Equifax has reached a settlement with the State of Indiana after the attorney general there says the company broke Indiana law. Equifax will pay $65,000 to settle allegations it waited too long to notify and freeze consumers' credit reports.
Attorney General Steve Carter says Indiana law requires credit-reporting agencies to freeze credit reports within five business days of being notified by consumers. Carter says Equifax did not do that for 19 people, including one who had to wait about two months.
The state also requires the agencies to notify Indiana consumers within 10 business days after their credit reports have been frozen. Carter says Equifax did not do that for 24 people. He says one person had their notification delayed by six months.
Indiana passed the credit-freeze law in 2007 to help protect consumers from identity theft.
Under the law, consumers may mail letters to each of the three credit reporting agencies -- Equifax, Experian and Trans Union -- and demand new creditors be banned for accessing their credit reports. That means an identity thief would be unable to take out new credit in a consumer's name, even with an accurate Social Security number.
The state also requires the agencies to notify Indiana consumers within 10 business days that their credit reports have been frozen. However, Equifax failed to do that for 24 people, including one whose notification was delayed for six months, Carter said.
Source: IndyStar.com
Attorney General Steve Carter says Indiana law requires credit-reporting agencies to freeze credit reports within five business days of being notified by consumers. Carter says Equifax did not do that for 19 people, including one who had to wait about two months.
The state also requires the agencies to notify Indiana consumers within 10 business days after their credit reports have been frozen. Carter says Equifax did not do that for 24 people. He says one person had their notification delayed by six months.
Indiana passed the credit-freeze law in 2007 to help protect consumers from identity theft.
Under the law, consumers may mail letters to each of the three credit reporting agencies -- Equifax, Experian and Trans Union -- and demand new creditors be banned for accessing their credit reports. That means an identity thief would be unable to take out new credit in a consumer's name, even with an accurate Social Security number.
The state also requires the agencies to notify Indiana consumers within 10 business days that their credit reports have been frozen. However, Equifax failed to do that for 24 people, including one whose notification was delayed for six months, Carter said.
Source: IndyStar.com
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