I’m interrupting regularly scheduled programming to discuss something major. You are probably aware of it, but you may not know what step to take next.
Recently, news about an Equifax data breach went viral. This isn’t surprising, though, as the data breach is said to possibly impact 143 million American consumers.
Yes, 143 million.
This data breach was through Equifax, which is a large credit reporting agency. So, if you have a credit report, then you may be possibly impacted by the Equifax Data Breach.
According to Equifax:
- The breach lasted a surprisingly long time (at least, to me this seems like a long time). It lasted from May through July of 2017.
- During this data breach, hackers were able to access people’s names, birth dates, social security numbers, addresses, and even driver’s license numbers in some situations.
- Not only that, these hackers also stole credit card numbers.
- They also stole information from some people in the UK and Canada too, so it’s not just people in the United States who were impacted!
Equifax does have a system up currently for people to see if their information was taken. Before you do that, though, please make sure that you are on a secure computer and on a secure internet connection.
You can go to https://www.equifaxsecurity2017.com/ to find out more information about the data breach directly from Equifax.
If you are a victim of this data breach, any data breach, and/or if you just want to keep your information safe, here are tips from the Federal Trade Commission:
- You should check your credit report regularly to see if there is anything incorrect, such as if someone stole your identity. Your credit reports from Equifax, Experian, and TransUnion can all be received for free through annualcreditreport.com.
- You may want to do a credit freeze. This makes it a little more difficult for someone to create a new account with your personal information. However, it is important to note that if they already have your existing account information (such as if they know your credit card number), then a credit freeze will not prevent this from continuing to happen.
- Due to the above, you will still want to regularly check your bank account, credit card account, and more to make sure that no unauthorized charges have been placed.
Note: If you sign up for a credit freeze, I have heard of users being charged different amounts. Some are charged nothing, whereas others are charged anywhere from $5 to $20 a month. Please be aware that you may be charged, and try to get it for free.
Related tip: If you are interested in checking your FREE credit score through Credit Sesame click here. It’s completely free. I also recommend reading How Your Credit Score Affects Your Life.
More information on a credit freeze or fraud alert.
You may want to contact the three major credit bureaus, and either place a fraud alert or freeze on your credit accounts if you deem it necessary.
Fraud alerts ensure that your identity is verified before any credit is given.
A credit freeze is a little more intense, and it restricts access to your credit report so that no thieves can open a new account in your name.
The FTC explains the difference between a fraud alert and a credit freeze as:
“A credit freeze locks down your credit. A fraud alert allows creditors to get a copy of your credit report as long as they take steps to verify your identity. For example, if you provide a telephone number, the business must call you to verify whether you are the person making the credit request. Fraud alerts may be effective at stopping someone from opening new credit accounts in your name, but they may not prevent the misuse of your existing accounts. You still need to monitor all bank, credit card and insurance statements for fraudulent transactions.”
Read more at What To Do When You Lose Your Wallet.
Other great resources that may assist you with the Equifax Data Breach:
- Wall Street Journal’s 5 Ways to Protect Your Finances After Equifax Data Breach
- Reddit’s [Official Mega Thread] – Recent Equifax Security Breach
What action(s) have you taken due to the Equifax Data Breach? Share in the comments below.
Ms. Frugal Asian Finance says
I didn’t know about this breach. Thanks for the update and advice, Michelle!
It’s unsettling that some people would steal others’ information to make a living. But it’s the reality, and all we can do is try to protect ourselves. I will need to check my credit score to see if it’s ok.
Michelle at Savings and Sangria says
I know Equifax was offering free credit monitoring for a year to anyone potentially impacted. But I’m hesitant about signing up for this, because I’ve heard that by agreeing to the credit monitoring, you’re waiving your right to sue if you suffer financial damages because of this. I’m also afraid it would be like an introductory offer where I have to provide a credit card, then I’m automatically charged an annual fee for this service after the first year.
Are you signing up for Equifax’s credit monitoring service?
Amanda says
They do charge you after a year and it does waive your rights! I work in the industry and would not do it or a credit freeze!!!
Rebecca says
Amanda just wondering why you wouldnt do a credit freeze?
Sabrina says
It’s maddening that they waited months to tell us about it. We are in the process of planning to build a house. This could have done a lot of damage to that plan had someone used our info to open accounts or something. I received a new card from one company that told me it was due to merchant compromise in July. No fraudulent charges had been made to my card or any company declaring compromise at the time. At least someone did something to protect me while in the state of ignorance due to Equifax hiding the problem.
Ms99to1percent says
Hi Michelle,
Thanks for the timely advice and the Equifax link you provided. I will head over there and check it out.
Susan says
Thank you for providing this information. I’ve checked my credit report and gone to the Equifax site.
Patty says
Thanks for the info, Michelle. They go through this stuff so quickly on the news it’s hard to catch it all. I know someone who went through the identity theft thing, and it is quite an annoyance to put it lightly!
Amanda says
For the credit freeze, what they can charge varies because individual state law dictates what is allowed.
Also doing a credit freeze is a very serious thing and I strongly advise against it for almost everyone! You have to pay to place it and to remove it. No one will be able to open credit in your name, NOT EVEN YOU! It can interfere with job applications, utilities, rent, and insurance as well. Getting it removed can also be difficult. I work in the industry and have heard the horror stories too many times.
Blindly giving advise, reposting what others write, is not the best thing to do in major event like this.
LeisureFreak Tommy says
Nice post to let people know. I elected to go nuclear with a credit freeze. Aside from the credit info being used to open new credit card and loan accounts the info is also all they need to file fraudulent income tax returns against our Social Security numbers for fake refunds. Not much anyone compromised by Equifax can do about that. But if you are expecting a tax refund for 2017 then either file as early as possible in 2018 or right now change your W4 and have much less tax withheld to greatly reduce or eliminate any refund. It will take running some numbers. Make sure you don’t under-withhold too much to avoid penalty. I am sure the IRS will be aware of this breach and there will be even longer delays in getting refunds than the last filing season.
John Blackman says
Which is why you should always try to owe taxes at the end of the year. Thieves are welcome to pay my return each year. TYVM! If you’re not seeking new credit a freeze is just fine, good on you for acting quickly.
Lily @ The Frugal Gene says
My husband delivered me the news on the hour of. He has a lot of knowledge in network and company security so whenever something like this happens, he’s my summary page and “5 fast facts.” His favorite story is when Myspace creator Tom hacked into Chase bank at the age of 14.
I did a credit freeze before when my wallet when my wallet was stolen. You should be charged nothing, the quote price for me was $15 for extra security and I said no!
Myfinancekits says
I think this is a season of making cool money by credit card issuers because many people will like to freeze their cards if affected by the security breach. However, I think there should be a sort of exceptions in a period like this. Consumers should not be made to pay if they decide to freeze their cards because the fault is not theirs.
Linda M says
I have a credit fraud alert on my file and my family members for 14 years. No one can easily open credit in any of our names.
You have to do it every 90 days though or someone can take advantage of that if they have your data. Just put it on your calendar.
Another advantage is you get to view and download your credit report every 90 days.
This service is FREE!
https://www.experian.com/fraud/center.html
Melanie, Mommy Finance says
Thanks for providing more info regarding the breach. I didn’t even know about it until I saw your email. It’s so crazy to think that I might be one of them….of course I sure hope not.
Mrs. Groovy says
The Equifax agreement says you waive your rights and would be subject to arbitration, which typically doesn’t favor the consumer. Although they’re publicly stating that by signing up for the monitoring you do not waive your rights, I wouldn’t trust them.Also, you need to give your personal information, again, for the monitoring.
We’ve had credit freezes with all 3 bureaus for years. But our state, NC, makes it easy. No fees to place the freeze and no fees to lift them, or freeze them again. I know they work because when I tried to access my own Social Security statement on line, I was unable to. When I spoke to a rep he told me I needed to unfreeze the bureau they use (Transunion, I think) so that the system could verify my identity. I also needed to have a background check done by a federal agent from the VA when I applied to be the fiduciary for my aunt’s benefits.When I advised him of the freeze and asked which bureau I should unfreeze, he laughed and said “I’m with the feds. I can get it.” Ten minutes later he called me to lift the freeze. Another ten minutes and he obtained the info he needed. It’s not foolproof – there are companies that issue credit cards, etc. without even running a check. The bests thing to do from what I’ve read, is to monitor your credit reports and your bank/credit card statements – of course this is all my opinion only.
DNN says
I just checked my credit score this morning after setting up an electronic debit to pay on my credit card and my credit score has increased. However, I do need to have a comprehensive credit report sent to me to see what else is on there and what accounts I need to close.
Chris says
How do you find out if you were affected?
Chris says
Yes, this is something I would like to know.
Chris says
(for myself) Thank you
DNN says
I check my credit regularly even before the credit data breach and everything looks ok. The only things is, I sometimes wonder even when I pay my bills on time why my credit score drops just a few points despite that I paid days in advance before the payment due date. Would you happen to have any advice for how to get around that and boost your credit score faster? Thanks in advance. 🙂