Important Information about the Equifax Breach and why Freezing Credit isn’t the Answer

When Equifax was breached by a group of nefarious hackers, many people opted to have their credit frozen. While a credit freeze is going to keep anyone from trying to pretend to be someone else and applying for a credit card in their name or taking out a car loan, it is also going to keep the actual person from doing so. Once a credit freeze is put on the file, it will have to be lifted to use credit again, and then reestablish the freeze to put it back into effect.

The Hassle of Establishing a Credit Freeze

In order to establish a credit freeze, each of the three credit reporting agencies has to be contacted – separately. Equifax is one of these three agencies and if all three aren’t contacted, then there is essentially no freeze in place.

In addition to having to contact each credit agency, Equifax has been swamped with calls since the breach, which means being able to actually get someone on the phone is extremely difficult.

Freezes aren’t always the Right Option

It is important to understand that credit freezes aren’t like bathroom faucets. They can’t be turned on and off that easily. In fact, each time this is done, the person who uses a credit freeze will have to pay a fee each time they make a change. If someone wants to purchase a house or car, they may have to wait an extended period of time to have the credit freeze lifted. This can cause a number of issues.

There are other solutions and even some talks of a class action lawsuit against Equifax. Before making any decisions, it is a good idea to explore all the options that are available.

If a person is unsure whether or not they have been affected by the Equifax breach, there are tools and people who can help them find out. There are also a number of solutions available to ensure that credit issues are not a problem. More information about this issue can what can be done about it can be found by reading the article on huffington post.

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