House Democrats are calling for Equifax to extend its promise to give customers free credit monitoring from one year to three years. Ariel Evans, CEO of Innosec, joins Cheddar to discuss what this means for the company and the consumer.
What most people may not know is that a hacker could hold on to stolen information for more than a year before selling it. This is why House Democrats don't think the initial one year of free credit monitoring to all Equifax's customers is enough. They want to ensure that any compromised information won't be subjected to a hack a few years down the line.
Plus, what rights do shareholders have? Evans explains that you can bring a class-action lawsuit against Equifax if you feel like your rights have been violated.
The incoming Fed decision will likely be good news for consumers with high-yield saving options, but bad news for borrowers (like anyone with high credit debt).
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