A giant data breach at Equifax, one of the three major credit reporting bureaus, has compromised sensitive, personally-identifying information of an estimated 143 million Americans – nearly half of the U.S. population. The sensitive data includes consumer Social Security numbers, birth dates, and in some cases even driver’s license and credit card numbers.
And because Equifax gets its data directly from sources like credit card companies, financial institutions, retailers, and lenders, you could be affected by the breach even if you’ve never done business with Equifax.
Equifax has set up a website at https://www.equifaxsecurity2017.com that could potentially let you know whether your information may have been compromised. Equifax is also offering a year’s worth of credit monitoring through TrustedID Premier, regardless of whether your information may have been impacted.
But, regardless of whether you decide to utilize Equifax’s tools, it’s important to stay vigilant regarding your credit and finances. First, be sure to check your credit report regularly to ensure that there are no suspicious new accounts, or inquiries you don’t recognize. Likewise, it’s recommended that you check your credit cards and bank accounts regularly at least once a week for any signs of fraudulent activity.
If you’re particularly concerned about your credit report being negatively impacted by a breach of this magnitude, one option is to place a fraud alert on your credit report. A fraud alert lasts for 90 days but can be renewed. When a fraud alert is placed on your account, a business must verify your identity – usually by contacting you directly – before it issues credit, making it harder for an identity thief to open accounts in your name. More information about fraud alerts can be found here: https://consumer.ftc.gov/articles/what-know-about-credit-freezes-fraud-alerts.
Another, more extreme option, is to place a security freeze on your credit file, which essentially makes it harder for someone to open new credit accounts in your name. When a credit freeze is placed on your account, potential creditors are unable to pull your credit report, which in most cases prevents a new account from being opened. It’s important to keep in mind however, that you’ll have to have a security freeze lifted before you attempt to take out any new credit cards, buy a house or car, or apply for any other type of loan. More information about credit freezes can be found here: https://consumer.ftc.gov/articles/what-know-about-credit-freezes-fraud-alerts.
Regardless of whether you decide to place a fraud alert or security freeze on your credit report, it’s important to keep a close eye on your financial statements, credit reports, bank accounts, and credit cards. The sooner you notify the appropriate party of suspicious activity, the better your chance of a speedy resolution. If you notice anything suspicious related to your BankFive accounts, please contact us immediately at 1-774-888-6100