**Breaking News:** U.S. Fintech Firm 700Credit Hit by Devastating Data Breach Impacting at Least 5.6 Million People

The dark web just got a whole lot darker, as U.S. fintech and data services firm 700Credit has suffered a massive data breach that has compromised the sensitive information of at least 5.6 million individuals.

According to a statement released by the company, the breach occurred in October, exposing the names, addresses, dates of birth, and Social Security numbers of those affected. The Michigan-based firm provides credit reports, "soft pull" prequalification, identity verification, fraud detection, and compliance tools to auto, RV, powersports, and marine dealerships across the country.

700Credit integrates with dealer systems to access credit bureau data, screen customers for compliance, generate required notices, and supports about 18,000 dealerships. The company's extensive reach has raised concerns among consumers and regulators alike, as the compromised data could be used for malicious purposes such as identity theft or financial fraud.

"700Credit regrets to inform you that our industry was attacked again by a bad actor who had unauthorized access to some of our personally identifiable information (PII) including name, address and social security number," reads the data breach notification published by the company on its website. "The investigation is ongoing and most importantly there is no indication of any identity theft, fraud, or other misuse of information in relation to this event."

Despite the reassuring words from 700Credit, cybersecurity experts have been quick to caution that even if the data has not been misused yet, it's only a matter of time before it falls into the wrong hands. The company has engaged cybersecurity experts who confirmed the incident was limited to the application layer and did not affect its internal network or operations.

700Credit has taken steps to mitigate the damage by notifying impacted dealers and informing affected consumers. They have also reported the incident to the FBI and FTC, and coordinated regulatory notifications on behalf of the dealers. The company plans to notify state attorneys general and is offering credit monitoring to consumers as a precautionary measure.

"We pledge to take extraordinary steps necessary to assist consumers and notify required parties on behalf of dealers," continues the notification. "We timely notified the FBI and the FTC and confirmed with the FTC that 700Credit's filing on behalf of all dealers is sufficient to meet dealer obligations to notify the FTC."

Michigan Attorney General Dana Nessel has reissued a consumer alert in response to the breach, urging those affected to take immediate action to protect their sensitive information. "If you get a letter from 700Credit, don't ignore it," she warned. "It is essential that anyone affected by this data breach takes steps as soon as possible to safeguard their information."

In addition to offering credit monitoring services and assistance, 700Credit has also been working directly with the National Automobile Dealers Association (NADA) to address the fallout from the breach.

As a precautionary measure, consumers are advised to stay alert to phishing emails and other scams, update and strengthen their passwords, and remove unnecessary data or files. Enabling multifactor authentication on devices and online accounts adds another layer of protection, while regularly reviewing credit reports can help detect any suspicious activity.

In the words of Michigan Attorney General Dana Nessel: "A credit freeze or monitoring services can go a long way in preventing fraud, and I encourage Michiganders to use the tools available to keep their identity safe."