Equifax Data Breach – More Info

There has been reporting that Equifax’s standard Terms & Conditions for the TrustedID Premier service they are offering relating to the recent data breach includes a clause that requires a consumer to submit to arbitration, rather than being able to sue Equifax directly.

My research indicates that this clause would only apply to any problems with the TrustedID Premier service (credit file monitoring and identity theft protection) Equifax is offering consumers who may have been affected by the data breach.  This would not apply to any legal action relating to the actual data breach.  However, I am not a lawyer so I can’t be sure this is accurate.

I also found that you can “opt-out” of the arbitration clause by sending a signed letter via US Postal Service to:  Equifax Consumer Services LLC, Attn.: Arbitration Opt-Out, P.O. Box 105496, Atlanta, GA 30348, and must include Your name, address, and Equifax User ID, as well as a clear statement that You do not wish to resolve disputes with Equifax through arbitration. This letter must be sent on a “timely basis”.  This is something I am going to do and is likely worth you doing as well. I suggest doing it within the next 30 days due to the “timely basis” wording. I also suggest you mail it with some sort of proof of delivery.

Finally, Equifax could change its terms & conditions at any time, so I again suggest you take precautions yourself – such as putting a security freeze on all 3 credit bureaus, setting up alerts on your bank accounts and credit cards, and monitoring your accounts for any suspicious activity (see our 9/8/17 post).

As always, feel free to call us if you have any questions.

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