Equifax Apologizes

We have never read such a complete and abject apology by a corporation. Not only does the interim CEO of Equifax apologize profusely, he clearly states what they have done and will do to address the problem, and he sets clear deadlines. It’s textbook crisis management.

He also announces new products that may put the competition in a defensive, catch-up position.

It obviously won’t restore the company’s market standing overnight, but it’s a brave first step.

You can read the apology here.

Speaking defensively, we cannot recommend strongly enough that everyone FREEZE their personal credit files with all four major credit reporting bureaus.  Yes, it’s a pain in the rear.  Yes, you will have to pay $30 or so dollars total to do it (though Equifax freezes are now free).  Yes, if you want to buy a car or get a new credit card, you will have to temporarily THAW one of those reports (which means you absolutely must keep track of the different passwords you will create for each credit bureau…because you all know not to use the same passwords for really important things like this, right?).

Here, from a trusted source, is one of the best step-by-step advice articles we’ve come across.

One more important suggestion.  You want a credit FREEZE, not a credit LOCK.  There is a major difference between the two.  Don’t be confused.