Half a year ago, credit reporting agency Equifax informed consumers that its data had been breached. As a result, more than 145 million Americans were at risk for identity theft. This week, Equifax said 2.4 million more consumers had been compromised than originally thought. If you were impacted by this hack, cyber thieves have access to all sorts of information, from Social Security numbers to addresses. With that data in hand, scammers can do all sorts of damage to your credit. And yet, a new study suggests people still haven’t been keeping up on their credit reports.
According to a survey by CreditCards.com, more than 50 percent of American adults Opens a new windowhaven’t checked their credit scores or reports during the last six months. Not only that, 18 percent of respondents admitted that they have never checked their scores or reports. This is a huge mistake. Your credit score is used by lenders to determine whether to loan you money and at what rate. Likewise, your credit report shows financial activity associated with your name. If you’re not checking your score and report, you won’t find out that someone has stolen your identity until it’s too late.
Your best plan of action is to freeze your credit. Doing so will prevent a scammer (or anyone else) from opening a new line of credit under your name. You should also change all of your important passwords — from email to bank accounts. And don’t forget: Scammers are patient. If they have your info, they can wait until you relax, then strike. That’s why it’s so important to monitor your credit reports. You can check your reports for free once per year from each of the three credit bureaus from Annualcreditreport.com. Stay on top of your info and watch for fraudulent items. Likewise, keep tabs on your credit score and report through your financial institution’s online or mobile banking. If you spot anything amiss, report it immediately.
