On September 7^th, 2017, one of the largest credit agencies, Equifax, announced an epic cyber-security data breach. They believe that approximately 143 million consumers had their social security numbers, birthdates, and addresses stolen by hackers. The breach was discovered on July 29^th and is believed to have occurred between mid-May and July.

What should consumers do now?

Moving forward, Equifax has issued an apology and developed a website with information and tools regarding this breach, they are also offering consumers with a free package of credit monitoring and ID protection services.

• Visit https://www.equifaxsecurity2017.com/potential-impact/ to find out whether your data is believed to be implicated.
• You’ll be offered a TrustID enrollment date whether your data has been compromised or not.

​​​​​​​It’s hard to know how accurate this database is that Equifax set up, take extra measures to protect your credit and assets from fraud.

Review your credit: Many fraud warning signs are first seen through your credit reports and scores.

• Has your score dropped significantly?
• Are there inquires/new credit or collection accounts that you’re not familiar with?
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The breach happened through Equifax, but you can still see an impact on the other two reports if identity theft/fraud has occurred. Don’t forget to check those as well!

If you believe your data has been compromised set up:

• Fraud Alerts: You have the right to ask the credit reporting agencies to place “fraud alerts” on your credit profiles. This will tell potential and existing creditors that you may be a victim of identity theft and extra precautions should be taken before approving new accounts. Keep in mind, that these alerts can make it more complicated for you to open new credit – creditors will have to contact you to verify the request before anything can be processed. These alerts will last for 90-days. ​​​​​​​
• Security Freeze: This is a tool that prevents fraudulent accounts from being opened in your name. It stops people and companies from having access to your credit report. Keep in mind, it will inhibit your ability to open new accounts. The decision to place a freeze should not be taken lightly since lifting the freeze requires a written letter to the bureaus and can take time to be lifted.
• ​​​​​​​Enroll in the Free TrustID product that Equifax is offering. Keep in mind this is a limited time offer.

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This most recent data breach is enormous in size, impacting nearly half of the American population. Breaches are not uncommon and identity theft is prevalent, protect how you use your data and who you share it with.

If you believe you’re the victim of identity theft or that you’re information has been compromised, you’ll thank yourself in the long run for setting up alerts and monitoring your credit. Just make sure you do it before the damage gets out of control.

FICO Certified Professional Team of credit experts specializing in

Business & Personal Credit Building, Restoration, & Education
5 West Main Street. Suite 207
Elmsford, NY 10523
P: 914-524-8300
F: 914-524-5014
info@northshoreadvisory.com
www.northshoreadvisory.com