Equifax Data Breach

On July 29th, Equifax discovered a data breach that potentially impacted 143 million individuals, primarily in the US. The unauthorized access of data occurred from mid-May through July 2017. For those that don’t know, Equifax is a consumer credit reporting agency in the United States and is considered of the three largest American credit agencies, along with Experian and TransUnion. The data breach not only included personal information such as Social Security numbers, birthdays, addresses and driver license numbers, but also 200,000+ people had their credit card information stolen.

Many will be impacted by this data breach. What should be your next steps? First determine if your information was compromised. You can check directly on Equifax’s website by clicking here.

If you are one of the millions impacted, Equifax is offering free credit monitoring through TrustedID Premier. You can sign up here to begin enrollment. TrustedID Premier provides the following services:

  • Equifax Credit Report ( a copy of your Equifax Credit Report)
  • Credit File Monitoring (automated alerts from all 3 credit reporting agencies)
  • Equifax Credit Report Lock (prevents anyone from accessing your Equifax credit report)
  • Social Security Number Monitoring (searches the dark web for your Social Security number)
  • $1M Identity Theft Insurance (helps pay for certain out-of-pocket expenses in the event you are a victim of identity theft)

In addition to enrolling in TrustedID Premier, you may also consider the following:

  • Review your bank and credit card statements to determine any fraudulent activities.
  • Contact your credit card companies and ask them to cancel your old cards and send new ones.
  • Obtain all three (Equifax, Experian & TransUnion) credit reports throughcom. This service is free if you haven’t already used it within the last year.
  • Ask each of the three major credit reporting agencies to place a 90-day fraud alert (or freeze) on your credit. Be careful doing this if you are preparing to make large purchases using credit. If you are, you will have to lift the freeze prior to making your purchase.

Equifax Fraud Alert
TransUnion Fraud Alert
Experian Fraud Alert

Equifax inserted new language to their website FAQ section that reads:

To confirm, enrolling in the free credit file monitoring and identity theft protection products that we are offering as part of this cybersecurity incident does not prohibit consumers from taking legal action. We have already removed that language from the Terms of Use on the site www.equifaxsecurity2017.com. The Terms of Use on www.equifax.com do not apply to the TrustedID Premier product being offered to consumers as a result of the cybersecurity incident. Again, to be as clear as possible, we will not apply any arbitration clause or class action waiver against consumers for claims related to the free products offered in response to the cybersecurity incident or for claims related to the cybersecurity incident itself.

Disclaimer: The opinions in the post are for general information only. Neither Versant Capital Management, Inc. (VCM) nor any of its affiliates or employees makes any warranty, express or implied, or assumes any liability or responsibility for the accuracy, completeness, regulatory compliance, or usefulness of any information, tools, resources or process described, or represents that its use would fully protect against cybersecurity incidents, including but not limited to system breaches, compromise of firm security and/or improper access to confidential information. The post contains links to content that is available on third-party websites. Please note that VCM does not endorse these sites or the products and services you might find there.