Like most Americans, you have a credit score tracked by one or more of the three major credit bureaus: Experian, Equifax, and TransUnion. It’s always been a bit unsettling to know that our most personal financial information is being tracked and monitored without our knowledge or consent. Now there’s another reason to be worried. In November, TransUnion reported a significant breach that caused unauthorized access to sensitive data.

The TransUnion Data Breach Overview

The TransUnion Credit Bureau data breach was first reported on November 7, 2022. It is believed to have impacted over seven million people in the United States and Canada. The attackers gained access to names, addresses, phone numbers, dates of birth, and social security numbers. Thankfully though, financial information such as credit card account numbers was not compromised.

TransUnion sent out data breach letters instructing consumers on how to protect themselves from fraud, identity theft, and other malicious actions. The credit bureau also added free credit lock services for impacted customers for one year in an effort to help protect their credit histories.

TransUnion took quick action to address the breach, including notifying law enforcement and working with cybersecurity experts to determine the source of the attack. They are also offering affected individuals two years of credit monitoring service for free. If you believe you may have been impacted, TransUnion recommends that you regularly check your credit report and financial accounts to ensure no strange activity is occurring. Additionally, they advise creating a credit lock PIN to better secure your account.

What This Means for You

Once hackers get access to your sensitive data, it can put you at risk for identity theft and even ransom. Credit monitoring is important in protecting yourself from these risks, as it can alert you to any suspicious activity or changes to your credit report.

Identity theft is a serious problem that can cause financial and emotional hardship for victims. Although credit bureau data breaches are a growing concern, TransUnion has taken steps to protect its customers by offering credit lock services, free credit monitoring, and identity theft insurance. Taking these steps can help you to better safeguard your personal information and minimize the risks associated with a credit bureau data breach.

Your data is at risk of being exposed online if you’re not careful. Credit cards, bank accounts, and social security numbers are just some of the types of personal data that can be stolen or used illegally if hackers gain access to your information. Always be sure to take extra steps to protect your sensitive data by using strong passwords and only sharing it with trusted contacts.

What TransUnion Is Doing to Avoid a Future Data Breach

TransUnion is investing in security measures to protect its customers from another data breach. This includes hiring security experts and investing in advanced cybersecurity tools, such as two-factor authentication and encryption technologies. The company has also increased its security monitoring capabilities to detect suspicious activity on its systems sooner. To further bolster security, TransUnion has implemented a credit lock.

How to Protect Yourself in Case of a Data Breach

It is important for customers to take security measures in the event of a data breach. Here are some steps you can take to protect yourself:

1. Change passwords: Make sure to change passwords that may have been compromised, as well as those used on other sites and services. Create strong and unique passwords for each account you have.
2. Use 2-factor authentication: Enabling two-factor authentication (2FA) on your accounts is an additional security measure that helps protect them from unauthorized access.
3. Monitor credit: Consider signing up for a credit monitoring service to monitor your credit score and report any suspicious activity, such as identity theft or fraud.
4. Monitor accounts: Keep a close eye on all of your accounts, including bank, credit card, and other financial accounts. Look out for any suspicious activity or unauthorized transactions.
5. Set security alerts: Contact your bank or credit card company and set security alerts to notify you if any unusual activity is detected on your accounts.
6. Implement cybersecurity measures: Install security software (such as anti-virus and anti-malware) on your devices and keep them up-to-date.
7. Review your account statements: Review all of your account statements, such as credit card and bank statements, to look for any unauthorized transactions.

By taking these security measures, customers can protect themselves in the event of a data breach. Taking the time to implement security measures now could save you from potential damage or loss in the future.

Conclusion

Data security is an increasingly important issue, especially in today’s digital world. Credit bureau data breaches can put customers at risk of identity theft, fraud and other security threats. It’s essential to take security measures such as using strong passwords, two-factor authentication, and credit monitoring services to protect yourself from future data breaches. TransUnion has taken steps to ensure the security of its customers, such as investing in security measures, increasing security monitoring capabilities and offering credit lock services. Taking these security measures now will help protect your data and minimize the risks associated with a potential data breach.

In the wake of a data breach at a credit bureau, you may be wondering what to do if a credit bureau is hacked. While it’s certainly a cause for concern, there’s no need to panic. There are steps you can take to protect your credit and your identity. Here’s what you need to know.

What Is a Credit Bureau?

A credit bureau is a financial institution that collects data on individuals and businesses for the purpose of credit reporting. The three major credit bureaus in the United States are Equifax, Experian, and TransUnion. These bureaus maintain files on everything from your credit history to your employment history to your rental history.

What Happens if a Credit Bureau Is Hacked?

If a credit bureau is hacked, the personal information of everyone in their database is at risk. This information can include social security numbers, addresses, birthdates, and more. Hackers can use this information to open new lines of credit in your name, apply for loans, and even commit tax fraud. In short, a hack of a credit bureau can have serious consequences for everyone involved.

Your Credit Score Is not at Risk

First and foremost, it’s important to keep in mind that your credit score is not at risk if a credit bureau is hacked. Your credit score is a numerical representation of your creditworthiness and is not stored at any of the three major credit bureaus (Equifax, Experian, or TransUnion). So even if hackers were to gain access to your credit report, they would not be able to alter your credit score.

Place a Fraud Alert on Your Account

That said, there are still steps you should take to protect your credit report — and by extension, your identity — in the event that a credit bureau is hacked. The first step is to place a fraud alert on your account. This notifies potential creditors that you may be the victim of identity theft and that they should take extra steps to verify your identity before extending credit in your name.

You can place a fraud alert by contacting one of the three major credit bureaus; once you do, that bureau notifies the other two bureaus on your behalf.

Freeze Your Credit Report

Another step you can take is to freeze your credit report. This prevents anyone from accessing your credit report — including both legitimate creditors and fraudulent ones. You can freeze your report at all three bureaus simultaneously or individually.

If you choose the latter option, just be aware that freezing your report at one bureau does not automatically freeze it at the others. There is usually a small fee associated with freezing (and unfreezing) your credit report, but many states offer waivers for victims of identity theft.

Watch for Suspicious Activity

Last, keeping an eye on your accounts and statements for any suspicious activity is important. This includes things like withdrawals or charges you don’t recognize as well as unauthorized changes to personal information, like your address or phone number. If you see anything out of the ordinary, don’t hesitate to contact your financial institution or file a police report.

Guard Your Personal Information

Be vigilant about guarding your personal information. This means being careful about who you share your Social Security number, birth date, and other sensitive information with — both online and offline. And only do business with companies with strong security measures to protect this information.

Additionally, make sure to use unique passwords for all of your online accounts and never click on links or attachments from unknown senders.

Conclusion

If a credit bureau Is breached, it’s important to take action to protect yourself from fraud and identity theft. Luckily, there are steps you can take to safeguard yourself. From placing a fraud alert with the major credit bureaus to keeping an eye on your accounts for suspicious activity, there are plenty of ways to help minimize the risk—so breathe easy and don’t panic!

No one wants to be a victim of credit fraud, but if it happens to you, it is important to take action immediately. If you have questions about how to place a fraud alert or what steps to take next, give Mortgage Works a call at 1-877-871-2400. Or visit our website for more information. We are here to help you get your life back on track after identity theft or credit fraud.