02 Jan Should I take identity theft protection after a data breach?

Q. Sigh! Another day, another email or letter informing me that my identity may have been compromised. These are from casinos that I haven’t visited in years, hospitals, doctors, Facebook, etc. All offer credit monitoring. Since my accounts with all three credit bureaus have been frozen, is it necessary to register for this protection? I do monitor my account statements and also get my three credit reports each year.
— Hacked again

A. Sigh is right.

It does seem like there is a new data breach every week.

While the identity theft protection offers are helpful, the fact that you have your credit reports frozen is the best protection you can have.

A credit freeze stops others from successfully applying for a loan in your name. When a lender can’t see your credit report — because it’s frozen — it’s unlikely to approve any new loans.

Then when you want to apply for new credit, you would have to unfreeze your reports, at least temporarily.

The big three credit bureaus — Experian, Equifax and TransUnion — all allow you to set a start date and an end date to lift your freeze.

You will have to lift the freeze separately with each of the bureaus.

So should you bother with the free identity theft protection? It’s probably not necessary, but it can’t hurt, either.

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This story was originally published in January 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.