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Equifax breach still a risk if you have bad credit

There is plenty of concern over the Equifax breach. If you have not yet looked into how the breach could affect you, then you could be placing your credit and finances in trouble. It is essential to stay on top of what is happening to ensure you do not become a further victim.

The information stolen could allow the thieves to use your identity. They could use current credit cards to make purchases or obtain new credit in your name. If you are not staying vigilant, it could add up to a terrible financial situation for you in the future. If you already have issues with debt, you are not immune. You could still be taken advantage of.

Accounts at risk

According to Time, if you have any currently opened credit accounts, they are at risk due to the credit breach. Even if you have high balances, thieves could use them to max out your card or even go over the limit, costing you hundreds or even thousands of dollars. They could also use your identity to open new accounts. This includes getting utilities in your name, renting a home or even filing your taxes and stealing your government benefits.

Not a short-term problem

The worst part about the breach is it will have effects for a long time. The information stolen can be used at any time in the future because it included timeless information, such as social security numbers. While your credit may not be the best right now, if you take steps to fix it, such as filing bankruptcy, the hackers could damage your credit again in the future.

It is essential for everyone to monitor their credit and stay on top of charges on existing accounts. Get your free credit report annually and use a credit monitoring service. Also, consider placing a credit freeze or fraud alert on your accounts at all three credit bureaus.

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