The Equifax Data Breach: What You Need to Know!

On September 7, 2017, Equifax informed the public that cybercriminals had gained access to personal information of millions of consumers. The Equifax data breach was discovered on July 29, 2017. Based on the company’s investigation, it occurred from mid-May through July 2017.

Equifax is one of the three major credit reporting agencies in the U.S., the other two are Experian and Transunion. So, if you live in the United States of America and are 18 years or older, you have a pretty good chance of being among the 143 million consumers affected by the Equifax data breach.

I was notified about being on the list of consumers who should take special precautions because my personal information might have been exposed.

What Was the Damage of the Equifax Data Breach?

The information that was compromised through the 2017 Equifax data breach included:

• Names of consumers
• Social Security numbers
• Birth dates
• Addresses
• Some driver’s license numbers

As a result, half of the U.S. population basically became vulnerable to identity theft. If that didn’t make you raise an eyebrow, let me tell you, the news gets worse.

According to Equifax, criminals also stole credit card numbers of about 209,000 consumers. In addition, cyber thieves stole dispute documents that included personal information for another 182,000 people. And this humongous data breach not only affects American consumers. People in the United Kingdom and Canada also had personal information compromised.

Equifax has said that they “have found no evidence of unauthorized access to Equifax’s core consumer or commercial credit reporting databases.” Whatever that means, for me, it is hugely concerning. Critical pieces of our personal and financial information may be in the wrong hands.

I have been a victim of identity theft twice. Believe me, it is a pain to deal with it!

Have you been affected by the Equifax data breach?

This unprecedented announcement is one that you do not want to take lightly, and this is why:

• According to the U.S. Census, the country’s population as of July 4, 2017, was 325,365,189.
• Approximately 22% – or 71 million -, are minors, and 254 million are adults. Equifax says that they do not typically have information associated with children.
• If the data breach affected 143 million, the math is pretty obvious. That means that over half of American adults are affected, including me.

Identity thieves could use this data to steal consumers’ identities and open bank accounts, credit cards, falsify I.D.’s, and what not!

The data breach is concerning for so many reasons. First of all, because it happened at no fault of our own. Instead, due to Equifax’s inability to keep our information safe. And second, because it is unknown to us what kind of lifetime repercussions we might have to face.

To figure out if you affected by the Equifax data breach first visit www.equifaxsecurity2017.com. Then, look for the “Potential Impact” tab. Finally, enter your last name and last six digits of your Social Security number to find out.

Do You Want To Improve Your Finances On The Go?

How to prevent identity theft after the Equifax data breach

There are several things you can do to be proactive and make an effort to prevent identity theft. Here is the rundown:

1. Sign up for identity theft protection
2. Monitor your credit activity
3. Place a fraud alert
4. Lock your Credit Report
5. Freeze your credit report

I have also written an entire article explaining how to prevent identity theft, so make sure to check it out here!

In Conclusion: The Equifax Data Breach

The question that we need to ask ourselves is: What would the lifetime impact of the Equifax data breach be? Because, if Equifax was not able to keep our information safe, who will?

We cannot leave the responsibility of keeping our information safe in other’s hands. Instead, we need to check our credit reports to try to avoid identity theft.

I recommend that at the very least, you pull your free credit report once a year. You can do it from the three reporting agencies: TransUnion, Equifax, and Experian. Furthermore, if you are not looking at borrowing money, then freezing your credit report would definitely add an extra layer of protection.

Additional resources:

To learn more about ways to prevent identity theft after the Equifax data breach, check out this article and listen to my podcast:

• BLOG: How to Prevent Identity Theft
• PODCAST: Life After The Equifax Data Breach

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The Equifax Data Breach