There’s been some talk lately about how a large number of people applying for their share of the Equifax settlement money is going to drive those shares down. There’s been a subsequent spate of articles claiming the offer of free credit monitoring is a better deal.
Credit monitoring is basically worthless.
I’d take a single dollar over free credit monitoring. It relies on voluntary reporting of suspicious activity by workers who are overworked, underpaid, and just don’t care that much (as told to me by someone who was in such a position). It’s also a way for companies to wring more money out of you in the long run, because it’s a subscription. If you want to keep it past however many months they give you, you have to keep paying.
If you want to prevent financial identity theft, freeze your credit.
more info about credit freezes
how to place a freeze at each credit bureau
The cost of a freeze varies from state to state, but it’s usually between $0 and $10. Many states mandate that freezes are free for victims of identity theft.
