The recent data hack at credit firm Equifax could have broad implications for the economy. Jordan Goodman, a financial expert with MoneyAnswers.com tells WSJM News due to the breadth of the personal info credit reporting agencies have, you could be affected in severe ways if they’re breached. Scammers can open bank accounts and credit cards in your name.
“What’s unusual about the Equifax breach is the information they got can’t be changed,” Goodman said. “You can’t change your name, your Social Security number, your date of birth, your mother’s maiden name. These are things that, once you’ve got them, you’ve got them.”
Goodman thinks the hack says terrible things about Equifax, and the class action suit to come will no doubt sting the company. He recommends you sign up for credit monitoring to protect yourself.