Equifax Breach: Free Credit Freeze Deadline Is Wed., Jan. 31

Beyond Wednesday, you might have to pay $10 for it

By Karl Utermohlen, InvestorPlace Writer Jan 29, 2018, 1:41 pm EDT January 29, 2018

The Equifax data breach is still selling shockwaves to American residents due to the possibility of their personal and banking information being compromised.

The credit bureau announced that it is giving people the opportunity to freeze their credit for free as long as they do it by Wednesday, January 31 in order to protect their information. Beyond that day, it may cost creditors $10 in some states in order to do so, so make sure you act fast.

The data breach exposed the personal data of more than 145 million U.S. adults, and security experts suggest that consumers follow up with this credit freeze at all three major credit reporting agencies in order to protect themselves from potential fraudsters looking to blackmail you by exploiting your personal information.

Both Republican and Democratic senators have introduced bills that would make it a requirement for credit bureaus to offer consumers one free credit freeze and one free credit unfreeze per year, but neither bill has been passed as of yet.

Other consumer groups such as the nonprofit U.S. PIRG, which is a left-leaning federation of U.S. and Canadian non-profit organizations, have also spoken out against the implementation of these fees. “Consumers shouldn’t have to pay to protect themselves from a problem they didn’t create,” it said.

It is a law that credit reporting agencies should give consumers the option to freeze their credit.

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