The dust is far from settled when it comes to the announcement of the Equifax hack according to the NY Times 143 Million in the U.S. could be impacted by this recent Cyberattack. The NY Times post does an excellent job at capturing the scope and scale of this Cyberattack.
This it is a public service announcement with some potential takeaways in how to brace for impact.
What is the actual scope of the breach?
Currently, we don’t know what data that the hackers actually took during the hack. It is safe to assume that your SSN, driver’s license numbers, credit card numbers, or other personal identifying information was stolen. I am not a pessimistic person by nature, but when it comes to your credit… I like the old adage “Measure it twice and cut it once.”
What can you do to mitigate?
Currently, Equifax has a webpage that you can attempt to check your status by clicking “Potential Impact” and putting in some information. I have talked to numerous amounts of friends in my social circle and everyone as received the same results. That isn’t to say that everyone will get the same results, but there are some alarming aspects to their “TrustedID Premier.” The most alarming being that it waves your right to sue Equifax via class-action suit… and there is at least one in the making see this article.
I am not saying that you shouldn’t take mitigations to protect yourself, but there are multiple ways to do this. By freezing your credit it prevents new lines of credit to be established in your name and can removed at a later at the cost to the consumer of around $5. This personally is the path that I will be pursuing.
To freeze your accounts simply use the links or phone numbers listed below:
- Experian Freeze or 888-397-3742
- Equifax Freeze or 800-349-9960
- Transunion Freeze or 888-909-8872
Completing the form is very quick!
You will need to create a pin for each bureau that you freeze your credit with… I am personally freezing my credit through all three and I would recommend to keep these pin numbers in a safe place. I will make another blog post on how to reopen your credit aka unfreeze your credit at a later date. You lost your pin!!! You aren’t screwed, just PLEASE try to hang onto it!
Pros
- If you are dealing with potential identify theft, locking/freezing your credit will give you a peace of mind.
- You or anyone will not be able to open new lines of credit with your credit frozen.
- If you are a victim of identify theft you should freeze your accounts immediately and it will be free of charge. You will have to submit formal paperwork with federal or local law enforcement officials.
- You don’t really need credit monitoring with frozen credit.
- It will not lower your credit score.
Cons
- Inconvenience when applying for new jobs with background checks, insurance policy renewals, or establishing a new line of credit.
- Credit freeze comes with a cost, but the associated costs are worth paying to protect yourself.
- Active lines of credit will not be frozen, do yourself a favor and request all new cards!!
Takeaways
I am personally taking action to protect myself in light of recent events. The Takeaway for me is that Freezing your accounts yes comes with some costs, but the PROS outweigh the CONS. I will sleep well knowing that I have taken measures to freeze my credit and request all new credit/debit cards.
I am not saying that you shouldn’t use the free offer that Equifax is extending potential victims, I am simply choosing a different path for myself.