OUR THOUGHTS ON:

Equifax Breach - Are You One of the 143 Million Affected?

Wealth Management

By Victoria Rogers

Credit Agency Compromise

On Thursday September 7th Equifax, one of the main credit reporting and monitoring services, announced their system had been breached.  The breach happened in May through July of this year.  Potentially 143 million consumers may be affected. Personally identifying information was compromised. 

As part of their remediation plan, Equifax has launched this website.

With this tool you can check if your personal information has been compromised.  If you have been affected by this breach, you will have the ability to enroll in one year of free credit monitoring.  Because of the huge numbers involved, you will be given a date to enroll, such as the image below:

 

Bookmark the link, and enroll on or after the date listed.

Please be aware that by signing up for the service you could be waiving your right to enter into a class action suit.  If you prefer you can do your own monitoring or pay for an unaffiliated service.

In the meantime, visit www.annualcreditreport.com to request your credit reports from Experian and TransUnion the other two major credit reporting services.  Check for recent unexplained inquiries and activity. 

You may also want to freeze your account at each agency.  This will prevent unauthorized activity.  If you do need to apply for credit, a simple call can unfreeze.  You will need to request a freeze at the three agencies.  Links to instructions are below.  There may be a fee associated to place the freeze.

For additional information, visit Equifax's Cybersecurity website.

Patience and vigilance are the keys to ensuring your credit accounts remain safe. For more information, please contact Schneider Downs.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2017 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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