credit monitoring or freeze / Hold credit

My wife and i are trying to decide weather to enroll in a credit monitoring service like LifeLock or put a credit “freeze / hold” using the 3 credit reporting companies. What is the difference and which would the be best way to protect us from criminals trying to open credit in our name?

Terry Says:  If you’re not planning to use any new credit — such as buying a car, or opening a new credit card or applying for a life insurance policy — then you can save some money by simply putting a freeze on your credit report.  (You can always lift the “freeze” if you do want to apply for new credit.)  The freeze prevents identity thieves from opening new credit in your name.  As for existing credit accounts, you are 100 percent protected against loss if they gain access to your current credit cards.  And similarly with your bank debit card, although many banks take a while to restore your cash — and you could be left without liquidity until they fix the problem.  That’s why it is wise to eliminate or severely limit your overdraft protection in your checking account.