Equifax What Do You Need To Know? (S4E1)

Tuesday, November 21st

Kris Carroll has information and links to help you during this uncertain time after the Equifax breach. What does that mean for your financial identity? 

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

The Equifax breach has been all over the headlines and there's so much sleep. Fear and uncertainty and paranoia and confusion. What does it mean to have all of your financial identity out there. And the dark web for thieves and pirates. Chris Carroll created. Of really cool piece loaded up with all of the links that you need. To protect yourself in the Equifax breached go to Carol financial dot com and hit the communications tad. And everything you need is right there today we're talking about the Equifax preach and all of the stuff that means I'm Sherri mentioned Chris Carroll and this is her money. Her money is sponsored. By Carol financial. Hi this is thinly net phone financial advisor with Carol financial. Retirement may seem like a long way down the red the Cassini start the better off you'll be in the long run but you're starting a family. Buying your first hand or simply want some help figuring out where to start join us for our news simply saving series this fall off and on Mecklenburg prairie on Tuesday I typically force it. At 530 we'll walk you through easy ways to say and things you should be doing to ensure your contract for retirement. To register for our complementary workshop please visit our website at Carol financial dot com it's Carol finance it's retirement. Well chances are good that you are one of the millions of people whose data was compromised in the massive Equifax breached. First of all what is an Equifax and what is an Equifax breach and what does it mean to have your data compromised and what tech is the dark web. What can you do to protect yourself we're do you even begin. That's today's episode of Herm Miami and together we're gonna try to sort some of this stuff out I can tell you Chris that I am one of the people okay there was a website you could go to Yahoo!. And dom and I found out that yes my identity has been compromised by Equifax split it turns out I have a lot of company. The kidnapped and honors 43 million Americans 133. Million number so. If you Helling go on to check conceive fewer. Part of the breach I'm not sure you even need to you I think you can just assume that you were. Okay because there's about 400 million people in this country if you cross south everybody who has no credit. Root whatsoever first which which is a lot to raise its its all the people under eighteen that have never and that's a huge number name. It's the people who just aren't on the grid either assume that essentially if you've applied for credit for any thing. Financing a home whatever in the last ten or fifteen years. You were pretty much part of this breach. Of the potentially affected people. Well let's start with what the heck is Equifax. Who can what do we do. And so. If you if you wanted to borrow money. And you know bank banks exist to. Take take deposits from individuals and and make loans to other individuals and companies. But if a bank quotes if you were to borrow money from that bank or any institution. They need to know how likely VR to get paid back. They need to news that you know you're not just some guy off the street who decide to walk in the front door and is financing this house trained. So someone has to store this information. Someone has to keep information to hope. Lenders make the decision of who to loan money junior not Columbus took. So Equifax is basically tracking your payment history Sewell are safer that's you have but it's a lot more than that they're tracking. Basically the that this is a common question a lot of people us what information did Equifax have taught me. OK bush three credit rating agencies and I'll tell you all three of them. Have basically all of the information that you filled out form so any time you've ever applied for credit. Wow so your social see your job history your employment history and I'm no mention made. What other dental program that I heard Seattle they they basically have they basically have all that information. So let me just this questioner three credit agencies collecting messed. On our day. Highly regulated agencies. You know but there. Honestly I think it's possible that the regulators have got a little lazier for time because these these three have operated. And then have done so pretty securely for for quite awhile now. We knew we live in a different age of security today. And you know I think this is a thing when we do you think. When you think of there was the security breach people tend to think that Equifax was hacked into right. You are exactly you got his Mission Impossible even dangling from the ceiling by invisible wires kind of environment. Yeah yeah and in here so I'll tell you this is this is more about. Corporate espionage. And it is about. Computer hacking. Yeah whoa whoa whoa whoa. So at competitor you're back cortex no okay coming citizens think about so if farm. Let's say a foreign government. And I wanted to information on the U us. There's a lot of different people who Powell's information right. Well I'm going to have a team of people charge to figure out to get large amounts of data on US population. Well they might find it easier debris Q&A Equifax tend to break into the OK. So at this point and both and TDs would have roughly the same day we have a lot of the same again. Exactly and so it'll be in a lot of cases this really you know they don't know the date at this point they can't point sake. This is the person who did it right. The oh what they know is that there was a security breach in the news that security breaches that this that this level. Usually happen because someone got someone's password. Sit. So is doesn't really come down to. Pilot error at that simple level yeah that's imminent county accidentally left his password written down. Listen both probably in our it is its probably a little worse than not it's probably more like Jim accounting how laptop. That he took home with them that he can login to remotely into the system and then that was hacked and that he had someone stole a laptop and packed a laptop or something like that. It is. Virtually impossible. For just the hacker debris here and two to something is secure sacrifice so it's actually much easier. To steal someone's password steal someone's equipment and given that way. So this wasn't a situation of late the the and you need breaching the wall this was somebody accidentally left a door window open or. How do we know there was an accident we know say yes we know nice that makes me think yeah I do money traded yeah. There are sit there absolutely go to bed and and that's that's part of the part of the the issue is. That this day is theories valuable right I mean you when we started how we're talking we're talking about like what do they have just. You know just everything just everything in her gas right just your address your previous addresses here income hearing term history. Everyone Eurostar among your are your surely everyday news. That they like everything about you it's pretty much out there right so. This indeed is very valuable. That sad. It's really hard to think about how much this sort of data or risk truly affects one person. Okay. To. It is possible that somewhere out there someone is selling this information. To people who use it to try to steal people's identity. OK okay but a 143 million people. There are gonna steal letter writer's identity. Right so as if in our time nobody has thought you would just have the most staggering bad luck if you're identity was stolen as a result of this Equifax reached. Wal-Mart up you look that pressure because if I have this data and I was thinking about. Scooter target. Who would I target we have got all the data I can sort however I want in my gonna go after the guy who made 30000 dollar slush chair. Probably not probably not. So what are my probably gonna search for them in the search for hiring some people. May be with even cleaner credit histories does that means maybe you don't apply for credit much. Which means maybe they'll check their creditors often. Brad showed so what I would tell you is I think that people who are most at risk here are high income people. Or at least people that that to credit regency stink are high income people. And don't have a bunch of ignorant about your worries he had birdies. You know you would change coming from now granite my people are not good repeat criminals they are very very inept or criminality. But you coming from criminals so I would have a better understanding of why you would want this data. When when the Equifax preach first and hit the headlines I thought. Why are you more even going after there it never occurred to me it. It was more systematic. Kia Walter we will then it could be yours an actor and and you may have heard this before but. It's it's still pretty common thing for criminals to do when they sue credit card information or. How more your personal information and can go apply for credit card. So what they do is they go and they apply for a very cheap credit card because those people do the least backer ray Reitz who bigger get a 500000. Dollar. Credit card. They turn around by the maximum that they can and iTunes gift cards in the dorm my insult the iTunes gift cards. This seems like just as much effort as getting a job that he's. Full time these people hey. There it is yeah this is their full time job so I mean if I can steal. Hundreds of credit card numbers were you know open and hundreds of new credit card accounts a week. And each one of those I can turn around and turn into. Some thing. Right bio products turn around and sell that product and that's how you launder and that's Stoller is usually how you launder vessel money if you've ever looked on line. Still sure that's on some web sites. If you go online and search cheap iTunes gift cards or something like that annual five white people from Russia or China selling a 200 dollar. ITunes gift card for. 84 dollars officials. Now when you buy that I've never I've made this is only used to be like I said the young and FM live inept criminals. So when you Baidoa iTunes gift card is a loaded is a legit iTunes gift card yesterday supporting a dream I don't think your current road. Rather than a physical car right Isidore AJ and good legitimate generally so easy but when you do that you know your supporting him yeah I mean I know ranks I mean. I'm not gonna say every time because in theory you know someone in some other country can have gotten a hundred dollar iTunes card not warm it. Right and not big seller for a lot less public that doesn't make any decent tablet feel if you notice when they're sold at deep discounts the past the sellers pretty much always one to two immediate easily use the code. Oh OK there's sell media deals and they want us injury occurred users immediately why. And we have not time there's not time you know they just apply for the credit cards there's no chance for to get shut doubt it'll. Do they know that they will likely get found out and act code will go away and not work anymore but in the meantime. You what's amazing is own human beings never run out of new ways to be shady. You think about Hulu and we what I just described you can tell Manama boring Capra corn because what you just described to me sounds like more effort to work and yeah you know. We are really be on your hustle if you'd be. Anyone able skin sure you've. Heard of the dark well bright yeah soon so there's this there's there's basically there are web site you can geared to that are purely criminal in nature okay. We had it we speaker come and in this this had to be year and a half to go and he took us in this Russian website. And you can go on their and you could put in your US zip code and it would just come up with a list of credit card numbers from the Sitka. And here's what's your what's scary about it that's not what's scarier about what's scary about it is. Crossed the top of the website there's is banner and it says customer service is our top priority. If any of your current store work please call or call sooner and came a phone number. So so when you say this sounds like real work and think about that they may listen to a real this is live customer center that's as they have customer sir so so movie you could. You mean if you're job is to work in that call senator you were colonel. If you're hired and they you don't know your national economy and job or you're karma all. Com Sar but but it's what happens coming back to the Experian preach so basically it's all of us yeah I basically tell me how scared how appeared to lead should the average one of my speech. Our data is out there I don't think you should be more paranoid now. After the Experian breached and you should have been before. But I think there were a lot of people that probably more paranoid enough before the breach. Because here's your strong ties the existence of these these web sites the fact that there are. There is virtually a day. An industry a business industry built up around stealing. Financial information. I just assume that your information is out there anyway. Prior to the Equifax breach I would of assumed that if some target wanted to and targeting U. They can figure out your Social Security number your income anything they wanted to about you. Now that that might might not be easy firm you know me or Joseph average to find just do going around usual make that information public. But if that's your business that's your business. I would assume that someone could find out pretty much all that information prior to this for each. So mounted the horse is out of the barn d.s eyes expression. What is the value. Of a service slate. One of these big companies that. Protect your identity Chertoff is or is there any value to that after the fact. Absolutely okay so suitor so would tell you I said you shouldn't be more paranoid now than you should have been before but maybe you're paranoid enough before okay. There's basically two ways that you can manage. This over charm and this being your information is out there okay. The first way you can manages it manager it is too. Monitor your credit on a regular basis. Now there are a bunch of different ways to go about that. Now the final regular Catholic I have. The credit karma app I should easily can graduates before I'm paying my bills on time right right. So is like how regular is regular practices into an email if someone applies for credit in your name. Yes and it notifies me of my score changes for whatever president. That is plenty. OK so what I would tell you is what I mean by regular basis is do you need to be notified. At any point if someone applies for credit your name. Because it's as easy as saying those someone applied to buy a bed at Brewster ago. All right yes that was me. And I don't have to do anything about very you know but then when the one comes across the site so either you applied for credit for this new Cadillac that you were. Going to buy yesterday you know like. No. Not me you're right you can do something about it instantly. Okay. Now. So so one of more of your options is just to pay for ongoing monitoring and this app that you have brokered Paramus is because our history. Yeah case set. So they range in price from free to about. Ten dollars a month. Depending on what company near where the wall all they give you America South Africa so. I don't know. A problem within I I don't have a strong opinion about one of those services being better than another as long as you get an email or attacks or some kind of in similar. Win someone applies for credit here may protect that is one way to approach protecting yourself and that is. Just accept that at some points it's gonna happen. See your image the world religions of the world we live and that is the price you pay. For all the cool things that we get in today's world. That is the price you pay for Amazon prime two day shipping. Very which I dearly lot of it's arguably leaguer I love the fact that they don't have something at the store argument like well I need to. He would either I need a box of colored pencils with exactly 48 pencils and it. They don't have that a target so we go online and not a hundred luminaries and since your days is that right. And what did I have to do to Egypt I thought oh my credit card information or do that well at some point along time ago I did but now I just like I thumbprint on my iPad and it's like helping. Done and it's done and I don't seem bigger yeah my my refrigerator told me. It's time for a new water filter. Ha I was like why did this. An NA NAQ bar code came up so I scanned it and of course G exit Jean Fraser was out of that I go to Amazon prime they're delivering it as we speak yes. Right so I don't wanna give your I don't wanna give its. I assume that that is the modern world that is the magic of having all this integrated technology and one of the cost. Of living in now world. Is that you need to monitor your credit on our on going basis. You need to know what's going on and you need in and and the technology is gonna make it easy as you said you've got the app on your phone and Nelson drew notification. Suit using the technology to help you monitored is easy okay. And and that's one approach because he cravings during the second approach. The second approach is for you freeze your credit. And there's different ways that you can go about freezing your credit if you if you if you hear anybody that's like life flock that talks about what actually what does that mean he's in life flock what. Part of that services that they freeze your credit and you can unfreeze it through December essentially. But you can Frazier and credit you can call the credit agencies and the credit bureaus and you can put a freeze on your credit to what that means this. No one can apply for credit in your name until you unfreeze or thought if you like that term fall. That's why freeze my credit and can I still order things I didn't. Who has just gesture is so existing credit card it's OK to respond to what will happen is no. No credit who ever be given your. So when do we knew into the bank and applied for to refinance your house on the they would they would just tell the bank no we can't give you any information has to credits from first. Oh so. That's what life flocked diets well we'll lifelike does little they have different levels of service but part of what they do as they slash your credit and then. They give you the Dooley to unfreeze it through them so it's frozen until you unfreeze and so. Not a permanent thing as some do but basically they do the legwork so if I were gonna caught a firing a freeze my own credit I would call Experian and and Transamerica. Actually they'll talk to each other so every hole I want you only have to call one of the credit bureaus and tell them. I wanna put a freeze on my credit and and if you tell them in our conversation contact the other bureaus they have they do they have okay. Savannah so I call and done I freeze my credit and debt and then I leave it frozen but I'm still able to ease my credit cards your existing existing stuff. And then it's time to bond get a car loan or whatever I called him I thought my credit I get the car loan and every freeze my you have it. Why don't we all do this this seems like. Relatively simple well it is stat rather than anti missile launch is we have I don't concern and he talks time consuming has obviously your to your phone your have to prove you're you. Right and your map to put a freeze on your credit to him and. Does it hurt your credit score and a freeze on your credit now. So it's just really the nightmare of the voicemail trees. And then went and how do I improve on me over the phone owners. Some going to be some of the trust is through the same so if you normally do your preview you're gonna answer bunch of the questions on the data they have a phrase all men they're gonna ask me from the three digit pin that I gave them when I was never an enemy first and no one knows that. There's that is entirely possible. OK okay so step one freeze your own well crap well. That's that is the other option if you're not going to monitor your credit you can freeze your current went on to what I tell our clients is this. I asked some clients that are older they never use credit for anything that ever apply for it. Is it possible they might want to apply for something later or sometimes sherbet. They don't see it. I tell me just freeze or threaten our about it and there's certain and they can sleep and they can not worry about your home and then from my younger clients. That might refinance their house they might wanna finance a car that you know they go through the use credit for things right right. For them hopefully I can encourage them to monitor and keep an eye on the accredited. Is you know it doesn't take you close side he's aegis have to you just have to read he had costs when they email you and just make sure that you're not. Putting him on the block senders should letting their heroine Joan can never reading them but I wouldn't be too good. In you're just in your personal experience sound is their category of people that are more or less paranoid about stuff like the Equifax preached for example do you find that here. Your older clients to aren't as tech savvy tend to be little more fearful or people who actually. Are using a lot of credit our technology ought to be more feel fearful that. Because of fallout. Here's reload say. If if will if when you hear me say. Assume your formations all already out there in the someone to find it anyway. If you if when you hear me say that it really scares you. Then your probably contend that group of people right there's a large percentage of people that when I say that they shrug your shoulders and her like Jeff that's probably right. It's just the way great I the world does the world we look I'm always assumed that because on ever since the Internet was invented I didn't. Shopping online yeah I mean I'm on the heavy techies I mean I am super digital. I just assumed that I have. All sorts of stuff I'd prefer not out there floating around sure. Don't do dark land and thanks to Aaliyah I think we were sitting here one day working on her money the podcast thank you for downloading. Well when American Express called me and said. Girly you don't need a Burger King some pretty easy. So your car over the air remember. So you know I just assumed well bad things or have. Inning but most of it gets caught in guy gets caught they fix it I mean that's that's the thing but I have a question for you did so paranoid it's like living in the woods skit and Dick coin paranoid yet this does Lou in the woods people should freeze their credit that's exactly definitely shut scratching. So I'm I'm driving down the road imam listening to the radio and commercial comes on and then the male announcer says. And peace deeds could be stealing from your 401K. Right that's my only cat food money for her first trip. Is how serious of the rat is your forum on Haley would you know somebody we're training that would anybody call you and go hey Chris. You just called listen took money like how would you know. Well OK so so here's a fact it is a it's an extra level of difficult to get money out of an investment account I hear warrant. It's not just your forward Kate particularly but any investment account wherever you hold it. What tool foreign is that if you want money sent anywhere other than you were home address in their system. They need signed authorization from here plus they need to talk to you on the phone and confirm your identity. I was hoping so yeah so the so I'm not saying it can't happen but I'm saying in order for it to happen. This takes it out of the digital realm right. This isn't just somebody stealing some zeros and ones and you know you've been figuring out some of your personal data. They need to call impersonate you. They mean to you then get. Form Faxon Emerson to them or emailed to them that they need to than forge or signature wronged. And send back to. Whatever company hold your assets then after that happens okay. Who do you think's going to be on the hook. For the money that went missing. Well that was what I was kind of hoping it's not going to be you it's gonna be in the Sunnis destitution. Okay financial institution because they have. It's their responsibility. Confirm that you were you if you're taking money out. So I'm not picking on them at all fidelity is the largest 41 K. Holder in the country okay. They have whatever it is a trillion dollars and 41 K assets so let's just say you're your your 401K is held there. Fidelity has a strong incentive to make sure that any money figures out of bankers to use because if it goes to someone not you. It's not going to be on you it's going to be on fidelity. I'm not picking on them I'm just saying that's true of any financial institution. It's not gonna be on use it that the crew took Tony thousand dollars out of your count. And it wasn't you who did it it's going to be on the custodial the person who holds true okay. In your in the same way that if someone on capturing your bank account. Andersen earned. You're only liable for depending on the bank Fisher ears 500 dollars sure because is truly the bank's fault okay for a lot of that happens and and these these companies is financial solutions caring insurance. To cover them for when this happens. Good now I can go back to laying awake at night to grinding my teeth over possible viral pandemic is you know sorry about something like regular or this is really hard for somebody to get your investment money I mean that the best way for them to do it is to. Is to hack your personal equipment somehow write this to get a virus on your computer that sends that that shows them. Yeah out of sight you're going to insurers the mall that and then using that information go in there but it's still. It's really hard for somebody get your money it's really easy for some wasted your credit card number sir charging things but. As you pointed out American Express has gotten pretty good okay flagging yet surplus decent. Not afraid to turn up if you're breaking somebody's house to steal their song teased her thumb for you don't want Summers it's funny it's over. Com news yeah coming after your thumb just getting off. If I got to say guys. The mesh steel may getting my thumb is not worse what's there once you have it. -- mom is here it's ours have no longer own the club and I like Greg yeah I didn't I saw all the the all powerful all just keep my thumb our that is that wraps this episode of how my next time we're gonna talk about my concerns we have some questions from our excellent her many subscribers and turns out that there's a lot more to life insurance then what you think of which is well. I have to get a certain amount of money to cover the family in the event and gone or there's a certain amount you might inherit when your parents passed away. My concern to some complicated stuff we touched on another episode through dive a little bit deeper on the next episode of her mind. He if you want more information about what we talked on today's show or if you just have other questions about money. Is our website it's WWW Doug Carol financial dot com. Or you can only should mean email whether it's through the podcast or through my website I'd be happy to help if I can't. Her money is sponsored by kuril financial. Hi this is in financial financial advisor with Carol financing retirement may seem like a long way down the red but Cassini start the better off you'll be in the long run but you're starting a family. Buying your first ten or simply want some help figuring out where to start join us for our new simply saving series this fall and of Mecklenburg prairie on Tuesday October 24 at 530 slow walking three easy ways to say and thinks you should be doing to ensure your contract for retirement to register for complementary workshop please visit our website at aero financial dot com. It's Carol finance up its retirement. Simple. They're her mind my guess is just depending Sherry lynch and meet Chris Carroll. Our executive producers are no trial broke. Jonathan Mooney and Carol Poteat our producers Heather fur and our technical director and editor is Billy black special thanks to the moon Nestle and Marion had some information from this episode ornaments and other episodes and subscribe to this podcast visit. Her money podcasts dot com. To her money podcasts is now on Twitter. Follow us tweet us at her money podcast email us your questions at questions at her money podcast dot com. You can even use your phone's voice memo out to record your questions and email it to questions at her money podcast dot com and listen we might even played on the show. The Herman podcasts is a production of intercom Charlotte and Carol financial. 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