How To Protect Your Credit And Identity If Your Data Was Compromised
According to Equifax, the breach lasted more than a month, from mid-May until July of this year. The hackers gained access to people’s names, Social Security numbers, birth dates, addresses, and even some driver’s license numbers. They also got credit card numbers for 209,000 people and dispute documents with personal information for 182,000 consumers.
Unfortunately, at least some of your information was likely involved in this breach if you had a credit file with Equifax. I can tell you that my data was compromised. Let's walk through what you need to do to first determine whether your information was compromised. Then we'll look at what you can do about it.
The first step is to visit www.equifaxsecurity2017.com to find out if your information was exposed. The site includes a Potential Impact tab, where you can enter your last name and the last six digits of your social security number. (Be sure you’re on a secure computer and internet connection when you’re doing this!) This will tell you whether or not your information was compromised.
Enroll in free credit monitoring even if the site doesn’t say you were affected. You’ll be able to find out when you can enroll at the site linked above. You’ll have from that date until November 21, 2017 to enroll for a free year of credit monitoring.
If you see any items on your credit reports that you don’t recognize, contact the creditor and the reporting bureau immediately. You’ll need to follow steps to report the potential identity theft and get the account removed from your credit report. Visit www.identitytheft.gov to get started on a plan to remedy this issue.
Think about placing a freeze on your credit. This will make it very difficult for someone to open a new credit account in your name. Placing a credit freeze may cost money, and removing it can cost, too. If you’re at a low risk of credit theft, this can be a hassle. But if you’re at high risk, it can be a wise move. In some states, if you’ve already been the victim of credit fraud, you can place and lift the credit freeze for free.
Place an extended fraud alert on your file. If you’ve been a victim of identity theft, you can place an extended fraud alert on all three of your major credit bureau files. This will let you get two free credit reports within twelve months. It will also require credit reporting companies to take your name off of marketing lists for prescreened credit offers. This isn’t as airtight as a credit freeze, but it may help.
You can also set a type of fraud alert that will warn potential creditors to get extra identification from you. It can’t require that they do so. But this type of alert will tell them that you’ve been the victim of fraud. Then, they’re more likely to ask for additional authentication when someone tries to open a new account in your name.
This kind of fraud alert could be helpful if you know you’ll need to apply for credit in the near future, and don’t want to place a freeze on your credit. It gives you an extra layer of protection without the freeze, which also prevents you from opening new accounts.
Keep monitoring your accounts. If you have an old credit card you haven’t used in a while, start looking at the monthly statements. Sign up for email alerts for potentially fraudulent activity with your creditors and banks. Keep looking at all of your statements with a fine-tooth comb. Even if you’ve placed a freeze on your account, it won’t keep identity thieves from charging to your existing accounts.
Make a plan to file your taxes next year. It’s possible that the Equifax hackers will sit on Social Security numbers until tax filing season. Then they’ll try to use your tax information to file for a tax return in your name before you can. The best way to beat this tactic is to file your taxes as early as possible.
Generally, these are all steps you should take on a regular basis, anyway. Whether or not your information was compromised in the Equifax breach, you need to consistently monitor your credit report to ensure that you don’t become the victim of identity theft in the future.
Rob Berger founded Doughroller.net, a personal finance website, allcards.com, a credit card and banking website, and Dough Roller Money Tips, a free weekly newsletter.
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