Equifax waives credit lock fees for consumers, amid criticism

Personal Finance

Equifax, the credit-reporting firm facing a barrage of criticism over its response to a massive data breach at the company, will now waive certain fees related to one of its credit-protection products.

The now-free Equifax service, which involves identity-theft protection and credit-file monitoring for a year, also allows you to put a lock on your credit report at Equifax. This basically means a lender cannot access it to check on your credit score or history. You can unlock it temporarily if you need to apply for credit or a loan.

The lock/unlock action typically comes with a small fee, which Equifax is waiving through Nov. 21, the last day consumers can take advantage of the offer of free credit monitoring.

The company also is in the process of refunding any fees that consumers have paid since last Thursday to place a security freeze on their Equifax file.

“We are listening to concerns raised by consumers and in the media, and continue to work on improving the customer experience,” an Equifax spokesperson said in a statement.

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