Wealthsimple Security Breach !! | Wealthsimple | Discussion forum

I wasn’t impacted by this particular breach.

My data have been stolen twice so far: from LifeLabs and from WestJet. Something like 9M Canadians were impacted by the LifeLabs leak. WestJet never indicated how many clients had data stolen in June 2025, so I presume it's a lot.

In all cases the company pays for 1-2 years of monitoring for identity theft. All the thieves have to do is wait for 2 years and 1 day. Might be a case for paying out of own pocket passed 2 years. Perhaps Service Canada would issue a new SIN if asked…

I got free credit monitoring after the Home Depot breach. There was never any use for it, but it did make it hell to get one of my credit limit increased because of the difficulty of proving who I was.

Probably a good idea to change your password, even if you weren't notified, which should be done with any data breach, since institutions aren't always forthcoming with all the info.

https://www.theglobeandmail.com/investing/personal-finance/article-wealthsimple-customers-data-breach/

I don't think I said anything about on-line applications - I'd never put my ID on line! - but there's no face-to-face with distant agencies. I had to send photos by RealMail. For some Financial Institutions I do face-to-face as I live in Vancouver and we have many branches.

I think I got some tiny cheque from Life Labs - of course, the lawyers always get nearly every dime! And they charged me $1.50 for the cheque!

mordko said
Credit monitoring does not prevent or slow down you getting credit in any way. I have credit monitoring and never had an issue getting credit cards.  

Is it true that paying off the full credit balance every month actually lowers your credit rating?

I was told Not using credit at all is a negative, not having a mortgage or loans is negative in the eye of credit rating agency.
What they like to see is someone having some credit usage, and pay it on time, be it credit card balance, and other loan type.
One would think someone who does not need to borrow at all should have the highest score, but it is the ability and history to demonstrate ability to pay back any loan / credit etc that matters

CAD said

savemoresaveoften said
I was told Not using credit at all is a negative, not having a mortgage or loans is negative in the eye of credit rating agency.

WHY should I care for a 'credit rating' if I do not need mortgage nor personal loan and I am paying my CC in full every month?

This 'credit rating' is invented just to FORCE you to borrow money and live in debt all your life so you can have 'nice things' you 'deserve' but cannot afford.  

I think one should care if applying for a job (or maybe a rental apartment), for example I heard that some/most/all companies ask for a credit (as well as a police) report. A good credit rating and police report and reference from previous employer is an indication of good character.

CAD said

savemoresaveoften said
I was told Not using credit at all is a negative, not having a mortgage or loans is negative in the eye of credit rating agency.

WHY should I care for a 'credit rating' if I do not need mortgage nor personal loan and I am paying my CC in full every month?

This 'credit rating' is invented just to FORCE you to borrow money and live in debt all your life so you can have 'nice things' you 'deserve' but cannot afford.  

All I can say is Never say Never.....

A credit rating does not force me to borrow. I use CC to earn the cash rebates, anywhere from 3%-5% right now depends on the category and card.

Taking out a mortgage for a rental property can be a form of investment, not about cannot afford or borrow so one can indulge etc

Also you are not going to get a $hit credit score just cuz you have no debt, no CC etc. It is just that you have not "demonstrated" your ability to repay...

My credit score is always mid range of excellent, bouncing back and forth 10 pts on average. just dont know how attends the max of 900 score.

CAD said

savemoresaveoften said
I use CC to earn the cash rebates, anywhere from 3%-5% right now depends on the category and card

Care to share what CC offers 5% cash back?
Max I get is 4% for gas/groceries...  

MBNA World Elite gives over 5% on groceries, restaurants and utilities but to get this ratio you have to spend your points on vouchers rather than cash (Walmart, Amazon, etc).