Education Credit Management Corporation is a company that guarantees federal student loans. On Friday, March 27 2010, the company released a statement that private data on 3.3 million nationwide had been stolen from its headquarters in Minnesota.
The information contained the names, addresses, Social Security numbers and dates of birth of borrowers but no financial or bank account information.
The theft was discovered on Sunday March 21, 2010 and law enforcement was immediately contacted. The information was not released to the public until ECMC received permission from authorities.
ECMC has taken action to help contain the situation by hiring the credit protection agency, Experian. Experian will provide free credit monitoring and protection services to the borrowers affected from the incident. Those that are affected will soon receive a letter in the mail from ECMC on how to get registered with a Experian and get their protection services started.
Richard Boyle, president and CEO of ECMC, released a statement regarding the matter,
“We deeply regret that this incident occurred and the stress it has caused our borrowers and our partners and are doing everything we can to help protect our borrowers’ identity and personal information”
Department of Education spokesman Justin Hamilton said protecting student privacy is a top priority. Hamilton announced the departments involvment in solving the problem in a statement given to the press,
“We are working with ECMC to make sure that affected individuals are provided with resources to protect their information and to provide with them with identity theft insurance”
If you believe that this incident could affect you personally, it is encouraged that you visit ECMC’s website for more information http://www.ecmc.org