It also said it would waive fees incurred by credit freezes since the breach was announced on Sept. After public pressure, the company agreed to waive its fees usually associated with initiating a credit freeze. Hackers who obtained the personal information could still open new credit cards or apply for loans in the victims' names. However, this doesn't actually do anything to protect from identity theft, experts said.
Initially, Equifax had offered a free year of credit report monitoring as a mea culpa to those affected by the breach. Taking this step may create more work for you in the long run, but it will shut down access of your personal information to any new creditors. If you believe that your information was compromised, or even if you just want to be cautious, one step you can take to protect yourself is to freeze your credit. adult population, there is a significant chance that your personal information may have been leaked, even if you are not an Equifax customer. is considered to be compromised by the hackers.Ĭonsidering that the breach affected more than half the U.S.
So now the highly sensitive personal information of a roughly 143 million people in the U.S.
In order to track customers' credit history for reporting purposes, Equifax gathers data like social security numbers, addresses, credit card numbers, and driver's license numbers. But how can you do that? The beleaguered company just made the process a bit less stressful following pressure from unhappy customers.Įquifax, one the nation's major credit reporting agencies, recently announced a security breach had jeopardized the privacy of the enormous amount of personal data the company keeps on its customers. One of the first things you should do to protect your information is to freeze your Equifax credit. You still need to monitor all bank, credit card, and insurance statements for fraudulent transactions.If your account was compromised in the Equifax security breach, you may be wondering what you should be doing in the aftermath of the data theft. It doesn’t prevent him or her from making charges to your existing accounts. A credit freeze only prevents a thief from opening a new account in your name.Unlike a freeze, its protections aren’t guaranteed by law, and there may be a fee. A lock is similar, but it can be applied or removed almost instantly either online or through a mobile app offered by the credit bureaus. Don’t confuse a credit freeze with a credit lock.If you don’t know, make sure to contact all three bureaus. If you opt for a temporary lift and know which credit bureau your lender will contact, you can save time by making your request at that bureau only.(As long as you know roughly how long your loan applications will take to process, setting a time frame is a good way to give yourself time to apply to multiple lenders to get the best rate.) You can specify how long you want the freeze to be lifted-a day, a week, or more-or you can do it indefinitely.Unfreezing your credit is quick and free, but there are a few things to remember: