Equifax has been hacked, time for a credit freeze.
Everyone is asking, what’s the one thing you can do to protect yourself from identity theft?
Equifax has been hacked and I find it interesting that if you carefully read the statement from Equifax. They tell you that they were hacked through the e-oscar system. The e-oscar system has always been a one-way flow of information from the creditor to the repository. All of the creditor data would only flow from the creditor to the repository. Three years ago the CFPB mandated that e-oscar become a two-way flow of information to help try to speed up the dispute process. That became the hole the hackers came through, that means they had access to all of the header information along with certain credit accounts that were currently in a dispute. The Hackers came through that portal and they took pretty much everybody’s information, including:
• Full name
• Date of birth
• Social security number
All that information is now available to everyone. What’s the one thing that consumers can do? Get a credit freeze. I’ve been telling people about a credit freeze for years. I’ve had a credit freeze on my credit file with all three repositories for years. Watch this video right here to learn how to get a credit freeze in less than a minute. Consumers need to do it at all three repositories.
Normally the repositories will charge you. But Equifax just announced that they will provide it for free until November. I’ve heard some people say Experian is free I hear some people say its ten dollars at TransUnion. It’s relatively cheap and when you think about how much time it’s going to take you to extract yourself from a fraudulent credit account $10 or $15 is well worth it. I find it very interesting that in an effort to make disputes easier Equifax opened up the security hole.
Equifax has done a horrible job responding to this emergency, they had executives sell the stock before the announcement, they had a poor response on a website that they’ve created to see if you’re a victim. We’re all a victim, everybody’s a victim. Freezing your credit is the only thing that matters. It’s the only thing that will help you keep your identity or at least keep your credit rating protected.
Freeze your credit at;
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you
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