We're not going to talk about the details because there are already a ton of news articles about the Equifax hack, and it's still a developing story.
One thing we did want to clear up is that if you do signup for EquifaxSecurity2017.com to see if you were hacked or not, you will retain your class action lawsuit/litigation rights. The New York Attorney General cracked down on Equifax and made them change the terms of service.
The reason why we haven't signed up for their service is that:
- The website looks insecure; it's built with WordPress
- Equifax is asking for your SSN again
- EquifaxSecurity2017.com's goal is to get you to sign up for its revenue-generating product, TrustID
Another alarming issue TechCrunch noticed was that if you entered random information, the website might say you are affected.
What is TrustID?
TrustID is a product from Equifax that offers redundant services you can find for free elsewhere. Services include copies of your Equifax credit report, credit file monitoring, credit report lock, social security number monitoring, and $1M in identify theft insurance.
The $1M Identity Theft Insurance may sound appealing, but your credit cards already protect against fraudulent transactions.
Actions you can take
We're still waiting on more developments for the story, but in the meantime, here are the actions you can take:
- Monitor CreditKarma.com for new accounts
- Discover It free identity theft protection alerts
- Freeze your credit reports
Monitor CreditKarma.com for new accounts
Credit Karma reports on how many inquiries and accounts you have. Keep a close eye on your accounts for any new inquires or suspicious activity.
Discover It free identity theft protection alerts
Discover recently rolled out free identity theft protection alerts to all cardholders. This means that if Discover sees your SSN on a site that's trying to abuse or sell it, they'll notify you of the activity.
If you don't have a Discover card, there are plenty of services out there that have identity theft protection alerts.
The Discover It card is one of my favorite cash back cards — I have two Discover It cards.
Freeze your credit reports
Another option is to freeze your credit reports so you're protected, but it typically costs money. For people who apply to credit cards every 1-3 months, it's a hassle to freeze and unfreeze credit reports.
If you don't plan on applying for credit cards in the near future, then freezing your credit reports may help.
What are your thoughts on Equifax? What actions, if any, do you plan to take?
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