16 Oct Should I sign up for credit monitoring after every data hack?

Q. In the last 14 months, I have been notified of seven different data breaches. Most were labs or facilities that doctors use. At first I signed up for credit monitoring with several different companies as offered. But given that I put freezes on my credit reports 13 years ago, do I have to go through monitoring procedures for every new hack? It’s tedious and very annoying.
— Done with it all

A. We feel your annoyance.

We, too, have received a ton of notifications about data breaches.

Freezing your credit report, as you said you’ve already done, is one of the best protections for your finances.

You should also consider getting an IP PIN from the Internal Revenue Service as a protection for your tax filings. It prevents anyone else from filing a tax return in your name, and the IRS gives you a new IP PIN each year, which you would then provide to your accountant.

In terns of credit monitoring, these services generally will notify you about changes to your credit report, usually within 24 hours of the change. This is important because it will tell you if something unexpected – which could be the start of identity theft – ends up on your report.

For example, you’d be alerted if any new accounts are opened in your name, or if a lender makes a hard inquiry – basically checking out your credit – if you’ve applied for a new loan.

It would also tell you if the address on your report has been changed, and some will tell you if a new public record, such as a property purchase, judgment or bankruptcy, has come up in your name.

How many of these do you need? They can’t hurt, but given the frozen credit reports, you may not need it. It’s really up to how comfortable you feel with the protections you have today.

We personally don’t bother anymore, but again, it’s up to you and your comfort level.

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This story was originally published in October 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.