Is Equifax safe?

_{Equifax account, data security, Ontario}

Equifax Canada’s 2017 data breach leaked personal info of millions, including Canadians. While they’ve vowed to enhance data security, concerns persist over their ability to handle vulnerabilities effectively. Despite improvements, data breaches and identity theft remain hot topics in credit monitoring.

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_{Equifax Canada’s data security concerns linger post-breach.}

Equifax Account Question

Is Equifax safe? I’m thinking of using Equifax but want to know if it’s a safe and reliable service. Is my data secure?

From: Anonymous Question
Location: Brantford, Ontario (ON)
Category: financial planning

Equifax Account Answer

Back in 2017, Equifax Canada experienced a major data breach, which led to the leaking of personal data for millions, Canadians included. They’ve since promised to bolster their security with industry-approved measures, but skepticism lingers. Investigations highlight ongoing concerns around how they manage vulnerabilities and handle consent and accountability policies. So, while steps have been taken towards improvement, worries about data breaches and identity theft still hang over their head.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

Equifax is generally considered a reliable service, as it is subject to the Personal Information Protection and Electronic Documents Act (PIPEDA), which governs the collection, use, and disclosure of personal information in Canada. Under this act, organizations must implement reasonable security measures to protect personal data (Section 4.7).

Additionally, the Credit Reporting Regulations outline requirements for credit reporting agencies, specifying that they must maintain security practices to protect the information they manage (C.R.C., c. 369, Section 3).

However, it is important to be aware of past security breaches that have affected Equifax and to take additional steps to protect your data, such as monitoring your credit report and using strong, unique passwords.

From: OSB Helper

Related Questions

Here are the top 5 most frequently asked questions related to the safety of Equifax, based on common concerns and trends:

1. How did the Equifax data breach happen?

The breach occurred when hackers exploited a known vulnerability in the Apache Strut software platform supporting an online dispute resolution portal on May 13, 2017[1][4].

2. What personal information was compromised in the Equifax data breach?

The breach compromised names, addresses, dates of birth, social insurance numbers, payment card information, and detailed credit report data of affected individuals[1][4].

3. Does Equifax have adequate security safeguards in place now?

Equifax and Equifax Canada were found to have inadequate security safeguards at the time of the breach, but subsequent investigations and compliance agreements have mandated various corrective measures, including third-party audits and improved security practices[1][4].

4. How can I protect my credit report from unauthorized access through Equifax?

You can protect your credit report by using features such as credit locks or security freezes, which prevent lenders and other businesses from accessing your credit report for new credit obligations[2][5].

5. Is my credit score affected if I lock my Equifax credit report?

Locking your Equifax credit report does not affect your credit score, as the locked or unlocked status is not included in credit score calculations[2][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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