Data breaches — credit monitoring or freeze?
Hello, I saw you on the news a few months ago after the Equifax data breach. My life is a bit of an ongoing mess and admittedly, I am not a whiz when it come to finances so because I did not know what to do to address this, I have done nothing. My mom thinks we should sign up for LifeLock but from what I read, it really does not help more than just monitoring credit and putting a freeze on our credit. Does that seem right? I have also heard that checking one's credit can reflect badly...I am a single case manager, meaning I do not have a lot of money so am doing my best to protect myself. Any suggestions would be greatly appreciated. Thank you!
Terry Says
OK, after all that frenzy over the Equifax breach died down, we have still not seen a massive credit fraud take place -- not to say it couldn't happen! When you buy (or get free) credit monitoring, they notify you if your information is found on the "dark web." But given the dimensions of this breach, it is entirely possible that most people will find themselves in that situation. Credit monitoring also offers help in restoring your credit if it is breached. One alternative is a credit FREEZE. That means NO ONE can get your credit report without your specific permission and no one can open new accounts in your name! But it can also impact you negatively and become a hassle if you're planning to buy a home or a car, or change jobs (employers check credit reports) or even to buy life insurance. You would have to lift the freeze in this case. There is a small fee in most states for installing a credit freeze (unless you are over age 65). And you need to do it at all THREE major credit bureaus! Instructions and phone numbers to do that can be found on my website.
