Equifax is a credit bureau that generates credit
reports and scores on millions of borrowers. This
information is sold to banks and other financial
institutions to help them determine the credit risk
associated with their customers.
What are the Social Implications of the Equifax
Data Breach? How does this Occurrence Impact Society?
The Equifax Data Breach can harm the credit of numerous consumers,
as their released personal information can be used by hackers for
the purposes of identity theft, fraud, etc. This can impact the
consumers' abilities to get financial loans for housing, cars, etc.
In addition, the Equifax Data Breach is severely harmful to the
reputation and business situation of the company itself, as Equifax
must face legal penalties and lawsuits.
Whose Data has Been Hacked? Does this Hack Affect
You and Your Family?
The personal information of approximately 147 million
consumers in America has been exposed as a result of this data
breach. If your relatives, employers, etc. have been impacted
by this breach, you and your family may be at a higher risk for
becoming the next targets of the hackers.
How Can You Check to See if Your Data Has Been Breached?
You can start by going to the Equifax data breach settlement website
and inputting your last name and the first six digits of your Social
Security number in the search tool. You will be notified if your personal
information has been released.
Do You Have Recourse with Equifax?
If you were affected by the data breach, you likely will be entitled
to free credit monitoring or a $125 cash payment. You may also file
a claim for up to $20,000 or receive other temporary services free of
charge to protect yourself from identity theft and fraud.
