After data breaches, do I need credit monitoring?

January 10, 2018 4:18 AM

My info has been involved in some of the large-scale data breaches you hear about. Afterwards, I've ignored the notices offering free credit monitoring. Is that a mistake? I have one that offers "Alternative Compensation... up to $36" if I already have credit monitoring. Should I get monitoring from one of the others and ask for that payment?

After the breaches, I temporarily keep a better eye on my statements. Is it important to also enroll in credit monitoring? What does monitoring actually do? Does it have any possible downsides?

I have two notices that I've kept:

One is older, referencing the Equifax breach. Back when that happened, I read something negative about their monitoring, and put off enrolling. I just rechecked at equifaxsecurity2017.com, and it says, "...our records indicate your personal information was impacted by this incident. Click the button below to continue your enrollment in TrustedID Premier."

The other notice is a class action settlement from Anthem. It provides 2+ years of free monitoring. Or, if I already have monitoring, I can apply for "Alternative Compensation... up to $36" instead.

Should I sign up for monitoring from the Equifax one, and payment from Anthem?

posted by daisyace to Grab Bag (2 answers total)

Monitoring doesn't hurt. Better than monitoring, though, you want a security freeze. Security writer Brian Krebs has an excellent guide.
posted by fedward at 6:42 AM on January 10, 2018 [2 favorites]

If you are truly concerned, go for the security freeze. It will cost you a few dollars (about $40) for the 3 reporting agencies. Be sure to keep track of the logon/password/security information you create when you go through the process, you need it if you want to unlock access if you apply for credit anywhere.

A benefit of the freeze seems to be you no longer get any offers for new credit cards! :)

And +1 on the Krebs write-up.
posted by sandpine at 1:31 PM on January 10, 2018