Equifax Is Waiving Their Credit-Freeze Fees for 30 Days
Another day, another attempt by
Given Equifax's frustrating series of missteps since announcing the breach on Sept. 7, lifting fees on credit freezes-the cost of which vary by state , but are generally $5-$10-seems the very least they can do. You didn't ask to do business with Equifax, and the exposure of your data certainly happened through no fault of your own. Equifax has also indicated that they will refund the fees paid by people who have signed up for credit freezes since Sept. 7, but there's no word yet on whether the refunds will be automatic. And why are the fees being lifted only for 30 days? This too is unclear.
But the fact remains that there are three major credit reporting agencies-Equifax,
Ron Lieber at the New York Times has asked Equifax why they aren't just paying for freezes at all three reporting agencies for those affected by the hack, and furthermore why credit freezes and thaws cost money to begin with. It boggles the mind as to why freezes and thaws are not free indefinitely for those whose personal data has been compromised.
Should you freeze your credit? Only if you're not planning to apply for a new line of credit or take out a loan. If you want to, say, rent an apartment or buy insurance, you'll need to lift the freeze temporarily, the cost of which, again, varies by state and can legally take up to three days . Equifax's dedicated site for the incident is pretty weak-check our guide to credit freezes for more information.