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credit monitoring

Q&A: Free credit monitoring won’t prevent identity theft

October 30, 2017 By Liz Weston

Dear Liz: I thought I would share some information in light of the Equifax disaster.

Two of my credit card issuers provide free credit monitoring. Capital One scans my TransUnion file and Discover uses Experian. Both send email and text alerts about new activity and a monthly “reassurance” email when no such activity turns up in the previous 30 days.

Along with the credit freeze I placed at Equifax, I feel pretty secure at the moment. I’m sure that other credit card issuers have similar programs in place, and perhaps people should ask their financial institutions if such monitoring is available to them as account holders.

Answer: Free credit monitoring can certainly be helpful, but understand that it can’t prevent identity theft. At best, credit monitoring alerts you after the fact if someone has opened a new account in your name. Only credit freezes at all three bureaus can prevent those accounts from being opened in the first place.

Unfortunately, credit monitoring and freezes can’t help you with the most common type of identity theft, which is account takeover. That’s when someone makes bogus charges to your credit cards or steals money from your bank accounts.

Financial institutions use different types of software to detect fraud, but nothing replaces vigilance on the customer’s part. We should be reviewing transactions on our accounts at least monthly if not weekly. Online access to accounts can help you better monitor what’s going on.

You also can set up alerts that will email or text you if large or unusual transactions happen. (Just beware of a common scam where you’re texted an “alert” that your account has been frozen, along with a link that encourages you to divulge your login information.)

Even if you do everything in your power to avoid identity theft, you still can’t prevent scammers from using your information to file bogus tax returns, get medical care or commit criminal identity theft (by giving your name to the police when they’re arrested, for example). As long as Social Security numbers are used as an all-purpose identifier by businesses and government agencies alike, you can’t make yourself completely secure.

Filed Under: Identity Theft, Q&A Tagged With: credit monitoring, Equifax, Identity Theft, q&a

Thursday’s need-to-know money news

April 20, 2017 By Liz Weston

Today’s top story: The 4 perks of Solo 401(k) for business owners and freelancers. Also in the news: How to monitor your credit in exactly 250 words, how to eat healthy on a budget, and the best places to retire in 2017.

4 Perks of Solo 401(k) for Business Owners and Freelancers
Retirement savings for sole employees.

How to Monitor Credit in (Exactly) 250 Words
Short and sweet.

How to Eat Healthy on a Budget
You don’t have to live on ramen.

The Best Places To Retire In 2017
Where would you like to go?

Filed Under: Liz's Blog Tagged With: budget tips, credit monitoring, Credit Score, food budget, Retirement, retirement savings, retirement tips, solo 401(k)

Wednesday’s need-to-know money news

November 23, 2016 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: 4 ways you can protect your credit score over the holidays. Also in the news: Giving Tuesday and beyond, why you should think twice before grabbing certain Black Friday deals, and the used cars with the best discounts on Black Friday.

4 Ways You Can Protect Your Credit Score Over the Holidays
Monitoring is key.

Giving Tuesday and Beyond: How Millennials Like to Contribute
Bucking against the self-centered stereotype.

Think twice before grabbing this Black Friday deal
It’s all in the wording.

The Used Cars With the Best Deals on Black Friday
Used car shopping on Black Friday? Why not!

Filed Under: Liz's Blog Tagged With: Black Friday, credit monitoring, Credit Score, fine print, Giving Tuesday, millennials, used car shopping

Friday’s need-to-know money news

April 1, 2016 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Buying credit and identity theft monitoring. Also in the news: Financial aid appeal tactics, why we’re still swiping our credit cards, and how to look at living on a budget as an opportunity.

Should You Buy Credit and Identity Theft Monitoring?
What to look for.

7 Financial Aid Appeal Tactics To Improve Your Child’s College Aid Award
Making the case for more aid.

Why Are We Still Swiping Our Credit Cards?
Where are all the chips?

Why You Should Think of Frugality as an Opportunity, Not a Sacrifice
A different way of looking at living on a budget.

Filed Under: Liz's Blog Tagged With: budgets, Credit, credit card chips, Credit Cards, credit monitoring, financial aid, Identity Theft, identity theft monitoring

Wednesday’s need-to-know money news

April 8, 2015 By Liz Weston

635522783074355959-holiday-cardsToday’s top story: Finding the best credit monitoring service. Also in the news: The best move to make at tax time, how to get the best financial aid package, and how to keep your digital transactions safe.

How to Compare Free Credit Monitoring Offers
With credit theft becoming a near daily occurrence, it’s important to keep an eye on yours.

The Single Best Move to Make At Tax Time
Time to beef up your emergency fund.

4 insider tips to get the best financial aid package
How to make paying for college less traumatic.

5 Ways to Protect Your Digital Wallet
Keeping your online transactions safe.

How to Live Richly When You’re Feeling Broke
Cutting costs without cutting your favorites.

Filed Under: Liz's Blog Tagged With: credit monitoring, digital transactions. budgets, financial aid, tax tips

Get free credit monitoring for a year

January 16, 2014 By Liz Weston

TargetTarget’s offering free credit monitoring as penance for its recent massive database breaches. To get it, navigate to https://creditmonitoring.target.com and fill in your email address and name.

Within a day or two, you should get an activation code that allows you to sign up for one-bureau monitoring at Experian. Now, Experian’s a for-profit company, so it will try to sell you upgrades, such as a peek at “your credit score”–actually a PLUS score that isn’t used by lenders. You don’t have to buy anything or give up a credit card number to get the credit monitoring, however.

You will have to cough up your Social Security number and answer some questions culled from your credit report there so Experian will know you’re really you. As always, make sure the URL starts with an “https” before you give up private personal information.

You always need to be wary of credit monitoring offers. Apparently scamsters pretending to be Target are already targeting its customers, so you want to be sure you navigate to the right sites. Don’t click on links in random emails or give out private information over the phone to anyone who calls.

Another hazard has to do with lawsuits. Some companies offer credit monitoring after a breach, but in the fine print you agree to give up your rights to sue the company that suffered the breach or participate in class action lawsuit settlements.

In this case, the fine print requires you to agree to arbitration if there’s a problem with your credit monitoring service, but there’s no mention of giving up your rights regarding any future Target litigation.

I’m generally not a big fan of paying for credit monitoring, but free on-demand access to your credit information–plus alerts of suspicious activity–is a deal worth getting.

Filed Under: Liz's Blog Tagged With: Credit, credit monitoring, Credit Scores, database breach, Identity Theft, Target

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