As a result of the Equifax breach, tens of thousands of people have decided to buy credit monitoring.
Does it make sense to pay $20 to $30 a month to have your credit files monitored?
If you can afford it, monitoring may give you peace of mind. And it may spot the warning signs of identity theft sooner than you would on your own.
The biggest concern I have with credit monitoring is all the hype that’s often used to sell it.
Remember: Credit monitoring cannot prevent identity theft. It can only flag suspicious activity that may indicate you’ve been targeted by an ID thief.
If your data was stolen in the Equifax breach, you can get free credit monitoring for a year, so there’s no urgent need to buy any extra coverage for 12 months.
Washington Post personal finance columnist Michelle Singletary recently wrote a story that she just got the Equifax credit monitoring service and she still doesn’t feel safe.
This story keeps changing almost daily. Equifax announced last week that it will offer free “credit locks” starting next year.