Do Credit Monitoring Services Help Prevent Identity Theft?
We are not huge fans of paying the credit bureaus money every month to monitor your credit but it certainly is an option if you use the service regularly to watch your credit report and the inquiries from creditors. In fact, if you are going through a divorce, it may be a good option as we mentioned in a recent post on Identity Theft and Divorce.
A news station (Channel 10 out of Columbus, Ohio) recently posted this article which questions the value of these monitoring services. According to the article,
Three major credit bureaus - Equifax, Experian and TransUnion sell services that promise to protect against identity theft for $60 to $180 a year, Landers reported.Consumer Reports recently assessed 16 services and found they are not worth the money.
"Our analysis shows that these services, as they're currently designed, are often overpriced, oversold and overrated," said Consumer Reports money advisor Greg Daugherty.
Give this article a read then make your own decision. If you purchase it, make sure you fully use it to justify the monthly expense.
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