Financial Advisory

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For all of my friends who aren’t aware… In 2017, Equifax suffered a huge security breach, likely the largest ever. About 1/2 of all Americans had some or most of their private financial identifiers stolen. Most of the people I’ve mentioned it to seem to have no idea that it happened, much less that they are at severe risk of having their identities stolen or their credit ruined.

Equifax is offering a settlement, and the details are being finalized. While it is possible to easily file a claim and get a check of slightly more than a $125, I would recommend that you forego the money and opt for the 4 years of credit monitoring through the 3 major credit reporting agencies. Also, Equifax is offering an extension of 6 more years after the compulsory 4-year term lapses.

While I can’t force you to check your status on the settlement page, I can’t stress enough how important it is that you do so. I’ve always maintained that privacy is a unicorn; however, in events such as the Equifax data breach, I can promise you that you are gambling with your entire financial future if you ignore the risk. Here’s the direct link:

Link to check your eligibility and risk…

My name resulted in a positive. I, of course, signed up for the credit monitoring from all 3 of the major credit bureaus. This will allow me to reach out and expect assistance if and when my identity or credit history is used without my knowledge. It’s difficult to put a price tag on this sort of service. Anyone who knows someone who has suffered the agony of attempting to recover his or her history and identify after such misuse will tell you that is a personal hell of bureaucracy and paperwork.

Hopefully, your name will not result in a positive result. Even if it doesn’t, you should at a minimum be requesting a copy of your credit report once a year. Also, don’t get comfortable with the mistaken idea that you already participate in a credit monitoring system via your smartphone or one which is included with a credit card you might own. The truth is that the ones which are easily used often do not provide you the peace of mind and certainty that you believe that they do.

P.S. The website through which you can immediately see and download all 3 of your credit bureau reports: Link to get your annual credit reports…

Thanks, X

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