ANALYZE
We'll see how this unfolds, but I will be surprised if anything related to seizing this deal is painless. I still can't get a free copy of my Equifax credit report, as I am entitled under the law for free every year. I even requested a copy by mail, according to their instructions. Until now, nothing.
But let's say that, for the sake of argument, our questioner is basically correct - that this deal breaks with about $ 3 in meat extracted from Equifax for each affected person. The point is that this amount is probably less than what Equifax does by selling its credit history to potential lenders each year.
In a 2017 report on the Equifax breach, I quoted financial fraud expert Avivah Litan as saying that credit bureaus earn about $ 1 each time they sell their credit file to a potential lender (or identity thief if passing by you). According to recent New York Federal Reserve statistics, there were about 145 million heavy credit credits in the fourth quarter of 2018 (it is unknown how many were legitimate or desired).
But there is one thing you can do to prevent Equifax and other departments from profiting this way: Freeze your credit files with them.
A security freeze essentially blocks any potential lender from being able to view or "pull" your credit file unless you unfreeze or unfreeze the file in advance. With a freeze on your credit file, identity thieves can apply for credit on your behalf whatever they want, but will not be able to get new credit lines on your behalf because few lenders will extend this credit without being able to do so. to gauge how risky it is to lend to you. And now it's free for all Americans.
This post explains in detail what is involved in freezing your files. how to put, defrost or remove a freeze; the limitations of a freeze and possible side effects; and alternatives to freezing.
Learn more: Equifax Data Breach