Your Credit Protection Guide After Equifax Data Breach

A security hack of a company that's suppose to protect your credit information is disconcerting in the least. Here are the steps you can take to monitor and protect your credit.

Your Credit Protection Guide After Equifax Data Breach

Credit reporting giant Equifax announced that more than 143 million of US consumers’ information including social security numbers, birthdates, and residences, was hacked, along with more than 200,000 credit card numbers belonging to US consumers on Thursday, Sept. 7.

Equifax is collaborating with law enforcement and an independent cyber security firm to properly evaluate how far the hack stretches across its user base. It appears that Equifax has known about the hack since July 29 but waited to announce the news much later.

How to Find Out if You are Impacted by the Equifax Data Breach

The company is offering services that consumers can use to see if whether or not their information is compromised. However, before you sign up for their credit monitoring service TrustedID after the breach, be advised that there, is some controversy surrounding the services involving potential class action lawsuits.

Additional questions have been raised on the Equifax Security 2017 website, pointing out that it may not be the most helpful service. After entering personal information to see if you are impacted, some users are testifying that the responses are inconsistent, increasing doubts on whether or not consumer can truly rely on Equifax to monitor their credit.

Steps to Monitor & Protect Your Credit

A security hack of the company that’s supposed to handle your personal details including your credit information is disconcerting in the least. While it’s impossible to completely, 100% protect your information from hackers, there are steps you can take to mitigate their chances and at the very least make it very difficult for them.

Protect and Update Your Passwords

It sounds almost too basic, but keeping passwords active and taking advantage of protection software built into devices like your smart phone are great ways to start. Lots of users find it easier to not have a password or lock of any kind, which makes it a lot easier to access a device that holds your credit card information. If you’re the kind of person who uses simple passwords because they’re easier to remember, be sure to check out some password protection tools to invest in.

Best practices when creating a password:
  • Never use the same password for multiple sites
  • Avoid common words or phrases like password, admin, 1234
  • Don’t use any personal data, like birthdays or addresses
  • Compose passwords that are convoluted enough (include a mix of numbers, use both uppercase and lowercase characters, and symbols), or use a tool to generate complex passwords
  • Change your password on a regular basis
  • Enable two-factor authentication whenever it is offered for additional security
Be Safe While Shopping Online

Online shopping has made it easier than ever for you just click, add to cart, then checkout. Before you hand over your payment information online, there are a few ways to make sure the websites you shop from are trustworthy.

  • Google the site to see if there are any customer reviews or complaints
  • If the URL has a padlock next to it that means the site has put effort into making it secure
  • Make sure the URL begins with “https", it means the website is more secure and communication is encrypted
  • Update your password regularly on sites you shop from frequently like eBay or Amazon
  • Watch out for malicious url redirects on the checkout page, make sure you are on the right domain when you enter your information
  • Ensure the online payment system that the site uses is credible (i.e. PayPal, Google Checkout, Amazon Payments)
Set Up Alerts On Your Bank Accounts & Credit Cards

Regularly check everything. Bank accounts, credit card statements, etc. Oftentimes speed is the key when becoming a victim of a security breach. The faster you can identify the problem, the faster it can be resolved. Staying diligent in monitoring your own habits can make a massive difference when it comes to the security of your personal details.

Setting up a fraud alert on your bank account and credit cards will help with this process. All major banks and credit cards provide fraud protection and allow you to set customize spending alerts. You can receive phone, email or SMS notifications whenever an irregular transaction has been detected.

Use A Credit Monitoring Service

You can also sign up for a credit monitoring service that will keep an eye on your credit for you at all times:

  • Identity Guard - Their service is highly rated by users online. It evaluates scores from all three creditors (Equifax, Experian, TransUnion) for free, with a 30-day free trial and $17 per month after.
  • PrivacyGuard - It offers the same credit check service for just $1. It also offers identity theft protection for $15 a month with a 30-day trial.
  • Credit Karma - One of the most popular credit monitoring services. It offers free credit reports and monitoring services, but only with histories from two credit bureaus (Equifax and TransUnion) instead of three.
Should You Freeze Your Credit?

If you are indeed impacted by the data breach, and want to take the maximum precaution to protect your credit, you may want to consider freezing your credit with the credit bureaus.

Freezing your credit simply means no inquiries can be made on your credit history. In other words, it makes it so hackers cannot open lines of credit under your identity even in the case that your personal information is compromised. This is a good idea for anyone who isn’t looking to take out a loan anytime soon in the near future.

How To Freeze Your Credit

To freeze your credit, you’ll need to apply with each credit bureau independently and provide your personal information such as your social security number, birthdate, address, etc. Each credit bureau charges a fee to freeze your credit, and it usually cost somewhere between $5 to $10 per bureau, depending on where you live.

  • To your credit with Equifax, go here and follow the instructions

  • To apply for a credit freeze at Experian, you may do so via their website

  • To apply for a credit freeze with TransUnion, you can find out how here.

How to Unfreeze Your Credit

Keep in mind that if you freeze your credit, the only people who can check it are you, and your existing lenders and debtors. You can not do things like open a new credit card or apply for a new loan. If you wish to unfreeze (whether temporarily or permanently) your credit, you'll have to apply to lift the freeze with each credit bureau explicitly.

Experian provides a PIN and an online application, while TransUnion provides a simple login on their website, which you made when applying for the freeze. For Equifax, you can go to the same website through which you applied for the freeze. Be aware that depending on where you live and which service you use, there could be extra fees for temporarily or permanently lifting the freeze.

Auto Loan Tips
Car Loan Calculators
Julia MakJulia Mak

Marketing @ Instamotor. Dog lover, NBA fan, nerd at heart.