Do you pay for credit monitoring?

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Nectarineman
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Do you pay for credit monitoring?

Post by Nectarineman » Tue Sep 19, 2017 9:10 pm

With all the data breaches I am wondering if any of you pay to have your credit monitored?

I have a very good IT person at work and I was surprised to hear him tell me he pays $15/month for lifelock.

PFInterest
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Re: Do you pay for credit monitoring?

Post by PFInterest » Tue Sep 19, 2017 9:12 pm

nope.

Jack FFR1846
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Re: Do you pay for credit monitoring?

Post by Jack FFR1846 » Tue Sep 19, 2017 9:14 pm

Do you mean like Life Lock? I've read too many reviews of what they do for you if your identity is stolen. So no. My credit monitoring is 2 prong. I look at my cc usage online and my credit card company is very, very good at spotting fraudulent charges before I even see them.
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runner3081
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Re: Do you pay for credit monitoring?

Post by runner3081 » Tue Sep 19, 2017 9:43 pm

Why would you with Credit Karma, Credit Sesame, et al out there?

I check CC accounts online each morning. I will know immediately if there is fraudulent activity on current cards.
Last edited by runner3081 on Tue Sep 19, 2017 9:45 pm, edited 2 times in total.

DetroitRick
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Re: Do you pay for credit monitoring?

Post by DetroitRick » Tue Sep 19, 2017 9:44 pm

Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works). Other features too, but those are why I specifically pay the big bucks.

runner3081
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Re: Do you pay for credit monitoring?

Post by runner3081 » Tue Sep 19, 2017 9:48 pm

DetroitRick wrote:
Tue Sep 19, 2017 9:44 pm
Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works). Other features too, but those are why I specifically pay the big bucks.
So you are paying $12.99 per month for Experian only? The other two are on Credit Karma, for free with alerts.

Or maybe I am missing something?

denovo
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Re: Do you pay for credit monitoring?

Post by denovo » Tue Sep 19, 2017 9:50 pm

runner3081 wrote:
Tue Sep 19, 2017 9:48 pm
DetroitRick wrote:
Tue Sep 19, 2017 9:44 pm
Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works). Other features too, but those are why I specifically pay the big bucks.
So you are paying $12.99 per month for Experian only? The other two are on Credit Karma, for free with alerts.

Or maybe I am missing something?
Credit Karma is now adding Experian. No reason to pay for credit monitoring services.

mt
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Re: Do you pay for credit monitoring?

Post by mt » Tue Sep 19, 2017 10:09 pm

No. I do run a free credit report every 4 months by alternating reports from the three main reporting companies.

DetroitRick
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Re: Do you pay for credit monitoring?

Post by DetroitRick » Wed Sep 20, 2017 7:27 am

runner3081 wrote:
Tue Sep 19, 2017 9:48 pm
DetroitRick wrote:
Tue Sep 19, 2017 9:44 pm
Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works). Other features too, but those are why I specifically pay the big bucks.
So you are paying $12.99 per month for Experian only? The other two are on Credit Karma, for free with alerts.

Or maybe I am missing something?
Yes, you are missing something. Those instant notifications are better notification tools than the actual reports because I get them immediately- sent to my inbox or app without a login - makes any problem faster to solve. I KNOW that it works like I want it to. Per their website, Credit Karma only does the instant notfications from Transunion. If THAT changes to 3, I'll reconsider when it is active.

For anybody with high risk factors this is a gaping hole. I can't predict which bureau will be used to open an account so I want all 3 covered. I had read Experian will be available soon, a good move, WHEN it is up and running. But that ain't today - thought I saw October. Then there's the marketing from CK - I'll put up with it only when my 6 criteria are fully met, but certainly don't prefer it. More importantly, it is likely these services will be legislated soon for free directly from the credit bureaus, so I'll take advantage if that happens. In the meantime, $12.99/mo (also includes legal costs, insurance and help) is not a big deal given my exact risk (my info was breached at a bank 4 years ago). So, no, I'm not just burning money.

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oldcomputerguy
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Re: Do you pay for credit monitoring?

Post by oldcomputerguy » Wed Sep 20, 2017 7:32 am

DetroitRick wrote:
Tue Sep 19, 2017 9:44 pm
Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works).
If you get "instant" notification from Equifax, then you're getting better service than I ever did. Sometimes days would go by after a credit event before they ever notified me. I became highly dissatisfied with their service some time back and terminated. Since then I've locked my credit reporting at the Big Three, and I check my balances frequently.
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MikeG62
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Re: Do you pay for credit monitoring?

Post by MikeG62 » Wed Sep 20, 2017 7:32 am

No. I have frozen my credit reports with the big 3 CRA's (as well as ChexSystems). In addition, once every four months I order a copy of my free CR from one of the CRA's (getting one from each once each year). I don't see how paying monthly for credit monitoring would be better than the setup I have (and setting all freezes was free).

peek
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Re: Do you pay for credit monitoring?

Post by peek » Wed Sep 20, 2017 8:07 am

denovo wrote:
Tue Sep 19, 2017 9:50 pm
runner3081 wrote:
Tue Sep 19, 2017 9:48 pm
DetroitRick wrote:
Tue Sep 19, 2017 9:44 pm
Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works). Other features too, but those are why I specifically pay the big bucks.
So you are paying $12.99 per month for Experian only? The other two are on Credit Karma, for free with alerts.

Or maybe I am missing something?
Credit Karma is now adding Experian. No reason to pay for credit monitoring services.
Where did you hear that they're adding Experian? This is the the first I've heard of it.

sambb
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Re: Do you pay for credit monitoring?

Post by sambb » Wed Sep 20, 2017 8:13 am

DetroitRick wrote:
Wed Sep 20, 2017 7:27 am
runner3081 wrote:
Tue Sep 19, 2017 9:48 pm
DetroitRick wrote:
Tue Sep 19, 2017 9:44 pm
Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works). Other features too, but those are why I specifically pay the big bucks.
So you are paying $12.99 per month for Experian only? The other two are on Credit Karma, for free with alerts.

Or maybe I am missing something?
Yes, you are missing something. Those instant notifications are better notification tools than the actual reports because I get them immediately- sent to my inbox or app without a login - makes any problem faster to solve. I KNOW that it works like I want it to. Per their website, Credit Karma only does the instant notfications from Transunion. If THAT changes to 3, I'll reconsider when it is active.

For anybody with high risk factors this is a gaping hole. I can't predict which bureau will be used to open an account so I want all 3 covered. I had read Experian will be available soon, a good move, WHEN it is up and running. But that ain't today - thought I saw October. Then there's the marketing from CK - I'll put up with it only when my 6 criteria are fully met, but certainly don't prefer it. More importantly, it is likely these services will be legislated soon for free directly from the credit bureaus, so I'll take advantage if that happens. In the meantime, $12.99/mo (also includes legal costs, insurance and help) is not a big deal given my exact risk (my info was breached at a bank 4 years ago). So, no, I'm not just burning money.
Which service do you use? Sounds great to get instant notificaiton.

takeshi
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Re: Do you pay for credit monitoring?

Post by takeshi » Wed Sep 20, 2017 10:02 am

Nectarineman wrote:
Tue Sep 19, 2017 9:10 pm
I have a very good IT person at work and I was surprised to hear him tell me he pays $15/month for lifelock.
Being in IT doesn't mean that we always want to do the grunt work. I want my tech at home to just work after spending the day fixing everyone else's problems at the office -- and spending some of my free time providing support to family.

That said, I don't use Lifelock. I review Trans Union & Equifax report data via Credit Karma with weekly updates, check Experian reports and FICO 8's for free each month directly with Experian, periodically use Credit Check Total's trial offers and make use of the Annual Credit Report site.
DetroitRick wrote:
Tue Sep 19, 2017 9:44 pm
Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works). Other features too, but those are why I specifically pay the big bucks.
Credit Check Total will offer you a 50% discount if you cancel their trial. It's a bit more than $12.99 per month but you'll get monthly reports and FICO 8's for all 3 major CRA's but daily updates for Experian (CCT is an Experian product). Not sure about notifications though. I think they offer monitoring and alerts but I don't really use them since I'm looking at data so often.
DetroitRick wrote:
Wed Sep 20, 2017 7:27 am
In the meantime, $12.99/mo (also includes legal costs, insurance and help) is not a big deal given my exact risk (my info was breached at a bank 4 years ago).
I don't think CCT includes this though.
denovo wrote:
Tue Sep 19, 2017 9:50 pm
Credit Karma is now adding Experian. No reason to pay for credit monitoring services.
Reason depends on the individual's requirements. Credit Karma and other free services can be handy tools but they're not the best solution for everyone's specific requirements. I was paying for Equifax's trial recently as I was waiting to apply for something as I needed to do so after the creditor performed an account review soft pull on my Equifax report. Credit Karma cannot provide that information and does not provide daily updates.
Last edited by takeshi on Wed Sep 20, 2017 10:15 am, edited 5 times in total.

seity
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Re: Do you pay for credit monitoring?

Post by seity » Wed Sep 20, 2017 10:04 am

No.
I use credit karma, credit sesame, credit journey, and mint. I recently got a new credit card and was instantly informed from all sources about the credit pull and then again about the new account. I see no benefit in paying for a service when I'm already notified via the free ones out there.
To clarify by instant - I mean less than 30 seconds after I applied for the card.
Last edited by seity on Wed Sep 20, 2017 1:17 pm, edited 1 time in total.

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Sandtrap
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Re: Do you pay for credit monitoring?

Post by Sandtrap » Wed Sep 20, 2017 10:04 am

Nope. Not needed.
Not a financial expert - just a retired businessman hacking out of a sand trap -- again.

DetroitRick
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Re: Do you pay for credit monitoring?

Post by DetroitRick » Wed Sep 20, 2017 12:19 pm

[/quote]

Which service do you use? Sounds great to get instant notificaiton.
[/quote]

It's Itac Sentinel (itacsentinel.com). AAA offers something similar to its members in most states too - for a premium price of $8.99 on top of their free credit monitoring service.

Just to clarify, by "instant" I think we're really talking 12-24 hours. In January 2017 I applied for a credit card online in the early evening. I got the email notification from ITAC around 1 am the next morning. Pretty timely.

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flamesabers
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Re: Do you pay for credit monitoring?

Post by flamesabers » Wed Sep 20, 2017 1:14 pm

I do not pay for credit monitoring.

denovo
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Re: Do you pay for credit monitoring?

Post by denovo » Wed Sep 20, 2017 1:17 pm

peek wrote:
Wed Sep 20, 2017 8:07 am
denovo wrote:
Tue Sep 19, 2017 9:50 pm
runner3081 wrote:
Tue Sep 19, 2017 9:48 pm
DetroitRick wrote:
Tue Sep 19, 2017 9:44 pm
Yes, $12.99/mo. It gives me 2 features that I can't get for free and that I need at the moment: 1)quarterly full credit reports from all 3 bureaus, 2)instant notification of activity at those 3 bureaus (which I tested, and it works). Other features too, but those are why I specifically pay the big bucks.
So you are paying $12.99 per month for Experian only? The other two are on Credit Karma, for free with alerts.

Or maybe I am missing something?
Credit Karma is now adding Experian. No reason to pay for credit monitoring services.
Where did you hear that they're adding Experian? This is the the first I've heard of it.
https://techcrunch.com/2017/09/15/credi ... ge-breach/

Sorry, I got them mixed up, they already monitor Experian and TransUnion, now they will be adding Equifax so you're covered on all 3.

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djpeteski
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Re: Do you pay for credit monitoring?

Post by djpeteski » Wed Sep 20, 2017 1:40 pm

I had zander id theft insurance; and, was hit with fraud.

Someone social engineered their way into my checking account (posing as my wife) and western union'ed themselves $2500. While I was attempting to resolve this I was also hit with CC fraud, and again about three months later. I had that checking account for over 20 years. I never western union'ed money. Shouldn't it be suspicious to the bank that the username, password, and a different transaction type occurred all within an hour of one another? Also that that transaction was to the exact limit allowed?

It was a bit painful to get the money back, but I eventually got it accomplished. The CC fraud was more easily handled. What did Zander do for me? They suggested that I close down that checking account and open a new one. Good advice, but is it worth the cost? Nope.

Just because the IT guy is good with computers doesn't mean he is smart in money matters.

Andyrunner
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Re: Do you pay for credit monitoring?

Post by Andyrunner » Wed Sep 20, 2017 1:49 pm

Yes, I pay 5.25 a month for all three major credit agencies. This is subsidized by me employer.

learning_head
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Re: Do you pay for credit monitoring?

Post by learning_head » Thu Sep 21, 2017 7:19 am

djpeteski wrote:
Wed Sep 20, 2017 1:40 pm
I had zander id theft insurance; and, was hit with fraud.

Someone social engineered their way into my checking account (posing as my wife) and western union'ed themselves $2500. While I was attempting to resolve this I was also hit with CC fraud, and again about three months later. I had that checking account for over 20 years. I never western union'ed money. Shouldn't it be suspicious to the bank that the username, password, and a different transaction type occurred all within an hour of one another? Also that that transaction was to the exact limit allowed?

It was a bit painful to get the money back, but I eventually got it accomplished. The CC fraud was more easily handled. What did Zander do for me? They suggested that I close down that checking account and open a new one. Good advice, but is it worth the cost? Nope.

Just because the IT guy is good with computers doesn't mean he is smart in money matters.
This is the kind of fraud I am more concerned about than credit card related fraud. With credit cards, you are not responsible for fraud charges at all and credit card companies are good at making you whole fast.

None of the credit monitoring discussed on this thread, nor freezes, would have helped with this kind of fraud. Bank alerts may have warned about it AFTER the fraud is done. I don't think you can protect yourself against this sort of fraud happening to begin with, or can you... ?

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Toons
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Re: Do you pay for credit monitoring?

Post by Toons » Thu Sep 21, 2017 7:26 am

No.
:happy
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JPH
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Re: Do you pay for credit monitoring?

Post by JPH » Thu Sep 21, 2017 7:30 am

If you sign up for Life Lock must you unfreeze your credit reports? How else can they monitor them? Maybe there is a permanent unfreeze for an individual entity; I didn't check.
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DaftInvestor
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Re: Do you pay for credit monitoring?

Post by DaftInvestor » Thu Sep 21, 2017 8:16 am

I chose to put all the credit freezes in place versus pay for credit monitoring.

Boiling it down simply from my understanding:
Credit Freeze: Stop anyone from accessing your credit reports which stops them from taking out credit in your name. Analogy: Your livestock is all safely locked up in the barn. Not full proof as I'm sure there might be a way of breaking in - but best protection you could add.
Credit Monitoring: Be alerted when someone is attempting (they may or may not have succeeded) to take out credit in your name. Analogy: Your livestock is in the barn but you've left the doors open but with security cameras in place. If one of them escapes you will be alerted and hopefully be able to capture it in time before it gets away.

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gasdoc
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Re: Do you pay for credit monitoring?

Post by gasdoc » Thu Sep 21, 2017 10:28 am

Toons wrote:
Thu Sep 21, 2017 7:26 am
No.
:happy
Also, no.
:happy
gasdoc

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