O.T. Equifax breach

5 axis Fidia guy · Sep 12, 2017

So,after this huge breach of info from Equifax and running my ss number on their site, my info came back as probably compromised. Now what? Watch my bank statements for a while? hold my credit? For those who know money more than myself, what are you all doing?

Milland · Sep 12, 2017

I know nothing about money (as my accountant will attest), but what I'm doing is waiting for federal charges to be brought against the three "fina-bros" that sold off stock after they were alerted to the breach, but before it was announced to the public. Not that I expect the current Justice Dept. to go after them - birds of a feather and all that.

I'm just going to keep track of my credit statements, if you rotate among the big three you can get three reports a year for free.

SteveF · Sep 12, 2017

I always have credit freezes on at all three (Equifax, TransUnion, Experian). No matter where someone gets my personal info they can't open an account without me being notified to turn off the credit freeze.

I'll bet Equifax will wind up offering free credit monitoring to all the affected people.

Steve

5 axis Fidia guy · Sep 12, 2017

I did see that they were offering free credit monitoring for a year, however I have been informed that doing so, forfeits your right to sue them later. Not that I could get anything anyway. Steve, is it difficult to "unfreeze" your account in the event you need to take out a loan at a later date?

Mud · Sep 12, 2017

SteveF said:
I'll bet Equifax will wind up offering free credit monitoring to all the affected people.

Steve

They already have, but I heard on TV this AM that signing up means that you are surrendering any rights to be included in the coming class action lawsuit.

SteveF · Sep 12, 2017

Mud said:
They already have, but I heard on TV this AM that signing up means that you are surrendering any rights to be included in the coming class action lawsuit.

According to the news story I saw they immediately retracted that.

Don't know how hard it is to unfreeze as I've never done it. Bet it's a lot easier than repairing your credit after someone steals your identity.

Steve

LockNut · Sep 12, 2017

This is the third breach for them. Also, some savvy people gave false numbers and names on Equifax's website and they ALL came back as a possible breach. Certain financial advisers said NOT to sign up for Equifax's "free" credit monitoring. Get your own independent credit monitoring Free is not free, after all. Also, if you sign up for their credit monitoring, you waive your right to join any class action law suits. All you need to do is put a fraud alert on the other two credit sites, watch your reports and all of your accounts. Supposedly, if you place a freeze on your accounts, your credit rating may get dinged.

Paul

sfriedberg · Sep 12, 2017

I finally broke down and placed a credit freeze on my data at Equifax, Experian, TransUnion (the three big credit reporting agencies), Innovis and ChexSystems (two smaller fish). The big fish charge you $10 to place a freeze, and another $10 to lift or remove a freeze, but given the type of data Equifax handed over to the black hats, I don't know of any other effective way to protect my credit rating. This will not, of course, protect against fraudulent tax return filings or many other crimes involving identity theft, so I am going to have to file early each year from now on, instead of waiting to the last minute.

Unfortunately, there is no expiration date on the danger introduced by this breach. You can't change your name, you can't change your birthdate or your birthplace, and you can't change your Social Security number. Unless 144 million Americans all get introduced into a "witness protection" program, the data has been released for all time, and crooks can make use of it 10 years from now as easily as tomorrow.

This is what you get with a financial services industry that sees people as product, has zero accountability to people, and is totally unregulated with respect to integrity of the data they hold on people.

maynah · Sep 12, 2017

Check your state laws about fees for a credit freeze.
In Maine they can't charge a fee. I have mine frozen.

themedulla · Sep 12, 2017

Just in case anyone is interested there is a chatbot that will fill out the forms and help you file a small claims suit against them...

Chatbot lets you sue Equifax for up to $25, without a lawyer - The Verge

I have not filed as I feel our country is overly litigious, however I am still considering it because the credit rating companies are so horrible.

SteveF · Sep 12, 2017

sfriedberg said:
Unfortunately, there is no expiration date on the danger introduced by this breach. You can't change your name, you can't change your birthdate or your birthplace, and you can't change your Social Security number.

True, but the first keys to your identity are full name and birthdate. Which can be gotten from the Register of Deeds as that is public record information and are among the first things to go into those personal data databases. So here, after you buy a piece of property the county/city asks for your birthdate and phone number. I'm just guessing here, but if you got a little dyslexic on your birthdate all the personal data databases are going to create a new set of data assuming that it must be a different person. And if you order things online and keep putting in dyslexic phone numbers, well, now the identity thief isn't really sure of your birthdate or your phone number and decides to go pick on someone else.

Hypothetically speaking.

Steve
PS - if you ever file documents with the Probate Court, public record again, so don't list the beneficiaries unless you want all those databases to know who every one of your family members is.

EPAIII · Sep 12, 2017

Great, something more to worry about, as if hurricanes aren't enough.

My feeling is that we need a law that declares that any data that is collected on any individual or business is the PERSONAL or CORPORATE property of that person or business. And anyone who collects that data must do two things. First they must make all of that data available to the person or company to look over at any time, without delay and without any charge or limit. Second, they must advise that person or company of ALL uses that they put that data to and of all money or other consideration that they make from that data before that use is made. The person or company could then charge them for that use at whatever rates that that person or company chooses. No limit. I tell them what I charge for using MY information. Not the other way around.

It is MY information and I should control it. Completely!

I can't understand why something sensible, like this, is not done. We worry excessively about breach of other personal data, like health records. Why not about your financial information and shopping habits. I am more concerned about someone knowing my financial or shopping data than my health information. And I resent the fact that my information is sold to others without my even knowing it.

PeteM · Sep 12, 2017

As others have said, put a freeze on access to your credit report with all three major credit bureaus.

This is pretty easy for older folks like me who won't need another mortgage, pay cash for cars, aren't starting a business, and don't want another credit card. No reason to want anyone looking at my credit. I can see how someone younger might object to the hassle of lifting the freeze to get a loan or a credit card -- but still worth the effort IMO.

Apparently there is a fourth and much smaller credit bureau. Will be interesting to see if scammers try hacking that -- and if we have to have freezes placed there as well.

Were our elected representatives looking after us (rather than big donors) you'd think the default positions would be things like "don't disclose my credit details to anyone who pays," "don't harvest all my on-line info and sell it to advertisers," and "do not call" even though I haven't signed up on the near-worthless (in my experience) do-not-call registry.

robert123 · Sep 12, 2017

LockNut said:
This is the third breach for them. Also, some savvy people gave false numbers and names on Equifax's website and they ALL came back as a possible breach. Certain financial advisers said NOT to sign up for Equifax's "free" credit monitoring. Get your own independent credit monitoring Free is not free, after all. Also, if you sign up for their credit monitoring, you waive your right to join any class action law suits. All you need to do is put a fraud alert on the other two credit sites, watch your reports and all of your accounts. Supposedly, if you place a freeze on your accounts, your credit rating may get dinged.

Paul

Yes, it seems that there is no way to tell if you were affected. They said that they are offering 1 year of free credit monitoring to all US consumers. They also stated that they changed the verbiage in the agreement and signing up for the free credit monitoring would not restrict your ability to pursue legal action related to the breach.

A security freeze will not affect your credit score and is the best way to prevent someone from opening accounts in your name. The downsides are that you will have to remove them when you want to apply for something and it's not free unless mandated by your state.

L Vanice · Sep 13, 2017

The fee for a credit freeze varies by state and can be free, $5 or $10. Equifax has a chart with all the info. https://help.equifax.com/servlet/fileField?entityId=ka137000000DSDyAAO&field=attachment__body__s

Larry

patrickpnw · Sep 13, 2017

I have credit monitoring through my bank. It e-mails me every time there is a change of more then 10 points to my credit score, every time someone looks at my credit, and every time an account is opened or attempted to be open. This doesn't necessarily eliminate any risk but you will know as soon as possible if anything out of the ordinary is happening and hopefully will give you a chance to fix anything before it gets out of control.

rmcphearson · Sep 13, 2017

5 axis Fidia guy said:
I did see that they were offering free credit monitoring for a year

And they wanted you to give them your credit card information so they could automatically start charging you after that first year. They changed that after it was reported by the evil fake news outlets.

Danny VanVoorn · Sep 13, 2017

I don't get it at all; Everyone warns against giving your own SS and other personal information out yet it seems everyone already has it? I've had a former employer loose a laptop computer in a car break in with my history on it, my Dentists former office manager did the same thing and now this.
The big difference here is they were hacking determined to access that type of information, not just breaking into a car for something of value. I do think it is something to be very concerned with although I have no idea what to do about it. I hear LifeLock or something of that nature is the way to go but have also heard in the past that they are not worth near the hype around them.
Dan

fish123 · Sep 13, 2017

I have had my Equifax, TransUnion, Experian accounts frozen for many years.
I only un-freeze when I need to authorize a credit check.
For some reason, all the times I have needed a credit check, I ask “which company do you use”, (so I only have to un-freeze one).
It is always Equifax.
In all these years, I have NEVER been able to get the Equifax web site to unlock my account, it always fails.
I always have to call, get a 3rd world call center, they can’t understand me, I can’t understand them.
Have always wondered how a company as poorly run as Equifax can survive.

O.T. Equifax breach

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