Pa. Credit Union Association joins suit against Equifax

(Photo / Thinkstock)

A trade group representing Pennsylvania credit unions has joined a class-action lawsuit against Equifax, saying financial institutions will incur years of fraud-related expenses because of the recent data breach at the company.

The Pennsylvania Credit Union Association is one of eight state and regional trade groups to join the suit since the Credit Union National Association filed it Oct. 4.

The complaint alleges that credit unions will be on the hook for costs like canceling and reissuing compromised credit cards, reimbursing members for fraudulent charges, increasing fraudulent activity monitoring and notifying members of fraud on their […] Read more

Don’t Get Burned by a Credit Freeze

Baby, it’s cold outside.

With Equifax and other companies reporting massive data breaches this year, more consumers are putting a freeze on their credit reports. And while a credit freeze won’t affect a borrower’s ability to qualify for a mortgage, it does require the borrower to take additional steps during the application process.

A credit…

[…] Read more

PA Credit Union Association to join Equifax Litigation

DAUPHIN COUNTY, Pa.– After Equifax was hacked,  more than 145 million Americans’ identities and credit histories were compromised and the Credit Union National Association (CUNA) filed a class-action lawsuit against the company on October 4. The Pennsylvania Credit Union Association (PCUA) has joined the litigation as plaintiffs.

The PCUA Board of Directors’ decision to join the lawsuit came after management conducted a thorough due diligence that determined credit unions and other financial institutions will likely bear long-term costs as a result of the breach. These costs include canceling and reissuing an untold number of compromised cards, reimbursing consumers […] Read more

iPhone X orders held up by credit freezes put in place after Equifax hack

 

Some customers scrambling to preorder the hotly anticipated iPhone X early Friday morning hit an unexpected roadblock: Credit freezes put in place after the Equifax data breach held up authorization of payment plan loans.

After preorders began Friday at 12:01 a.m. Pacific, 3:01 a.m. Eastern, some who had initiated a credit freeze forgot to unfreeze it to authorize plans like Apple’s iPhone Upgrade Program.

Readers reached out to AppleInsider after their purchase process was delayed, and others took to Twitter to express frustration that they had missed out […] Read more

New city goal: Boost credit scores of 25,000 Bostonians

Bad credit can wreak havoc on a person’s life.

Landlords and employers who run credit checks may pass over someone with a low score. Car dealers and mortgage lenders will charge higher interest rates. And forget about starting a business.

In Boston, an estimated 236,000 people, a third of the city’s residents, have either a poor credit score or none at all.

In an attempt to open more doors for those who are struggling, Mayor Martin J. Walsh on Wednesday is launching a credit-building program, with the goal of helping at least 25,000 Boston residents get a score of at least 660 — […] Read more

Seven money secrets your credit report won’t reveal

Q: My boyfriend and I are both in our 20s, finished school and earn decent incomes. Neither of us spends a lot of money on extras; in fact we connected at university because we brown-bagged it whereas our friends ate out. We both graduated without a lot of debt and in the past few years have paid off what we did owe on student loans. Then we started saving all we could in tax-free savings accounts, and I even have a very healthy RRSP because my employer has a matching program. We want to buy a place together but we’ve […] Read more

Does Equifax’s Credit Monitoring Service Bar Users From Joining a Class-Action Suit Against Them?

CLAIM

If you sign up for Equifax’s credit-monitoring service, you cannot join any class-action lawsuit against the company.

MIXTURE

RATING

MIXTURE

WHAT’S TRUE

The terms of service for Equifax’s credit monitoring service, TrustedID Premier, say that users give up their right to participate in a class-action lawsuit or arbitration.

WHAT’S FALSE

Those who user TrustedID Premier do not give up their right to participate in a class-action lawsuit or arbitration against Equifax over the 2017 data breach.

ORIGIN

After the credit-reporting company Equifax revealed on 7 September 2017 that a cyber-attack had exposed personal data for 143 million U.S. residents, the company promoted its service TrustedID Premier […] Read more

National Credit Regulator gives advice on repossession of goods and services

MANY consumers approach credit providers to open accounts which include store cards and credit card accounts in order to meet different essentials of life.

They also purchase houses and vehicles with the intention to repay the loans in monthly instalments. Due to inflation and ever changing economic conditions which affect interest rates, food and petrol prices etc, some consumers end up defaulting on their credit agreements. Some will catch up on their monthly repayments at a later stage and others will not.

In order to recover the monies owed by a defaulting consumer, credit […] Read more

After Equifax breach, keep key information on credit reports safe

Bev O’Shea, NerdWallet
Published 7:00 a.m. ET Oct. 15, 2017

CLOSE

Check your credit reports regularly because your credit rating determines the loan rate you’ll get on mortgages, credit cards or auto loans, as well as the rate you’ll pay for auto insurance, said bestselling financial author Lynnette Khalfani-Cox.
Newslook

Photo of Equifax website.(Photo: USA TODAY)

Monitoring your credit reports should be like flossing: a routine that’s not fascinating but that can help […] Read more