If you have turned on the news or checked out an online news site in the past week, you’ve heard all about the Equifax data breach. If you’ve somehow missed this major event, I’ll give you a quick recap.
Equifax is one of the top credit reporting agencies, along with TransUnion and Experian. On July 29, 2017 a MAJOR data breach was discovered and later announced on September 7, 2017– cybercriminals had exploited a vulnerable U.S. website application which allowed them to “steal” personal information for over 143 million people. This personal information included everything from social security numbers, birth dates, credit card numbers, and even driver’s license numbers in some instances. 143 million is A LOT of people. Considering there are only about 323 million people in the United States, it’s safe to say that close to half may be affected by this major breach. How do you know if you are affected? If you are affected, what should you do?
To find out if you are one of the 143 million affected, go to Equifax’s website, specifically to the new security page which will prompt you to enter the last 6 digits of your social security number (https://www.equifaxsecurity2017.com/potential-impact/). From there, you should have a pretty good idea of the effects of the breach for you personally. Whether or not you are personally affected by the data breach, Equifax is providing free identity theft protection services for one year. However, should you opt to receive these services, you may be limiting your ability to sue Equifax and instead be forced to deal with any and all disputes through arbitration. Already signed up for this free service and decide you don’t want to limit yourself? You have 30 days to notify Equifax in writing of your desire to rescind their free identity theft protection services. As long as you notify them in writing within this 30 day window, it will be just like you never accepted the services in the first place.
So, now you’ve found out you’ve been affected by the breach but decided you don’t want to accept the free protection services just in case you need to seek legal recourse. What are your options now? First of all, be your own advocate. Keep a close eye on your credit report and be on the lookout for anything that looks remotely suspicious. The minute you see something that doesn’t seem quite right, notify your bank or credit card company immediately—don’t wait! If you think you’ve also become a victim of identity theft, be sure to notify the proper law enforcement agencies as well.
Want some added peace of mind? You can place a long-term freeze on your credit. Pretty much, what this means is that you are taking your credit report out of circulation. If someone tries to take out a loan in your name, lenders will not be able to access your credit report to “check” your credit which in turn means the credit line won’t be approved. If it is YOU that is trying to receive the line of credit, you can notify the reporting agency and have the freeze temporarily lifted by providing a PIN number along with other personally identifying information.
So, how do you get your credit frozen? It will take just a few minutes and will require you to call each of the major credit reporting companies—Equifax, Experian, and TransUnion. Because of the scandal surrounding Equifax, they are offering this service free to their customers. However, this added peace of mind will cost you about $10 at each of the other agencies. A small price to pay for peace of mind in my opinion! Once you contact the companies, they will place a freeze on your credit and will provide you with a valid PIN number to use when you want to unfreeze your credit. Granted, this whole process can be a bit of a hassle, but given the alternative, it seems like the most viable option at this time.
Here at Wealth Builders CPAs & Consultants, we are closely monitoring what is happening with the Equifax breach. We take confidentiality seriously and want to ensure that our clients are protected in every way possible. If you have any questions regarding the potential impacts this breach could have on you, please give us a call! We would love to help!
Haselton, Todd. “Credit Reporting Firm Equifax Says Data Breach Could Potentially Affect 143 Million US Consumers.” CNBC, 7 Sept. 2017, www.cnbc.com/2017/09/07/credit-reporting-firm-equifax-says-cybersecurity-incident-could-potentially-affect-143-million-us-consumers.html. Accessed 18, Sept. 2017
Lobosco, Katie. “How to Find Out If You’re Affected by the Equifax Hack.” CNN Money, 11 Sept. 2017, money.cnn.com/2017/09/07/pf/victim-euiqfax-hack-how-to-find-out/index.html. Accessed 18 Sept. 2017.
Popken, Ben. “The One Move to Make After Equifax Breach.” NBC News, 12 Sept. 2017, www.nbcnews.com/business/consumer/one-move-make-after-equifax-breach-n800776. Accessed 18 Sept. 2017.
Scruggs, Danielle. “Better Business Bureau – Equifax Breach.” Fox 2 Now St. Louis, 14 Sept. 2017, fox2now.com/2017/09/14/better-business-bureau-equifax-breach/. Accessed 18 Sept. 2017.
Equifax, 15 Sept. 2017, www.equifaxsecurity2017.com/. Accessed 18 Sept. 2017.