What to do about Equifax Breach?: Freeze your Credit (and how)

We've had clients, friends, relatives, etc. ask us what they should do about the recent Equifax breach and the answer is pretty simple: get a credit freeze if you haven't done so already.

While Equifax is offering credit monitoring to those affected, there is some skepticism in doing so in that the terms and conditions are rumored to contain language waiving some of your rights as a consumer.  And though it may just be a rumor, you can avoid any doubt by just freezing your credit.

We also know that credit monitoring is just that, "monitoring".  Even though they often have a response/recovery portion to many of the plans, we prefer the "preventative" measures of a full credit freeze.

A credit freeze prevents anyone from pulling your credit report, thus stopping the creation of any new lines of credit, like a new cell phone or new credit card.  It does not protect your current bank accounts or credit cards, so you do have to actively monitor those.  But it is a very effective tool to prevent the nightmares of new credit being issued to criminals in your name.

There are some things to consider before getting a freeze and they are outlined in the graphic below:

Even with some of the inconveniences, we still feel that a freeze is the best bet for anyone wanting to protect their credit.

Here's where you can go to freeze your credit, keep in mind: you must do this will all 3 reporting agencies for it to be effective.

Credit Freeze Resources: https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs

• Experian: 1-888-397-3742
  •  https://www.experian.com/freeze/center.html
• Equifax: 1-800-349-9960
  
  
• TransUnion: 1-888-909-8872
  • http://www.transunion.com/freeze