The Equifax Data Security Breach: What You Need to Know

The Equifax Data Security Breach: What You Need to Know

In September, Equifax revealed that a devastating security breach had occurred this year. The credit monitoring agency publicly admitted that the data of over 143 million customers was compromised.

What Data Was Stolen?

According to the Federal Trade Commission, the Equifax data breach lasted from mid-May through July. The security lapse exposed consumer's names, birth dates, Social Security numbers, addresses and possibly, driver's license numbers. In addition to personal information, credit card information was stolen for approximately 209,000 people, and personally identifying information for another 182,000 people was also stolen. The breach affected consumers in the UK and Canada as well.

What to Do If You're Affected By the Breach

If you're among the people impacted by the breach, you can find updates from Equifax at their website. Experts suggest taking various steps, including placing a credit freeze and/or fraud alert on your accounts. Signing up for credit monitoring and regularly checking your credit report can also help you stay on top of any suspicious activity.

How Equifax May Benefit From This Breach

While Equifax is offering a year of free credit monitoring to consumers whose information has been compromised, after that year is up, the service will cost $17 per month, money that goes directly to Equifax. In addition to this extra revenue, Equifax also has a partnership with the large identity protection company, LifeLock, whose membership has increased 10 percent since the breach was announced.

This potential revenue boost for Equifax has some members of Congress concerned, and they are considering legislation to prevent corporations from benefiting from such data security breaches.

Looking For a Banking Alternative?

If you've been affected by the Equifax data breach, perhaps it's time to join Coosa Valley Credit Union. We're headquartered in Georgia, but we offer ATMs across the country for all your banking and credit needs. Coosa Valley Credit Union is committed to protecting your banking information, and our security center includes skilled staff and state-of-the-art fraud prevention systems designed to monitor your accounts for any suspicious activity. Contact us today by filling out an online form, or visit one of our branches for more information.