Personal Finance

Was my Social Security number stolen? National Public Data breach questions

Published

3 months ago

August 23, 2024

Glowimages | Getty Images

You may have never heard of National Public Data, yet your personal information may have been compromised in the company’s recent massive data breach.

The background check company, which is owned by Jerico Pictures Inc., recently released details of the breach after a proposed class action lawsuit alleged 2.9 billion personal records may have been exposed. Other reports suggest the amount of records leaked may have been more than 2.7 billion.

In an official data breach notice filed in Maine, National Public Data indicated 1.3 million records may have been breached, said James E. Lee, chief operating officer at Identity Theft Resource Center, a non-profit organization focused on mitigating risks of identity breaches and theft.

“It is entirely possible that it is that low; it’s also entirely possible it’s higher,” Lee said of the number of people affected.

The information breached may have included Social Security numbers, names, email addresses, phone numbers and mailing addresses, National Public Data states on its website.

A third-party bad actor may have hacked into the data in December, with potential leaks of the information in April and over this summer, the company said on its website. National Public Data did not return a request for comment by press time.

As cyber professionals dig into the breached data, they’re finding that not all of it is accurate and much of the information was already available. “The reality is there’s nothing new in this data,” Lee said.

Still, experts say news of the breach is a great reminder to take steps to protect your personal information. Here’s a roundup of answers to common consumers are asking now.

Can you be affected even if you’ve never heard of National Public Data?

Yes. National Public Data is a background check company that provides information either through legitimate sources or by scraping it off the web, Lee said. Because the data is collected more casually, it can be gathered without consumers’ permission and outside of certain regulations. As a result, it may be inaccurate or outdated, he said.

Certain information, such as when you buy a house or pay property taxes, technically is public record, said Cliff Steinhauer, director of information security and engagement at The National Cybersecurity Alliance, a nonprofit focused on cybersecurity awareness and education. Companies can collect and aggregate that publicly available data to gather a picture of who someone is, he said.

“You have varying levels of companies’ ability to protect the data that they’re collecting, and they may not fall under any regulation to do so because it’s like public data to begin with,” Steinhauer said.

Identity theft is where bad actors are focusing their attention, says CyberArk CEO

Is there a way to know if your Social Security number has been affected?

Certain cyber groups have set up websites to enable individuals to search to see if their personal data was affected by the breach, Lee said. One site — NPDBreach.com — allows for a search by full name and zip code, Social Security number or phone number. Another site — NPD.pentester.com — allows for search based on first name, last name, state and birth year.

“I certainly don’t recommend anybody enter their Social Security number” in the sites, Lee said.

By entering your name, you may get a sense of what information, if any, has been shared. The good news is most people are finding information that has been leaked is inaccurate, Lee said.

What is the best way to protect your personal information?

If you find you’re included in the breach, the steps you should take are not necessarily new.

“There’s nothing additional you should do that you haven’t hopefully have already done, or you know now to do,” Lee said.

Freezing your credit should be at the top of that list. Be sure to submit requests to each of the three major credit bureaus — Equifax, Experian and TransUnion.

A freeze will help block access to your records by bad actors. However, keep in mind you will need to either temporarily or permanently unfreeze your credit if you want to apply for a new credit card or auto loan, for example.

As you freeze your credit, be extra vigilant that you are on the legitimate websites of the credit bureaus, and not look-alike sites aimed at stealing your personal information.

Additionally, you should change all your passwords, particularly if you have repeated passwords among multiple websites. Ideally, you should enable multi-factor authentication for personal websites to help keep your financial data secure. Also, never share your personal information while using public internet.

Is it worthwhile to pay for extra protection?

In addition to freezing your credit, there are ways to purchase additional protection.

Sites like National Public Data may allow for individuals to opt out of being included in their data collections. However, because there are so many data brokers, it can be time consuming for consumers to contact each one, Steinhauer said. To help, consumers can pay for a data broker removal service that will contact the websites on their behalf.

Additionally, identity theft monitoring tools will let you know if someone tries to open an account using your personal information.

Dark web monitoring services can let you know if your information was found in a data breach that was published on the dark web.

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Can you be entitled to money damages if you’re affected by the breach?

While legal organizations may tout the idea that money damages may be available to people affected by the breach, any sums that are eventually paid likely won’t be meaningful, Lee said.

“You’re not going to get a lot of money,” Lee said.

After the 2017 Equifax breach affecting more than 147 million consumers, for example, people reported receiving lawsuit payouts in late 2022 of less than $3 in some cases, while other said they got around $40.

The goal of the solicitations is often to build a multi-state, multi-jurisdiction class action lawsuit, which may consolidate multiple lawsuits.

However, they will need to prove actual harm came from this specific data breach, Lee said. Because there have been so many data breaches, it can be difficult to tie a specific piece of data to this one event, he said.

Personal Finance

Why Trump’s tax plans could be ‘complicated’ in 2025, policy experts say

Published

15 minutes ago

November 19, 2024

Business Finance News

U.S. President-elect Donald Trump speaks during a meeting with House Republicans at the Hyatt Regency hotel in Washington, D.C., on Nov. 13, 2024.

Allison Robbert | Via Reuters

Congressional lawmakers will soon debate expiring tax breaks and new promises from President-elect Donald Trump.

Agreeing on cuts and spending, however, could be a challenge.

With a majority in the House of Representatives and Senate, Republican lawmakers can pass sweeping tax legislation through “reconciliation,” which bypasses the Senate filibuster. Republicans could begin the budget reconciliation process during Trump’s first 100 days in office.

But choosing priorities could be difficult, particularly amid the federal budget deficit, policy experts said Tuesday at a Brookings Institution event in Washington.

Legislators will be “representing their districts, not their party,” Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, said Tuesday in a panel discussion at the Brookings event.

“This is a lot more complicated than just the reds against the blues,” he said.

‘Political divisions’ could be a barrier

With a slim majority in Congress, Republican lawmakers will soon negotiate with several blocks within their party. Some of these groups have competing priorities.

Enacted by Trump in 2017, the Tax Cuts and Jobs Act, or TCJA, is a key priority for the next administration.

Without action from Congress, trillions of tax breaks from the TCJA will expire after 2025. These include lower tax brackets, higher standard deductions, a more generous child tax credit, bigger estate and gift tax exemption, and a 20% tax break for pass-through businesses, among other provisions.

The more things you try to bring in, the more potential political divisions we have to navigate.

Molly Reynolds

senior fellow in Governance Studies at Brookings Institution

Tax bill could take longer than expected

Since budget reconciliation involves multiple steps, policy experts say the Republican tax bill could take months.

Plus, Congress has until Dec. 20 to fund the government and avoid a shutdown. A stopgap bill could push the deadline to January or March, which could take time from Trump’s tax priorities.

“The idea that they’re going to do this in 100 days, I think, is foolish,” Gleckman said. “My over-under is Dec. 31, 2025, and that might be optimistic.”

However, the bill could get through by Oct. 1, 2025, which closes the federal government’s fiscal year, other policy experts say.

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Personal Finance

Why it helps to file early

Published

2 hours ago

November 19, 2024

Business Finance News

We are overly reliant on student loans to fund higher education, says NACAC CEO Angel Perez

This week, the new Free Application for Federal Student Aid expanded its “phased rollout” so all students can now apply for aid for the upcoming academic year.

Up until Monday, the 2025-26 FAFSA was only available to limited groups of students in a series of beta tests that began on Oct. 1.

Now, the form is open to all and the Department of Education has said it will be out of testing entirely by Nov. 22 — which puts the official launch ahead of schedule.

Typically, all students have access to the coming academic year’s form in October, but last year’s new simplified form wasn’t available until late December after a monthslong delay.

This year, the plan was to be available to all students and contributors on or before Dec. 1.

Students who submit a form during this final “expanded beta” phase before Nov. 22 will not need to submit a subsequent 2025–26 FAFSA form, the education department said.

There are still some issues with the new form, some of which also plagued last year’s college aid application cycle, but they all have workarounds, according to higher education expert Mark Kantrowitz.

Altogether, this year’s rollout is “much better than last year,” he said.

Last year, complications with the new form resulted in some students not applying at all. Ultimately, that meant fewer students went on to college.

Why it’s important to file the FAFSA early

“Students should take full advantage of the early rollout and submit their FAFSA as soon as possible,” said Shaan Patel, the CEO and founder of Prep Expert, which provides Scholastic Aptitude Test and American College Test preparation courses.

The earlier families fill out the form, the better their chances are of receiving aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds.

“The earlier you apply, the better your chances of securing more aid that doesn’t need to be repaid,” Patel said.

“Submitting early also means you’ll receive your financial aid award letters sooner,” he said. “This gives you ample time to compare offers from different schools and make an informed decision without feeling rushed. Finally, knowing your child’s financial aid status earlier reduces stress and allows your family to focus on other important aspects of college preparation.”

For many students, financial aid is key.

Higher education already costs more than most families can afford, and college costs are still rising. Tuition and fees plus room and board for a four-year private college averaged $58,600 in the 2024-25 school year, up from $56,390 a year earlier. At four-year, in-state public colleges, it was $24,920, up from $24,080, the College Board found.

The FAFSA serves as the gateway to all federal aid money, including federal student loans, work-study and especially grants — which have become the most crucial kind of assistance because they typically do not need to be repaid.

Submitting a FAFSA is also one of the best predictors of whether a high school senior will go on to college, according to the National College Attainment Network. Seniors who complete the FAFSA are 84% more likely to enroll in college directly after high school, according to an NCAN study of 2013 data.

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Personal Finance

89% of Americans do not consider themselves wealthy, Fidelity finds

Published

5 hours ago

November 19, 2024

Business Finance News

Why so many young adults are still living with their parents

Inflation is cooling and wages are rising. Yet, few Americans — including millionaires — feel confident about their financial standing.

Across all income and asset levels, 89% of Americans said they do not consider themselves wealthy, according to Fidelity Investments’ State of Wealth Mobility study. Fidelity polled 1,900 adults in August.

“Only one-tenth of Americans consider themselves wealthy today — despite many having considerable wealth,” said Rich Compson, head of wealth solutions at Fidelity Investments.

For most Americans, the definition of what it means to be wealthy is relatively modest, with 71% saying being wealthy is simply the ability to not have to live paycheck to paycheck.

Roughly 57% said wealth also entails traveling and taking vacations, while 56% said it’s being able to pass down money to the next generation.

Nearly half — 49% — said feeling wealthy meant the ability to own a home, Fidelity found.

For high-net worth individuals, or those with $1 million or more in savings and investable assets not including real estate or retirement funds, more households associated wealth with traveling and fewer said a major criterion for feeling wealthy was not living paycheck to paycheck.

Surprisingly, the same share — 49% — said being wealthy meant owning a home.

Obstacles to feeling wealthy

Housing affordability has become a major hurdle.

High home prices and higher mortgage rates along with low inventory have put ownership just out of reach for many households.

One “silver lining” is that affordability has improved somewhat since October 2023, when mortgage rates were near 8%, according to a new analysis by Freddie Mac.

Jose Luis Pelaez Inc | Digitalvision | Getty Images

Although vacationing has also gotten more expensive, Americans are still determined to travel.

Travel spending among households continues to outpace its pre-pandemic levels, some reports show.

However, concerns about high prices are playing a larger role in keeping some would-be vacationers home. Those that are travelling have had to adjust their budgets accordingly, spending roughly 10% more compared to 2023, according to another study by Deloitte.

Rising debt is another threat to wealth

At the same time, rising consumer debt has weighed on household balance sheets. Nearly half, 44%, of Americans said credit card debt is the biggest threat to their ability to build wealth, according to a separate report by Edelman Financial Engines.

Americans now owe a record $1.17 trillion on their credit cards, and the average balance per consumer stands at $6,329, up 4.8% year over year, according to the Federal Reserve Bank of New York and TransUnion, respectively.

“High interest rate credit card debt, more than other sorts of debt, is a savings killer, because when you have it, you have to feed the beast. You can’t save, you can’t invest,” Jean Chatzky, personal finance expert and CEO of HerMoney.com, told CNBC in September.

“That stands in the way of people building actual wealth and therefore feeling wealthier,” she said.

What it would take to feel rich

Most people — roughly 65% of those polled — said they would need $1 million in the bank to consider themselves wealthy, although 28% said it would take at least $2 million and 19% put the bar at $5 million or more, Edelman Financial Engines found.

Among current millionaires, 68% said they would need at least $3 million and 40% said feeling wealthy would require $5 million of more.

Edelman Financial Engines polled more than 3,000 adults over age 30 from June 12 to July 3, including 1,500 affluent Americans with household assets between $500,000 and $3 million.

When it comes to their salary, 58% of all of those surveyed said they would need to earn $100,000 on average to not worry about everyday living expenses, and a quarter said they would need to earn more than $200,000 to feel financially secure.

In most cases, feeling financially secure is not based on how much you earn, but rather a commitment to save more than you spend, maintain a well-diversified portfolio and work with a financial advisor, experts often say.

“Having confidence in being able to invest strategically is what often separates those who feel they are wealthy from those who don’t,” said Fidelity’s Compson. “Improved confidence starts with education and planning.”

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