The Equifax data breach that potentially affects 143 million U.S. customers, nearly two-thirds of the adult U.S. population, could be quite the mess to clean up. The hackers had access to EFX, -13.66% data from May until July 2017, which included Social Security numbers, driver’s license numbers and credit card numbers, among other data.
The company detected the breach on July 29, it said, and hired a cybersecurity firm to determine what data the hackers accessed. But in the time it took for the company to alert customers who could be affected, hackers could have used their data for purposes including opening credit cards or other lines of credit. And any impact on their credit scores of erroneous activity could take years to repair.
Here’s how to know if you were affected and what to do next:
Check if your data was breached
Equifax created a website consumers can check if their data was breached, www.equifaxsecurity2017.com. The company said it would offer a free year of service from its subsidiary, TrustedID, which monitors credit reports from Equifax as well as Experian EXPN, -0.66% and TransUnion TRU, -3.83% , as well as offering identity theft insurance and internet scanning for social security numbers. Equifax will also send direct mail notices to consumers whose credit card numbers or personal information were impacted. (The company did not immediately reply to a request for comment.)
There have already been some glitches, however. Many consumers weren’t able to find out immediately if they were affected. Instead, once they entered their information into Equifax’s security website, they were told they were signed up for free credit-monitoring services for Equifax, and they had to come back to the site later to find out if they were affected or not.
Plus, as some consumers spotted in Equifax’s terms of use, those who sign up to use the company’s service waive their right to join a class-action suit against it. So those who enter their information to see if they were affected may automatically forfeit that right, without realizing it. Sneaky bastards!
Here’s a good reason to file your taxes early this year.
The data breach at credit bureau Equifax that may have affected 143 million U.S. adults could have lasting effects — including at tax time. If hackers gained access to the information on consumers’ credit reports, including their Social Security numbers, credit card numbers and driver’s license numbers, they could open credit accounts in consumers’ names, security experts have said.
To guard against that, the Federal Trade Commission warned consumers Friday to file their taxes early — “as soon as you have the tax information you need, before a scammer can.” Tax scams are already a problem. They have caused “thousands of people” to lose “millions of dollars and their personal information,” according to the Internal Revenue Service.
The IRS doesn’t initiate contact with taxpayers by email, text message or social-media channels to request information, the agency states on its website, and taxpayers should not turn over information to anyone who contacts them in those ways. But the IRS does mail letters to taxpayers, and the FTC warned consumers to respond to any letters they receive right away.
In a statement issued late Friday, the agency said, “The IRS is currently reviewing and assessing this serious situation to determine necessary next steps.”