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Jim Cramer Breaks Down the Real Danger From the Equifax Hack

Jim Cramer explains that you need to worry about bad guys opening up lines of credit in your name.
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Equifax (EFX) - Get Equifax Inc. Report executives are being grilled on Capitol Hill today about the cyberattack that exposed the private information of 143 million American consumers.

So what happens to all of that data? Jim Cramer breaks down how the bad guys can open up a line of credit in your name.

Cramer says you need to let your bank know that you are not looking to open that line of credit because you could end up in a situation where you have to pay lawyers to recoup a fraction of your loss.

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He goes on to say that he does not expect change to come from today's hearing, that's because he is not hearing big shareholders say that they cannot trust Equifax.

Cramer went on to compare the situation to Warren Buffett's response to the Wells Fargo (WFC) - Get Wells Fargo & Company Report scandal.

Watch all of Jim Cramer's latest videos, right here: