Equifax Breach. How safe are your ID, Credit, Finances?

brianlux
brianlux Moving through All Kinds of Terrain. Posts: 43,669
edited September 2017 in A Moving Train
I hope this isn't as big a clusterfuck as it appears to be but I have a sneaking suspicion it is.  Talking to my sister, some other friends, and people who know way more about all this financial bullshit than I do, I'm taking the advice and freezing my credit.  As one friend said to me bluntly, "The system is broken."   I would suggest this is worth taking a serious look at.  Maybe talk to your banker or financial advisor.  Suffice it to say, I really hate this kind business but my wife says, "NO WAY" to my idea of sticking the money in a mattress.

And maybe you or I are lucky enough not to have too much too lose or won't lose anything at all but not doing anything about it puts our ID, SS number and finances at risk so, sorry to be the bearer of bad news, but I would suggest taking some action on this to protect yourself.

http://www.businessinsider.com/equifax-credit-freeze-2017-9

The dominoes continue to fall after the Equifax data breach.

On Tuesday, Equifax Chairman of the Board and CEO Richard Smith was the latest — and most high-profile — executive to step down, following the exit last week of the company's chief security officer and CIO. The US Justice Department is looking into sales of Equifax stock by executives before news of the breach was made public.

Elizabeth Warren and 11 other Democratic senators launched an investigation into the massive data breach, and announced a plan to introduce a bill to give consumers the ability to freeze their credit for free.

But fewer than 1% of consumers have put a credit freeze in place, according to a new report from credit monitoring site CreditSesame. Of the nearly four million TransUnion credit reports Credit Sesame analyzed, 0.32% had a credit freeze in place, and 7% had a fraud alert.

Freezing your credit, which typically costs $5-10 each time you do it, requires contacting all three credit bureaus, Equifax, Experian, and TransUnion. New credit activity — fraudulent as well as legitimate — will be prevented until you lift the freeze. A fraud alert is free, and requires lenders to verify your identity before issuing new credit.


More here:


https://www.nytimes.com/2017/09/22/your-money/equifax-breach.html





"It's a sad and beautiful world"
-Roberto Benigni

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Comments

  • stuckinline
    stuckinline Posts: 3,407
    Brian, very frightening stuff! Every financial person I consulted suggested freezing all three credit bureaus. 
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,669
    stuckinline said:
    Brian, very frightening stuff! Every financial person I consulted suggested freezing all three credit bureaus. 
    I just spend half the morning freezing my wife's and my credit (you have to do it for all three companies- Equifax, Experian and TrnasUnion) and I won't kid you but getting all this done was a PAIN IN THE ASS!  One company charged 10 bucks, the others were free.  Still, I would recommend doing it to protect your ID and assets.  I dropped the f-bomb a bunnnnch of times today. 

    Equifax, SUCK BLUE!
    "It's a sad and beautiful world"
    -Roberto Benigni

  • WhatYouTaughtMe
    WhatYouTaughtMe Posts: 4,957
    Unfortunately, none of that information has been secure for awhile. I remember reading a couple years ago that more than half of American bank accounts were believed to have been accessed in one year. With all of these databases communicating with each other, it really is an illusion that our personal information is secure. The White House and State Department can't even keep their networks completely risk free.
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,669
    WhatYouTaughtMe said:
    Unfortunately, none of that information has been secure for awhile. I remember reading a couple years ago that more than half of American bank accounts were believed to have been accessed in one year. With all of these databases communicating with each other, it really is an illusion that our personal information is secure. The White House and State Department can't even keep their networks completely risk free.
    That's very true.  Now more than ever, freezing your credit is a smart thing to do.  A couple other friends who are very business savvy have done the same.  I abhor this aspect of the world of business but, man oh man, I'm too old to start over!
    "It's a sad and beautiful world"
    -Roberto Benigni

  • josevolution
    josevolution Posts: 31,770
    yet most of the folks that voted for the current bafoon never believed Russia hacked our elections , i know that has nothing to do with this but still nothing is secure in our country i'm surprised our electrical grids haven't been breached yet by the Kremlin ...i'll talk to my smarter haf tonight 
    jesus greets me looks just like me ....
  • oftenreading
    oftenreading Victoria, BC Posts: 12,856
    edited September 2017
    josevolution said:
    yet most of the folks that voted for the current bafoon never believed Russia hacked our elections , i know that has nothing to do with this but still nothing is secure in our country i'm surprised our electrical grids haven't been breached yet by the Kremlin ...i'll talk to my smarter haf tonight 

    Initially read this as "smarter hat" and spent some time pondering what you meant before the penny dropped.

    Guess I'm not the smarter half...... ;)
    my small self... like a book amongst the many on a shelf
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,669
    Sometimes when the general subject of hacking comes up I think...




    "It's a sad and beautiful world"
    -Roberto Benigni

  • josevolution
    josevolution Posts: 31,770
    oftenreading said:
    josevolution said:
    yet most of the folks that voted for the current bafoon never believed Russia hacked our elections , i know that has nothing to do with this but still nothing is secure in our country i'm surprised our electrical grids haven't been breached yet by the Kremlin ...i'll talk to my smarter haf tonight 

    Initially read this as "smarter hat" and spent some time pondering what you meant before the penny dropped.

    Guess I'm not the smarter half...... ;)
    Yep she's the boss ..
    jesus greets me looks just like me ....
  • FoxyRedLa
    FoxyRedLa Lauren / MI Posts: 4,810
    Life lock :lol:

    I hate those commercials. 

    I've been apart of a hack before. I was more worried about losing what little I have in the bank for emergencies. I didn't think about someone using my info to go buy shit. Great. A new something to obsess about in my mind.

    So freezing your credit - I can still use my current credit card? You're puttin down that someone can't buy a home or yacht or a car....?
    Oh please let it rain today.
    Those that can be trusted can change their mind.
  • oftenreading
    oftenreading Victoria, BC Posts: 12,856
    FoxyRedLa said:
    Life lock :lol:

    I hate those commercials. 

    I've been apart of a hack before. I was more worried about losing what little I have in the bank for emergencies. I didn't think about someone using my info to go buy shit. Great. A new something to obsess about in my mind.

    So freezing your credit - I can still use my current credit card? You're puttin down that someone can't buy a home or yacht or a car....?
    My understanding is that a credit freeze still allows you to use your existing credit but tries to prevent someone from fraudulently opening new credit in your name (credit card, bank loan, etc). 
    my small self... like a book amongst the many on a shelf
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,669
    oftenreading said:
    FoxyRedLa said:
    Life lock :lol:

    I hate those commercials. 

    I've been apart of a hack before. I was more worried about losing what little I have in the bank for emergencies. I didn't think about someone using my info to go buy shit. Great. A new something to obsess about in my mind.

    So freezing your credit - I can still use my current credit card? You're puttin down that someone can't buy a home or yacht or a car....?
    My understanding is that a credit freeze still allows you to use your existing credit but tries to prevent someone from fraudulently opening new credit in your name (credit card, bank loan, etc). 
    Yeah, that's what I understand.  It doesn't affect credit and debit cards- just protects you from someone stealing your identity/accessing your accounts.  Pain in the butt business. 

    And what kind of person would do that to someone else?  "Evil" is the only word I can think of to describe someone like that.
    "It's a sad and beautiful world"
    -Roberto Benigni

  • FoxyRedLa
    FoxyRedLa Lauren / MI Posts: 4,810
    Gotcha! Thank you!

    How long does the freeze last?
    Oh please let it rain today.
    Those that can be trusted can change their mind.
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,669
    FoxyRedLa said:
    Gotcha! Thank you!

    How long does the freeze last?
    It stays until you remove it-- which you would likely only need to do for a major purchase like a car loan.
    "It's a sad and beautiful world"
    -Roberto Benigni

  • oftenreading
    oftenreading Victoria, BC Posts: 12,856
    Actually, I had read that you need to renew it, though I can't recall the time period. The assumption of the article writer was that Equifax would offer it free for now, but when it came time to renew they would stick you for it. 
    my small self... like a book amongst the many on a shelf
  • FoxyRedLa
    FoxyRedLa Lauren / MI Posts: 4,810
    Thank you both! 
    Oh please let it rain today.
    Those that can be trusted can change their mind.
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,669
    Not a lot of money involved here in California.  I froze credit for two people, three companies (total of 6 freezes),  Total cost for all six: ten dollars.  But it might be more in other states.  I went directly on-line  through Equifax, Experian and TransUnion.  Have all your id, checking account numbers, etc. on hand.  And remember- breathe!  If I can do it, anybody can do it!
    "It's a sad and beautiful world"
    -Roberto Benigni

  • PJ_Soul
    PJ_Soul Vancouver, BC Posts: 50,756
    I don't know if it's true for all the millions of Americans just because there are so many of them, but I heard that Equifax would be sending a letter to the appx 100,000 Canadians whose info was compromised.
    With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,669
    PJ_Soul said:
    I don't know if it's true for all the millions of Americans just because there are so many of them, but I heard that Equifax would be sending a letter to the appx 100,000 Canadians whose info was compromised.
    I kind of doubt we will hear from them.  They kept this thing buried here as much as possible. As if it already wasn't difficult enough to trust of financial institutions!  I'm seriously looking at buying more silver than the little I have already.
    "It's a sad and beautiful world"
    -Roberto Benigni

  • PJ_Soul
    PJ_Soul Vancouver, BC Posts: 50,756
    edited October 2017
    brianlux said:
    PJ_Soul said:
    I don't know if it's true for all the millions of Americans just because there are so many of them, but I heard that Equifax would be sending a letter to the appx 100,000 Canadians whose info was compromised.
    I kind of doubt we will hear from them.  They kept this thing buried here as much as possible. As if it already wasn't difficult enough to trust of financial institutions!  I'm seriously looking at buying more silver than the little I have already.
    Who knows. I assumed Americans wouldn't hear from them just because of the sheer number of Americans affected... I mean, 100M+... isn't that just about everyone with a credit rating?? Seems like if you're American, you should just assume that your info was breached. I know that, again for Canadians affected, they will automatically be red flagging those people's credit, so that there is extra security if anyone tries to apply for new credit products with those people's info. Again, I doubt this is possible for Americans because there are too many of them, but I don't know.
    Post edited by PJ_Soul on
    With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,669
    PJ_Soul said:
    brianlux said:
    PJ_Soul said:
    I don't know if it's true for all the millions of Americans just because there are so many of them, but I heard that Equifax would be sending a letter to the appx 100,000 Canadians whose info was compromised.
    I kind of doubt we will hear from them.  They kept this thing buried here as much as possible. As if it already wasn't difficult enough to trust of financial institutions!  I'm seriously looking at buying more silver than the little I have already.
    Who knows. I assumed Americans wouldn't hear from them just because of the sheer number of Americans affected... I mean, 100M+... isn't that just about everyone with a credit rating?? Seems like if you're American, you should just assume that your info was breached. I know that, again for Canadians affected, they will automatically be red flagging those people's credit, so that there is extra security if anyone tries to apply for new credit products with those people's info. Again, I doubt this is possible for Americans because there are too many of them, but I don't know.
    You never know.  As much junk mail gets shoved on us down here what another several million pieces to bolster the USPS?!
    "It's a sad and beautiful world"
    -Roberto Benigni

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