It’s been one year since the massive Equifax security breach made headlines around the world. In September 2017, Equifax, one of the three major consumer credit reporting agencies, announced a cyber-security breach involving approximately 143 million U.S. consumers. Equifax also reported in March of 2018 that another 2.4 million consumers had partial driver’s license information stolen as a result of the breach. Other information accessed during the breach included names, Social Security numbers, birth dates, addresses, and credit card numbers.
But now that a full year has passed and there’s no evidence you’ve been impacted by the breach, you’re probably safe, right? Think again.
Cyber security experts warn that stolen personal information may not be used by thieves until several months or even years have passed. Crooks know that people tend to let their guard down after the initial uproar from a security breach subsides. So, even if there’s been no suspicious activity on your credit reports, it doesn’t mean you’re in the clear.
So what steps can you take to protect yourself now, and in the future? Here are some tips:
Place fraud alerts on your credit reports. A fraud alert lasts for 90 days but can be renewed. When a fraud alert is activated, 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 on implementing a fraud alert can be found here: https://www.consumer.ftc.gov/articles/0275-place-fraud-alert.
Consider a security freeze (also known as a credit freeze). Freezing your credit allows you to prevent new credit inquiries and activity. A freeze can be lifted or removed using a randomized PIN for identity verification. A security freeze typically can be initiated online, by mail, or by phone. It’s important to note though that if you have a security freeze in place and you want to apply for a loan or a credit card – or in some cases even a checking or savings account - you will need to lift the freeze before you can do so. More information about credit freezes can be found here: https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs.
Lock your credit reports. A credit lock is similar to a credit freeze, however they are advertised as being simpler to remove than a credit freeze. Credit locks are offered through the credit bureaus themselves, and locks can be enabled and disabled nearly instantaneously with a mobile phone or computer. While a credit lock is in place, lenders will not have access to your reports, making it unlikely that a fraudulent account could be opened in your name. But one thing to keep in mind with a credit lock is that unlike a credit freeze, it is not governed and enforced by state law. Rather, the terms of a credit lock are dictated by the contract between yourself and the credit bureau. In other words, you generally have more legal rights with a credit freeze than you do with a credit lock. For more information about credit locks, and how they compare to credit freezes, visit https://www.nerdwallet.com/article/finance/credit-lock-and-credit-freeze.
Check your credit reports regularly. You can access reports from the three major credit reporting agencies (Equifax, TransUnion, and Experian) once a year for free. Keep in mind though that only one website, www.annualcreditreport.com, is authorized to provide the free annual credit reports that you are entitled to under the Fair Credit Reporting Act. If you’d prefer to request your free reports by mail or phone, you can do so by calling 1-877-322-8228, or by mailing a request form to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
Consider a credit monitoring service. If you’re worried that you can’t stay on top of your credit reports on a regular basis, it’s worth noting that all three credit reporting agencies, and some independent companies, offer services that will monitor your credit profile and alert you to any suspicious activity or new accounts opened in your name. These types of credit monitoring services usually charge a monthly fee.
Whether it’s the Equifax security breach or any others that come down the line, the key to protecting yourself is to be constantly vigilant. In addition to the tips provided above, routinely check your bank account and credit card statements for suspicious activity. If you discover any unusual activity, report it immediately to your bank or your credit card company.