Personal Finance

People's Trust hacked, Q about them putting flag on credit file

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  • Mar 16th, 2014 10:36 pm
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[OP]
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Feb 24, 2007
1371 posts
55 upvotes

People's Trust hacked, Q about them putting flag on credit file

Just got mail saying People's Trust was hacked, financial information is safe but personal information was not, including SIN. While I'm sure the risk of identity theft is small, I do have CIBC credit alerts and will probably order my credit profile more regularly, I figure those two things should keep me covered in case something happens. But I'm wondering about the extra security feature that People's Trust put on my credit file, they flagged it, and it will stay flagged for six years, or until I remove it. This flag, according to the letter, alerts lenders that my data was compromised and requires additional steps to verify my identity. Since I regularly apply for credit products, how much of a pita is this flag going to be? Maybe it was just a coincidence, but the last few weeks I applied for a few banking products, and both times I was required to physically go into the branch and give them all this personal information that I'm sure they already had. And those quick meets, drag out to 30 - 60 mins long, so annoying. If this is going to be the "extra" steps required to identify myself, I'm thinking of removing this flag, not worth the time waste and annoyance. Anyone ever have one of these flags on their credit profile? Are the extra verification steps a large hassle? Get rid of it?

How do you get rid of the flag, stupid letter just directs you to the credit bureau sites, but doesn't tell you exactly how to get rid of the flag, expects me to do the research. Can I just call the bureaus to have it removed?
421 replies
Deal Addict
Oct 7, 2007
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I would strongly recommend leaving the flag on. I have something on my credit file related to something different but it is kind of a safety feature that prevents accounts from being opened too easily and without a credit rep actually speaking to you. For me, the additional effort has been minimal and well worth it. JMHO
Newbie
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Nov 17, 2012
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Mississauga
It's a letter -- I got one today too :(
Deal Addict
Dec 16, 2012
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Vancouver
Just got this email and wondering the same things, How closely is this flag going to be to those monitoring solutions that those credit bureau offer for a fee?
Deal Fanatic
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Jun 19, 2009
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Scarborough
Dang, my TFSA is there. I might withdraw from it this year and invest it in January 2014. Money in savings account was in ING for a promotion, thank god. Scary stuff :!:
Member
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Oct 31, 2008
392 posts
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Now it's clear why their website for new accounts was "under maintenance" for the past 3 weeks. They were plugging the security holes...and splashing a generic maintenance screen, instead of a "We f***ed up" message!!
Deal Fanatic
Apr 16, 2007
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Financial District B…
halflife150 wrote:
Nov 1st, 2013 2:31 pm
How do you get rid of the flag, stupid letter just directs you to the credit bureau sites, but doesn't tell you exactly how to get rid of the flag, expects me to do the research. Can I just call the bureaus to have it removed?
I would also strongly advise you keep the account flagged.

Your ident data can be used for other credit products that don't necessarily require applying for a credit product that is mandated with a reported tradeline(ie: credit card)
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
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Dec 17, 2008
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Winnipeg
Does this affect only current clients or former clients as well? I closed my People's Trust accounts almost 3 years ago.
[OP]
Deal Addict
Feb 24, 2007
1371 posts
55 upvotes
mikeymike1 wrote:
Nov 1st, 2013 5:28 pm
I would also strongly advise you keep the account flagged.

Your ident data can be used for other credit products that don't necessarily require applying for a credit product that is mandated with a reported tradeline(ie: credit card)
Like what exactly? And if it isn't mandated to be reported, then the person offering the product might not even look at the credit profile and see the flag anyways, so wouldn't it be a pointless thing? Are there other ways of finding out products that would be in your name if it doesn't appear on the credit profile? Doesn't the credit profile show all inquiries, if I find some odd inquiry, I could always look into it myself and see what happened. Anyways, I figure the threat is very low, and the hassle of the extra protection forcing me to meet a banker every time is not worth it.
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Dec 17, 2008
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Called 1-800-663-0324 and pressed 3 for deposit services. Agent advised he could not comment on anything and that they have set up a special number for answering concerns; 1-855-286-8505. When you call that number it asks you to leave your name and number and someone will call you back - I didn't leave a message, I guess I'll wait and see if Former clients are affected as well. You would think they could at least issue a press release or put something on their website.

I remember why I left this company before - Outdated, and even back then I had a problem with the security on how you could just email any request from any email address and they would just do it.
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Apr 16, 2007
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Financial District B…
halflife150 wrote:
Nov 1st, 2013 5:45 pm
Like what exactly? And if it isn't mandated to be reported, then the person offering the product might not even look at the credit profile and see the flag anyways, so wouldn't it be a pointless thing? Are there other ways of finding out products that would be in your name if it doesn't appear on the credit profile? Doesn't the credit profile show all inquiries, if I find some odd inquiry, I could always look into it myself and see what happened. Anyways, I figure the threat is very low, and the hassle of the extra protection forcing me to meet a banker every time is not worth it.
example:
All the no-contract mobility centers do not pull bureaus. Anyone with your ID can acquire an account, get a phone(free one or otherwise) use it and then skip on any payments pre-auth/pre paid or postpaid. The next thing that will occur is a collection tradeline appearing on your bureau.

Someone could use your ID to rent a musical instrument at Long and McQuaid's. Rent a 1k Sax for $60 weekend and then never return. The account will be tagged again on your bureau as a collection.

Someone could order products online and use you ID name with exorbitant UPS shipping charges and then skip on them. Next you'll have a UPS collection

If the flag is in place that would immune you from any such fraudulent activities.

Identity thieves are not stupid. They will figure out ways to use your ID to get things they want without alarming ident verification systems and policies.

I work in the industry and see things like this all the time. People who steal your identification will avoid applying for credit products that require a credit check or obtaining a credit product that reports to the bureaus.
Leave the flag on
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
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Dec 16, 2012
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Vancouver
Shawguy wrote:
Nov 1st, 2013 5:57 pm
Called 1-800-663-0324 and pressed 3 for deposit services. Agent advised he could not comment on anything and that they have set up a special number for answering concerns; 1-855-286-8505. When you call that number it asks you to leave your name and number and someone will call you back - I didn't leave a message, I guess I'll wait and see if Former clients are affected as well. You would think they could at least issue a press release or put something on their website.

I remember why I left this company before - Outdated, and even back then I had a problem with the security on how you could just email any request from any email address and they would just do it.
Let us know how this goes, ask them about free credit monitoring for the next few years.

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