nisiprius wrote: ↑
Tue Oct 03, 2017 3:09 pm
I am suspicious of their use of the words "lock and unlock" and that they say it is something they have to "develop."
"Suspicious" does indeed seem to be what the consumer advocates and security experts are advising on this whole "lock" vs "freeze" lingo. For example (and these are brief quotes ... there's a lot more if you read the whole article):
Consumer Reports "Why a Credit Freeze is Better than a Credit Lock" https://www.consumerreports.org/credit- ... edit-lock/
Perhaps the main reason a security freeze is the better option is that its promise to guard your credit accounts is guaranteed by law . . .
In contrast, a credit lock is simply an agreement between you and the credit monitoring company.
“Having a contractual agreement is not as strong as having protections under law,” . . . “The contract may be unclear, may include provisions that allow the other party to change it, or include provisions that you may be better off not agreeing to, such as an arbitration agreement.
Brian Krebs, Krebs on Security, Sept 29 2017 "Here's What to Ask the Former Equifax CEO" https://krebsonsecurity.com/2017/09/her ... uifax-ceo/
My first group of questions would center around security freezes or credit freezes, and the difference between those and these credit lock services being pushed hard by the bureaus. . . .
I’m curious to know what percentage of Americans had a freeze prior to the breach, and how many froze their credit files (or attempted to do so) after Equifax announced the breach. The answers to these questions may help explain why the bureaus are now massively pushing their new credit lock offerings (i.e., perhaps they’re worried about the revenue hit they’ll take should a significant percentage of Americans decide to freeze their credit files).
. . .
-Mr. Barros said Equifax will extend its offer of free credit freezes until the end of January 2018. Why not make them free indefinitely, just as the company says it plans to do with its credit lock service?
-In what way does a consumer placing a freeze on their credit file limit Equifax’s ability to do business?
-In what way does a consumer placing a lock on their credit file limit Equifax’s ability to do business?
-If a lock accomplishes the same as a freeze, why create more terminology that only confuses consumers?
-By agreeing to use Equifax’s lock service, will consumers also be opting in to any additional marketing arrangements, either via Equifax or any of its partners?
3 Weeks Later, Equifax Makes a Peace Offering - The New York Times
https://www.nytimes.com/2017/09/27/your ... ology.html
The NYT financial writer is on the scathing side about this new push towards "locks" rather than "freezes" but it would take one of my 10 free NYT clicks/month to click on it again and quote it, so sorry, no quote.