text message.  As long as I have my phone next to me it all goes pretty well.
 
This internet thing is going to be the end of us.
 
JR