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If You Want Help From Equifax, There Are Strings Attached

The credit reporting agency said Thursday the personal information of up to 143 million people was compromised between May and Julyl.

(CNN Money) -- Equifax is offering help for people whose personal information was hacked -- but there  are big strings attached.

The credit reporting agency announced Thursday that the personal information of as many as 143 million people was compromised in a data breach between May and July. The stolen data includes names, Social Security numbers, birth dates, addresses and driver's license numbers.

If your information was exposed, Equifax is offering free identity theft protection and credit file monitoring services. But the offer comes with some conditions that may make you think twice.

You can't get help right away. When people enter their last name and part of their Social Security number on the site to see whether they were affected, some are being told: "Based on the information provided, we believe that your personal information may have been impacted by this incident."

But even in that case, Equifax is not offering the credit monitoring service until next week at the earliest. Monday is the first day you can sign up.

You give up your right to sue Equifax. If you get the credit monitoring service, you must agree to submit any complaints against Equifax to arbitration. You can't sue on your own behalf, and you can't join a class-action case or benefit from any class-action settlement that Equifax agrees to.

The federal Consumer Financial Protection Bureau recently rolled out rules against these kinds of arbitration requirements by banks and credit card issuers, but not credit monitoring agencies. Republicans in Congress have introduced legislation that would roll back those rules.

Equifax isn't promising help fixing your credit: Equifax will agree only to monitor your credit, not help you fix any problems arising from the hack.

"We do not offer, provide, or furnish any products, or any advice, counseling, or assistance, for the express or implied purpose of improving your credit record, credit history, or credit rating," the company in its 7,200-word terms and conditions. "By this we mean that we do not claim we can 'clean up' or 'improve' your credit record, credit history, or credit rating."

Equifax did not immediately respond to a request for comment Friday.

(Photo by Brian A. Jackson/Thinkstock.)

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