September 8, 2017
A word from your financial cooperative regarding the breach at Equifax.
Equifax is one of the “big three” credit bureaus in the U.S. Credit bureaus collect information about consumers and their use of credit. The credit score they assign for each consumer assists lenders when evaluating a borrower’s risk and rate.
Yesterday Equifax reported that information it held on 143 million consumers was compromised.
Community First (and the former Mendo Lake Credit Union) provides information to Equifax to ascertain the creditworthiness of those applying for vehicle and mortgage loans.
Borrowers can check to see if they’ve been potentially impacted by submitting their name and last six digits of their social security number to Equifax. This is probably a good thing to do. Visit the Equifax site.
Users can also enroll in Equifax’s free identity theft protection and credit file monitoring. However, note the fine print when signing up for their monitoring –– you waive a number of legal rights against Equifax by enrolling.
This is a good time to remind all Members that Community First provides free credit monitoring through its “Do Gooder Club.” Not only do you get an instant, real time credit score, but you also get credit monitoring and credit alerts. Learn more about our innovative “Do Gooder” program.
For Community First Credit Union Members with an existing vehicle or mortgage loan, we will provide Savvy Money –– the credit engine incorporated in our “Do Gooder” Club –– credit monitoring free for one year. Sign up at your nearest CFCU branch.
“It is always a good idea for all Members to pay careful attention to their online statements,” said Todd Sheffield, CEO of Community First. “Bad guys can be very patient with data, so paying attention for the near term might not be enough,” he added.
Virtually all security experts advise that Members of credit unions and customers of banks sign up for online eStatements. It’s free, of course, and provides information to you quicker, safer, and information is archived for your review months or years later. Sign up for eStatements at Community First by visiting your favorite branch.
Lastly, the Federal Trade Commission has additional information of what consumers should know and what to do regarding the breach at Equifax.
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