WHAT YOU NEED TO KNOW HOWCOULD THIS HAPPEN? HOWCAN I PROTECT MYSELF?
Still confused? There are ways the 143 million Americans affected can protect themselves
“This information is perpetually valuable. You are not going to change your name or date of birth or Social Security number. In five years they will be the same, unlike a credit card that takes five minutes to cancel over the phone.” Credit expert John Ulzheimer
The Equifax hacking has created uncertainty over an estimated 143 million Americans who could be facing a serious threat of identity theft for the rest of their lives, spawned government investigations and triggered a rush among consumers to protect themselves.
Here’s what you need to know about what experts say is potentially the most threatening financial data breach in American history. Equifax failed to promptly install a security fix to a flaw found in a Web application tool used by many major corporations, experts said. Hackers took advantage of that window, which lasted at least two months, to penetrate the company’s digital defenses.
WHAT DID THEY TAKE?
The hackers seized names, Social Security numbers, birth dates, addresses and even some driver’s license information. “It’s very problematic for hackers to have all that important information all in one place,” said John Ulzheimer, a credit expert who once worked for Equifax and credit- score firm FICO. “This information is perpetually valuable. You are not going to change your name or date of birth or Social Security number. In five years they will be the same, unlike a credit card that takes five minutes to cancel over the phone.”
HOWDO I KNOWIF IWAS AFFECTED?
Visit Equifax security2017. com and enter your information to see if Equifax believes your data may have been exposed. Either way, the company is offering free identitytheft insurance, third- party credit- filemonitoring, a credit report and other services. You’ll have to officially sign up for those services after checking to see if you might be affected. If you sign up you would not be relinquishing your right to sue Equifax or to be compensated through any potential settlement. Equifax is still trying to determine howmany people actually were affected.
WHAT ARE RISKS OF THIS HACK TO ME?
If you don’t take action to protect yourself, hackers could eventually sell your data to other criminals, who could then use it to take out loans in your name, get credit cards, perpetuate tax fraud, access your medical benefits and countless other illegal activities. Experts say freezing your credit is one line of defense. That way, if criminals try to use your personal data to take out a loan, credit or services in your name, they’ll be blocked from doing so. “When a financial institution goes to pull your credit report, they simply won’t be able to get it,” CFRA Research analyst Keith Snyder said. Other important steps: Monitor your bank records, credit card charges and other bills carefully — ideally once a week. “You should assume your data has been compromised either in this breach or in previous breaches,” Gartner security analyst Avivah Litan said.
HOWDO I FREEZE MY CREDIT?
Contact all four agencies directly, said Avivah Litan, a security analyst at financial research firm Gartner:
Equifax: Call 1- 800- 349- 9960 or visit Freeze. equifax. com/.
Experian: Call 1- 888- 397- 3742 or visit Experian. com/ news/ security- freeze . html.
TransUnion: Call 1- 888- 909- 8872 or visit Transunion. com/ credit- freeze/ place credit- freeze.
Innovis: Call 1- 800- 540- 2505 or visit Innovis. com/ personal/ securityFreeze.
Fees vary by state and range from $ 5 to $ 10. Equifax has temporarily waived its fees for this service. You’ll need to provide personal information, including your Social Security number, to authenticate your identity.
Litan advised consumers against opting for an alternative of locking their accounts, which is “too vague.”
If you need to unfreeze your credit you’ll get a special personal identification number to use to thaw your credit when you want to take out a loan.