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MoneyKeeping private information private: Are credit monitoring systems worth the cost?

20:50  04 august  2019
20:50  04 august  2019 Source:   cbc.ca

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Credit Karma offers free credit monitoring if you agree to receive advertising and offers from the company, Weisman said. Discover offers free monitoring of your Social Security number in the "dark web," the part of the internet where personal information is bought and sold. Many other banks and

Credit monitoring services allow you to keep an eye on your credit report and score. You can receive early warning of changes to your credit and respond Credit monitoring also allows you to detect instances of identity theft – one of the 10 biggest crimes. Protecting your credit from identity theft is

Keeping private information private: Are credit monitoring systems worth the cost?© Mike Stewart/Associated Press Equifax is one of the largest credit monitoring services available. The recent Capital One data breach is just the latest in a series of high-profile data hacks that have affected millions of people across North America.

Fearing their private information could be compromised, many are considering "credit monitoring" services — but is it worth the cost?

There are several credit monitoring services available — one of the largest is Equifax. For $17 a month, you get access to your credit score, you are alerted to any major changes to your credit report, and you receive up to $25,000 in identity theft insurance.

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I'm renewing my domains. I've always purchased private registration but I'm having second thoughts. Is it really doing anything? I'd hate to not renew it and then have hundreds of 'scammer emails & phone

The most important type of information to keep private is personally identifiable information (PII). Never save your payment information online: According to a study by CreditCards.com, roughly 100 million Americans store their credit or debit card information in an app or on a website to make

It's a reactive system that informs you only if you become a victim of fraud. The idea is that credit monitoring allows you to minimize — not prevent — fraud.

I've never paid for credit monitoring, but I do take precautions. For example, with Equifax and Transunion you can request your credit report for free. I did this yesterday. The process took about five minutes and I expect to receive my report in the mail within three to five business days. I recommend people do this at least once a year.

Once you receive your credit report, make sure all the information is accurate, checking for any credit facilities (cards, loans, etc.) that you don't recognize. If the information in the report is unexpected, contact the credit provider to get some answers.

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Here are her reasons: Credit monitoring is a credit education tool, it can save you money by Unrelatedly (I believe), I started using creditsesame.com’s free credit report monitoring system a I have periodically used credit monitoring systems , but not perpetually. I found them useful after my

Credit monitoring keeps a watchful eye on your credit report, but is it worth paying for? Several of the credit and identity theft monitoring packages scour the internet to ensure your personal information Monthly credit monitoring can be helpful during the homebuying process, particularly

I have also signed up with Credit Karma, which offers free credit scores, lists all your credit facilities, monitors your file and informs you of any unusual activity. Basically, it offers what Equifax offers for $17 per month, but for free.

I'm new to Credit Karma so it's a bit early to make a recommendation, but so far, my experience has been positive. They do not sell your information, because if they did, they would be no better than the hackers. Instead, they receive a commission for every credit card procured by their site. I've never signed up for a card so I'm getting the credit monitoring or daily credit reports for free.

Fraud Alert

Years ago, while my wife was in the hospital giving birth, someone sneaked into our delivery room and stole her purse, which held her ID, bank card, credit cards and our apartment's fob key. Once we realized what had happened, I called our bank, reported her ID stolen and had my strata change the access codes on our building's fobs. I also called Equifax and TransUnion and asked them to put a "fraud alert" on my wife's accounts.

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The Social Credit System (Chinese: 社会信用体系; pinyin: shèhuì xìnyòng tǐxì) is a national reputation system being developed by the Chinese government.

information on Credit Monitoring Arrangement (CMA) data base forms is not required. . The Credit Monitoring Arrangement (CMA) under which banks were required to report to RBI the details of credit facilities sanctioned to large borrowers from the banking system for post sanction scrutiny was also

With a fraud alert, the credit provider will take additional precautions when confirming the identity of the person applying for credit. The extra precautions are enough to deter many thieves.

In our case, since the thieves had our address, our keys, and knew we would be busy at the hospital with a newborn,  they could have gone to our home, searched it, found my ID and/or other private information, and left without a trace.

Keeping private information private: Are credit monitoring systems worth the cost?© Shannon Stapleton/Reuters Capital One's recent data breach affected millions of people across North America.

Smart criminals often do not use the stolen information until months later, waiting until the victim is no longer on high alert. I didn't want to take that chance, so I also tagged my credit report with a fraud alert. While useful, fraud alerts aren't foolproof; you still need to be diligent and monitor your financial/credit accounts regularly for at least a year, if not longer.

My last tip is to safeguard your social insurance number (SIN). Memorize the number, do not keep your SIN card in your wallet, and shred all unnecessary documents that contain your SIN.

Any time providing a SIN is optional, do not provide it. For example, when I applied for my free credit report with Equifax, I had a choice of providing my SIN or answering some personal questions — I chose the questions.

This column is part of CBC's Opinion section. For more information about this section, please read this editor's blog and our FAQ.

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