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If you enrolled in Equifax’s TrustedID Premier after the company’s major 2017 data breach, you must seek out a new credit monitoring service, according to Consumer Reports.
Equifax's TrustedID Premier was provided to U.S. consumers following the data breach that compromised the personal details of 145.5 million individuals. The service included access to your Equifax credit report, credit monitoring across Equifax, Experian, and TransUnion reports, and identity theft insurance, among other features.
While Equifax’s service ended in January, your personal data remains at risk, leaving you susceptible to fraud and identity theft. Here’s what you can do to proactively shield yourself.
Lock Down Your Credit Reports
A credit freeze stops fraudsters from opening new accounts in your name. You can now do this for free at the three major credit bureaus: Equifax,
To freeze your accounts, visit the bureaus' websites (linked above) and follow their instructions. Keep in mind, if you plan to apply for a mortgage or get a new credit card, you will need to temporarily unfreeze your accounts. The process to 'thaw' your credit varies by bureau, so make sure to note the steps when freezing your credit.
The regulations surrounding credit freezes are legally defined, according to the New York Times, making them a safer option for consumers compared to a credit lock, which can differ across companies. Speaking of ...
Lock Your Credit
Alternatively, you can lock your credit accounts. A credit lock also blocks creditors from accessing your accounts, but it’s easier to reverse online compared to a freeze. While it’s not as secure, it may be simpler to manage.
TrustedID Premier secured your Equifax report, but “the locks will automatically lift when TrustedID expires,” states the Times. This means you’ll need to use an alternative service to lock your account going forward.
Additionally, note that Equifax and TransUnion provide free locks (with TransUnion offering a paid product as well), while Experian charges $20 per month after a free 30-day trial. For maximum protection, it's advisable to lock your reports across all three bureaus.
Use a Credit Monitoring Service
Free credit monitoring services like Credit Karma or Credit Sesame are available. These services will notify you of any activity on your credit file, but keep in mind, this usually indicates that fraud has already occurred—it's more of a reactive solution than a proactive one.
Frequently Check Your Credit Report
Lastly, make it a routine to check your credit report. You can receive a free copy from each bureau once a year at www.annualcreditreport.com, or use a service like Credit Karma to access some of your reports for free at any time.
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