Equifax Data Breach: Does a credit freeze impact or protect my bank accounts?

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Equifax data breach
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With more information coming out about the Equifax data breach, consumers are increasingly looking for answers on whether their information is protected.

Atlanta-based Equifax recently announced that as many as 143 million people were exposed when hackers exploited a website application to access files earlier this year. Equifax, one of the three main credit-reporting agencies in the U.S. lending industry, waited six weeks to tell the public, leading to outrage and calls for class-action lawsuits.

Are my bank accounts protected by a credit freeze?

Money expert Clark Howard says freezing your credit is the No. 1 way to protect yourself from identity fraud. One question people are asking is whether a credit freeze protects or impacts their bank accounts.

Crooks won’t be able to open new checking or savings accounts in your name, so no worries there. But because you most likely have existing accounts, takeover fraud — when a criminal takes over your bank account via identity fraud and cleans you out — will remain a danger.

Equifax breach: 5 things to expect when freezing your credit

Equifax breach: Consumers are beyond frustrated

Equifax breach: Get the latest info and advice all in one place

Equifax breach: 2 steps to protect your money & identity!

If you have specific questions about the Equifax breach and how it may impact you, contact Clark’s Consumer Action Center — a FREE help line open Monday-Friday from 10 a.m. – 7 p.m. EST with volunteers available to answer YOUR concerns! Call Team Clark @ 404-892-8227.

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