Employers often do the same before deciding whether to make a job offer. You may not realize fraud has taken place until your child reaches early adulthood and applies for student loans, vehicle loans or other forms of credit.

I’m pretty sure I'm just like the majority of the estimated 140 million Americans when it comes to being frustrated over the Equifax security breach.

Last week, Alabama Attorney General Steve Marshall announced he had joined forces with more than half of the country's Attorneys General to write a letter to Equifax, asking the company to do more to help consumers during this time. Those measures may spur needed changes in the long term, but they do little to assuage anxious consumers. For that complaint, we should all have relatively little sympathy—they earn billions of dollars annually from the selling of our data without our permission or consent.

Essentially, if you've ever engaged in any financial undertaking requiring a credit report, your social security number, address, birth date and potentially even your personal financial information has been compromised due to Equifax's poor cybersecurity and the negligent way in which the credit reporting agency responded to its hacking. That's nearly every adult in the country.

Anthem's data breach compromised social security numbers, birth dates and other information of 78.8 million people and its settlement ended class actions filed in several states.

So what can be done? This adds time and effort when it comes time to lease a vehicle, rent an apartment, purchase a new sofa or apply for store credit, because a consumer must first contact the credit agency to lift the freeze.

The misconception is that if you have never done business with Equifax you do not have to do anything to protect your personal information.

Turns out Equifax isn’t the only credit reporting agency with garbage security, which probably shouldn't come as a surprise at this point.

The UDAAP provision does not specifically address cyber incidents, but because it is "very broad and very vague," the CFPB could argue Equifax breached the law, said Alan Kaplinsky of law firm Ballard Spahr.

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