Equifax Breach: Associated Banks and Your Credit Report

The 2017 Equifax data breach exposed the personal information of nearly 148 million Americans, including Social Security numbers, birth dates, and addresses. This breach has raised concerns about the security of our financial information and the potential for identity theft.

One of the most troubling aspects of the Equifax breach is that it affected customers of numerous banks and financial institutions. Associated banks are those that have partnered with Equifax to offer credit monitoring or other services to their customers.

Banks Affected by the Equifax Breach

According to Equifax, the following banks were affected by the breach:

What to Do If Your Bank Was Affected

If your bank was affected by the Equifax breach, you should take the following steps:

1. Monitor your credit report: Check your credit report for any unauthorized activity. You can get a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once per year at annualcreditreport.com
2. Freeze your credit: A credit freeze will prevent new credit accounts from being opened in your name without your consent. You can place a credit freeze with each of the three major credit bureaus.
3. Consider identity theft protection: Identity theft protection services can monitor your credit report and alert you to any suspicious activity.

Common Mistakes to Avoid

Avoiding falling victim to identity theft can be a daunting task. Identity thieves are constantly coming up with new and innovative ways to steal your personal information. Here are some common mistakes to avoid:

• Sharing your personal information over the phone or email: Never give out your Social Security number, credit card number, or other personal information over the phone or email unless you are certain you are dealing with a legitimate organization.

• Clicking on links in suspicious emails: Phishing emails are designed to trick you into clicking on a link that will take you to a fake website where you will be asked to enter your personal information.

• Carrying your Social Security card in your wallet: Your Social Security card is a valuable piece of information that should be kept in a safe place. If it is lost or stolen, it could be used to open up fraudulent credit accounts in your name.

  

• Using the same password for multiple accounts: If one of your accounts is hacked, the thief could use the same password to access your other accounts.

• Not shredding your documents: Before you throw away any documents that contain your personal information, make sure to shred them first. This will help to prevent identity thieves from getting their hands on your information.

  

Why Your Credit Report Matters

Your credit report is a lot more than just a number. It is a detailed history of your borrowing and repayment activity. Lenders use your credit report to determine whether or not to approve you for a loan and what interest rate to charge you.

A good credit report can save you thousands of dollars over the course of your lifetime. Here are some of the benefits of having a good credit report:

• Lower interest rates on loans: Lenders are more likely to offer you lower interest rates on loans if you have a good credit report. This can save you a lot of money over the life of a loan.
• Higher credit limits: A good credit report may also qualify you for higher credit limits on your credit cards. This can give you more flexibility when you need to make purchases.
• Better insurance rates: Insurance companies often use your credit report to determine your insurance rates. A good credit report can help you get lower rates on your car insurance, homeowners insurance, and other types of insurance.
• Better job opportunities: Some employers may check your credit report when making hiring decisions. A good credit report can help you get a better job.

Call to Action

If you are concerned about the security of your personal information, you should take steps to protect yourself. Monitor your credit report for any unauthorized activity, freeze your credit, and consider identity theft protection. By taking these steps, you can help to prevent identity thieves from ruining your financial life.

Stories and What We Learn

Story 1:

In 2019, a woman in California had her identity stolen after her personal information was exposed in the Equifax breach. The thief used her information to open up fraudulent credit accounts in her name. The woman was eventually able to get the fraudulent accounts closed, but it took her months of effort and caused her a lot of stress.

What we learn: Identity theft can happen to anyone, even if you are careful with your personal information. It is important to monitor your credit report and take steps to protect yourself from identity theft.

Story 2:

In 2020, a man in Florida had his credit card information stolen after he clicked on a link in a phishing email. The thief used his credit card information to make unauthorized purchases. The man was able to get his credit card company to reverse the unauthorized charges, but it took him several weeks of effort.

What we learn: Phishing scams are a common way for identity thieves to steal your personal information. Be careful about clicking on links in emails, even if they appear to come from legitimate organizations.

Story 3:

In 2021, a woman in Texas had her Social Security number stolen after her purse was stolen. The thief used her Social Security number to file fraudulent tax returns in her name. The woman was able to get the IRS to stop the fraudulent tax returns, but it took her several months of effort.

What we learn: It is important to keep your Social Security number and other personal information confidential. If you lose your wallet or purse, be sure to report it to the authorities immediately.