How the Equifax Data Breach Affects your Auto Loan Decision?

By: Adam Porter


The auto industry, as with any other industry, carries some established companies known for their services. Equifax, one of the biggest credit reporting agencies, reported a cyber-security incident on the 7th of September 2017. The data breach occurred when cybercriminals gained access to important consumer files while risking the data identity of approximately 143 million U.S. citizens. And, it is not the end. On 12th of October, 2017, Equifax customers had to face another cyber-attack. Equifax website redirected its customers to a third-party site that encouraged them to download malicious software.

In times of peril, it becomes confusing to ascertain the future impact on various decisions such as buying a car. However, with complete knowledge about the risks associated with the Equifax data breach scenario and the preventive measures, you can make an informed decision towards purchasing your dream car.

Make the Car Buying Process Smooth

Primarily, go to the www.equifaxsecurity2017.com. Type your last name and the last six digits of your SSN. You will be able to know if your data is compromised or not. If you are at risk, you can take the following preventative measures and secure your financials.

1) Risk: Identity Theft in your Name

Prevention: The biggest threat to a data leak is identity theft occurring in your name. An identity theft refers to using another personís information to fulfill fraudulent practices. The preventive measure against an identity theft is to freeze your credit report. Essentially, a credit freeze locks your report and prevents your creditors from viewing it. No new accounts can be linked to you as a credit freeze reduces the possibility of access to personal information. Therefore, you can purchase your new car without the fear of an identity theft taking place during the auto-loan transaction.

2) Risk: Unauthorized Purchases on your Credit

Prevention: Often, we forget to track our credit expenditure. In times when your credit information is vulnerable to exposure, you should take utmost care of unauthorized purchases made on your credit. Additionally, credit monitoring is an important tool that will help you to keep track of credit reports. Any suspicious activity gets noticed as long your credit is monitored. Credit monitoring is helpful for people with a low credit score who wish to purchase a new car. Thus, it becomes simpler to track any outstanding amount and one can decide on a larger down payment on the auto loan in accordance to their credit report.

3) Risk: Fraudulent Activities

Prevention: The data leak of 143 million people poses a serious risk for the initiation of fraudulent activities. A fraudulent activity such as overspending on your credit card or filling wrong tax returns can disrupt your credit report. Preventive measures in the form of fraud alerts can play a very important role in protecting you from such deceitful actions of cybercriminals. A fraud alert gives you complete control over the process of applying for an auto loan. Also, you will get a notification if anyone applies for credit in your name. Only after reasonable verification will the process move ahead.

The Equifax 2017 data breach was a sad event. However, it was also an eye-opener in the midst of an unaware world. Along with a surge in the risk, there are enough ways to protect ourselves from the ill effects of the data breach. Therefore, work towards maximizing the scope of preventive measures and obtain an auto loan to buy a car.

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