One of the three major credit agencies – Equifax – got hacked a few weeks ago. If you’ve just emerged from under your rock, here’s an article to catch you up.
I’ve received a bunch of calls and emails from concerned clients about what to do, and how much should they be concerned.
The two ways getting hacked could affect your finances is:
1) It screws up your credit, or
2) You get robbed
Of course, that doesn’t factor in non-financial things like posting embarrassing pictures of you on Facebook. But this is a personal finance blog, so you’re on your own for that one.
Credit agencies, banks, and credit card companies deal with fraud on a regular basis. It’s just a part of doing business in 2017.
When bad things happen to good people, most financial institutions will fix whatever the bad guys did to you. (Double check with yours to make sure though.)
The real downside to getting hacked is the time it takes to call three different credit agencies and work with the financial institutions to reimburse the charges.
Simple. Do what you should be doing already:
I’m not losing sleep over the weekly hack headlines and neither should you. Just make sure you’re on top of your stuff.
If you get hacked it will most likely be from someone guessing your password. More on that next week…
This blog is for educational purposes only and should not be considered financial or legal advice. These statements have been simplified to illustrate the concept. Consult your Financial Planner or Estate Attorney for help with your specific situation.