Protecting Against Identity Theft, Student Loan Changes, and Trump Accounts

Bob Powell, host of Decoding Retirement on Yahoo Finance, answers viewer questions. He advises protecting against identity theft by checking credit reports from major bureaus and placing a credit freeze. He also discusses changes to student loans under the new law, including new limits on Parent Plus loans and graduate plus loans, a lifetime borrowing cap of $257,600, and a new balance-based repayment plan.

A significant data breach at TransUnion, one of the nation's big three credit bureaus, has raised concerns about the security of personal information. On July 28, 2025, hackers gained unauthorized access to sensitive data, affecting over 4.4 million individuals [1]. The breach compromised names, Social Security numbers, and dates of birth, according to legal disclosures filed with the offices of attorneys general in Maine and Texas.

TransUnion confirmed the incident, stating that it involved unauthorized access to limited personal information for a small percentage of U.S. consumers. The company is working with law enforcement and has engaged third-party cybersecurity experts for an independent forensic review. Affected individuals are being notified, with letters sent out on Tuesday, July 29, 2025 [1].

The breach does not appear to have involved TransUnion's core credit database, and the company has offered two years of free credit monitoring services to those impacted. This latest incident is part of a series of major breaches in 2025, including a hack at Google targeting 2.5 billion Gmail users and a breach at LexisNexis affecting over 360,000 people [1].

What to Do If Your Information Was Leaked

If you believe your information may have been compromised, here are some steps you can take:

1. Contact TransUnion: You can reach out to TransUnion directly by calling their fraud assistance line at 1-800-516-4700. The call center is open Monday through Friday, 8 a.m. to 8 p.m. Eastern time.

2. Check Your Credit Reports: Review your credit reports for any suspicious activity. You can obtain free credit reports from all three major credit bureaus at AnnualCreditReport.com.

3. Monitor Your Accounts: Be vigilant about any unusual activity on your financial accounts. Consider freezing your credit as a preventative measure to prevent identity theft.

4. Change Your Passwords: Update your passwords and consider using a password manager to ensure they are strong and unique.

5. Seek Professional Help: Utilize free resources from nonprofits like the Identity Theft Resource Center or the Federal Trade Commission for guidance on how to protect yourself from identity theft.

Changes to Student Loans

In addition to the data breach, changes to student loans under the new law have been a significant topic of discussion. The new law includes new limits on Parent Plus loans and graduate plus loans, a lifetime borrowing cap of $257,600, and a new balance-based repayment plan. These changes aim to provide more flexibility and affordability for students and their families.

Conclusion

The data breach at TransUnion underscores the importance of protecting personal information and being vigilant about potential identity theft. As the number of data breaches continues to rise, it is crucial for individuals to take proactive steps to safeguard their financial information. Additionally, the changes to student loans offer new options for managing educational debt, which can have a significant impact on financial planning and retirement.

References:

[1] https://money.com/transunion-data-breach/
[2] https://www.ainvest.com/news/host-hotels-resorts-maintains-19-price-target-wells-fargo-analyst-2508/