Yesterday, Equifax announced that hackers stole half of the US population's Social Security numbers in what will likely end up being one of the worst data breaches to ever affect the country. If you're one of the victims, you might consider freezing your credit. Here's information on how to do that, and what it entails.
HOW DO I KNOW IF MY DATA WAS STOLEN FROM EQUIFAX?
Equifax built a website for the data breach where you can type in your name and the last six digits of your Social Security number to figure out whether your information was compromised. Now, there's been some talk about the website's Terms of Service. Some people have speculated that using the website could waive your right to join a class action suit. This isn't clear yet.
WHAT'S A CREDIT FREEZE?
A credit freeze prevents creditors from viewing your credit file. Whenever you apply for a credit card, loan, mortgage, or even just to rent an apartment, the bank or landlord evaluates your credit and the risk of approving you. A freeze blocks them from retrieving your credit information, thereby blocking an attacker from taking out new credit in your name.
COULDN'T AN ATTACKER LIFT MY FREEZE AND OPEN A NEW LINE OF CREDIT?
You'll have to use a PIN to lift the freeze. So unless the attacker knows that PIN, they won't be able to get around your freeze.
HOW DO I PLACE A FREEZE?
The bad news is that you'll have to reach out to each credit reporting company independently. There are three main companies in the US: Equifax, Experian, and TransUnion. There's also a smaller company called Innovis. Prices per freeze vary depending on where you live, but often times, you can get these freezes for free if you prove you're a victim of identity theft. Here are the contact numbers for each company, as well as backlinks to their dedicated freeze landing pages.
Equifax: 1-800-685-1111
Experian: 1‑888‑397‑3742
TransUnion: 1-888-909-8872
Innovis: 1-800-540-2505
DOES THIS MEAN I WON'T BE ABLE TO RENT AN APARTMENT, TAKE OUT A NEW CREDIT CARD, OR GET A LOAN?
No, you'll just have to temporarily lift your freeze, and the approval process might be delayed. If you can find out which credit reporting company your potential landlord or bank uses, you can lift it only for that company. This won't affect your credit score, and it won't prevent you from receiving a credit report. You can also keep using your same credit cards, although if you think they might have been compromised, you should get new ones.
WHEN SHOULD I PUT THIS FREEZE ON MY ACCOUNT?
You're probably here because you think your data has been compromised. You should try to do this as soon as possible. Even if you've happened here by accident, you might consider putting this freeze on your accounts as a safety precaution because really, there's no telling whether your data is out there. Equifax waited over a month to inform consumers, and there's no national data breach law in place requiring companies to inform people of leaks within a certain time frame. This can at least give you some peace of mind.
WHEN SHOULD I UNFREEZE MY CREDIT?
Like I mentioned above, it's fairly easy to lift your freeze in the event that you want to open a new credit card or rent a new apartment (or do anything else involving your credit). Just realize it might take a few days to get it off, so make sure you give your creditor a heads up. Every company must lift your freeze no later than three business days after getting your request.
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