Is True-identity lock enough or credit freeze is better

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artibug
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Is True-identity lock enough or credit freeze is better

Post by artibug » Thu Sep 14, 2017 10:57 am

Per Equifax site, we are part of the data breach. So now I am putting freeze on each of the 3 credit bureaus and innovus as well. When I was on the Transunion site, it offered free credit lock with TrueIdenity. I researched/googled it and it seems legit and got good customer reviews. And even with the free version, it has an alert setting to text alert me if an inquiry is made. I want to know if the credit lock is enough or I should pay the $5 to freeze the credit. What's the difference between lock vs freeze anyhow? It seems that no one can access the credit info with having me unlock/unfreeze it. But unlocking it is much easier. Maybe that translate into easier data hack? If it offers the same or similar protection, why would I want to pay to freeze?

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flamesabers
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Re: Is True-identity lock enough or credit freeze is better

Post by flamesabers » Thu Sep 14, 2017 11:18 am

artibug wrote:
Thu Sep 14, 2017 10:57 am
Per Equifax site, we are part of the data breach. So now I am putting freeze on each of the 3 credit bureaus and innovus as well. When I was on the Transunion site, it offered free credit lock with TrueIdenity. I researched/googled it and it seems legit and got good customer reviews. And even with the free version, it has an alert setting to text alert me if an inquiry is made. I want to know if the credit lock is enough or I should pay the $5 to freeze the credit. What's the difference between lock vs freeze anyhow? It seems that no one can access the credit info with having me unlock/unfreeze it. But unlocking it is much easier. Maybe that translate into easier data hack? If it offers the same or similar protection, why would I want to pay to freeze?
I think both methods fulfill the same function but it's probably easier for thieves to circumvent the security of a lock compared to a freeze. I see the lock as a sort of intermediary security feature between a freeze and having an "open" credit report. The lock provides some protection to your credit report but not to the extent that you have to spend money and keep track of a PIN to freeze/unfreeze your credit report.

mhalley
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Re: Is True-identity lock enough or credit freeze is better

Post by mhalley » Thu Sep 14, 2017 11:25 am

clark howard has not commented on this new product, I hope he does so soon. I would say go ahead and freeze your credit. With this level of a breach, your entire identity has been compromized FOREVER. Who knows how long they will keep this a free service, after which you would need to pay for this THE REST OF YOUR LIFE!. 5 bucks x3 with the occ. thaw is a LOT cheaper. Plus Equifax has now decided to waive the 5 bucks for 30 days.
Remember to sign up for creditKarma if you want a monitoring component, and sign up for the SS site before you do your freeze.
https://www.creditkarma.com/
https://www.ssa.gov/myaccount/

From the Clark FAQ:
Q: Should I sign up for Equifax’s free credit monitoring?

A: NO!

It’s not reliable and does nothing to actually prevent fraud. The best way to protect yourself — from any type of data hack or potential identity theft — is by taking two simple steps:

Sign up for credit monitoring at creditkarma.com
Freeze your credit with all three main credit bureaus
http://clark.com/personal-finance-credi ... questions/

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oldcomputerguy
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Re: Is True-identity lock enough or credit freeze is better

Post by oldcomputerguy » Thu Sep 14, 2017 11:28 am

I subscribed for years to Equifax's alerting service. I always found them to be pitifully slow, i.e. an event would happen that I had set up an alert for but the alert would reach me a week or two after the fact. I finally froze with the big 3 and dropped the Equifax service. (Their service was not all that great to begin with, and when I got their announcement of an outrageous price increase (triple what it had been) for the same crappy service, I decided they weren't worth it and terminated my subscription.)
Anybody know why there's a 20-pound frozen turkey up in the light grid?

pochax
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Re: Is True-identity lock enough or credit freeze is better

Post by pochax » Thu Sep 14, 2017 12:39 pm

mhalley wrote:
Thu Sep 14, 2017 11:25 am
clark howard has not commented on this new product, I hope he does so soon. I would say go ahead and freeze your credit. With this level of a breach, your entire identity has been compromized FOREVER. Who knows how long they will keep this a free service, after which you would need to pay for this THE REST OF YOUR LIFE!. 5 bucks x3 with the occ. thaw is a LOT cheaper. Plus Equifax has now decided to waive the 5 bucks for 30 days.
Remember to sign up for creditKarma if you want a monitoring component, and sign up for the SS site before you do your freeze.
https://www.creditkarma.com/
https://www.ssa.gov/myaccount/....
if they start charging for TrueIdentity or remove the Lock feature from the free service, i would cancel and then pay for a true credit freeze. i don't really see the downside....i can make the decision to cancel and freeze later. but for now the Lock is free.

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CAsage
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Re: Is True-identity lock enough or credit freeze is better

Post by CAsage » Thu Sep 14, 2017 2:20 pm

A "lock" is not the same as a freeze. You make your own choices; I paid and froze. Here is an authoritative discussion, locks vs freeze:

https://krebsonsecurity.com/2017/09/the ... ould-know/
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.

artibug
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Re: Is True-identity lock enough or credit freeze is better

Post by artibug » Fri Sep 15, 2017 5:44 am

Your replies are exactly what I am looking for. Thanks again! Yep. $5 is not too expensive to protect our identities knowing that all personal info prob already are out on the dark net for the bad guys to view at this point.

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jhfenton
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Re: Is True-identity lock enough or credit freeze is better

Post by jhfenton » Fri Sep 15, 2017 7:18 am

I read through the TrueIdentity terms, and I decided that the "Lock" was sufficient. I understand why they're creating a status similar to a security freeze but that is not a security freeze (opting out of the regulations around a formal "security freeze"), and it's not anything that should reduce the protection provided by the lock.

I have put a security freeze in place at Experian ($5) and Innovis (free) and the lock at TransUnion (free). I haven't been able to get through to Equifax or Chexsystems yet. They've both been having server issues.

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