How To Protect Your Identity From The Equifax Hack

How To Protect Your Identity From The Equifax Hack

"Success depends upon previous preparation, and without such preparation, there is sure to be failure." -Confucius 
Read Time: 2 Mins

If you haven’t heard already, Equifax, one of the major credit reporting agency got hacked. We’re going to cover what that means for your you, how you can protect yourself from the thieves, and just how big of a deal this hack is.

First, let’s talk about how big of a deal this is. It goes without saying but Equifax has hundreds of millions of people’s personal information that they store in their system.

The Equifax hack reportedly lost half of all Americans information. HALF! We’re talking the most personal financial data that exists on the web. This is not okay nor should you take this hack lightly with the rise of identity theft.

Security Experts Say The Equifax Hack Is Serious

“On a scale of 1 to 10, this is a 10. It affects the whole credit reporting system in the United States because nobody can recover it, everyone uses the same data,” said Avivah Litan, a Gartner Inc analyst who tracks identity theft and fraud.

How To Know If You Were Hacked

Equifax has created a website where you can check to see if your data was hacked. Enter your name the last six digits of your social security number, and you’ll get a message that looks like this if you’re info was compromised.

Equifax Hack

Confirming Data Was Affected

How Does The Equifax Hack Hack Affect You

If you get a confirmation that your information was compromised in the Equifax Hack, it means that the crooks likely got access to your name, phone number, email address, past physical addresses and potentially your bank account information.

This doesn’t mean that you’ll need to shut down all your accounts, but it will be wise to put additional safeguards in place to monitor any activity that may come up.

A side note: Beware of signing up for Equifax’s credit monitoring services as, after the first year, you will be charged for the service. Go figure. They loose your info, then sell you a solution to protect it.

What To Do If You’ve Been Hacked

Step 1:

The first thing you should do is check your credit. Checking your credit will allow you to see if there have been any breaches or new accounts opened. No matter if you’ve been hacked or not, you should make a habit of checking your credit monthly to stay aware of any potential changes.

Nearly 30% of people have an error on their credit report but don’t know it.

Nobody likes the thought of checking their credit score… BUT, it’s the one thing you can do right now to stay in the know and protect yourself.

So, grab your cup of coffee, open a new tab, and head on over to a free site like Credit Sesame and check your score before you move on to the next step.

Step 2:

Put a freeze on your credit accounts. This assures that any new incoming requests for new credit cards, house loans, or any other new lines of credit will be denied automatically. The downside is that you’ll need to unfreeze them in the future if you do actually apply for a loan.

Although in my opinion this small inconvenience is worth it and assures that you will not have any of the crooks who have all your information open up any new lines of credit in your name behind your back.

Freezing your credit could take you an hour or so to complete, especially now that the concern about identity theft is widespread but it will be well worth it, so plan on meeting delays, especially with Equifax since their call centers are across Georgia and Florida where Hurricane Irma recently affected.

To get started, contact all four of the credit agencies: Trans Union, Innovis, Experian, and Equifax.

Beware: In some cases they will charge you a small fee to freeze your credit, which I find extremely offensive, seeing you didn’t ask them to keep your information in the first place…

The Best Way To Protect Yourself

Our digital information is always under attack and the more you know about how to protect it the better off you’ll be. The Equifax Hack only proves this statement.

I believe that one of the best things you can do is to set up an account to monitor your credit with a free, reputable, and safe company like Credit Sesame.

If you want to take your security a step further, take an hour to set up freezes on your accounts. I believe if you do these two things, you increase your chance of staying secure in an unpredictable online environment.

Related: How To Prepare for Unemployment Before It Happens To You

Originally published at Your Money Your Freedom.

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