Should You Freeze Your Credit After the Equifax Data Breach

Hello Sophisticated Spenders!

Is freezing your credit an extreme idea after the Equifax Data Breach?

Here are a few things that happen when you freeze your credit:

1: You (or anyone else) will not be able to open ANY new lines of credit, mortgages, or loans of any kind.  And this includes any student loans on you or your children’s behalf (think FAFSA).

2: You have to freeze your credit with all 3 bureaus.

3: Thawing takes about 3 days. This isn’t a bad thing because it gives you time to really think about whether you really really need that shiny new credit card or loan.

What about the Equifax monitoring?

I’m not signing up for ANYTHING offered by Equifax.

I will not sign up for any FREE monitoring trials that I’ll have to remember to cancel or I’ll get charged a monthly fee by Equifax.  Equifax will not get ANY money from me.

No thank you!

Here are the steps I’ve taken since the Equifax data breach:

NOTHING NEW!

I’m doing the exact same thing I’ve been doing every single day…

I log into ALL of my accounts and check charges and balances EVERY DAY.

I check credit Karma once a week to make sure there all of my loan balances and credit cards all belong to me and the amounts are all correct.

I’ve used the exact same notebook since I moved to the DC area in September of 2006.  I write down all of my bills and check them off after the payments have cleared each account.

Here’s a picture of my bills from 2007:

I am my own credit alert system.

I protect my accounts from fraud.

One thing that I will also start doing is make all of the passwords stronger on all of my accounts.

That’s my 2 cents on the matter.

Not sure if I’m right or wrong for depending on myself to protect myself from fraud.

What say you?

What actions have you taken since the Equifax Data Breach?

Here’s what other bloggers are saying on the topic:

Equifax Data Was Breached — Here’s What You Need To Do via His and Her Money

Equifax Had A Data Breach – Here’s How To Protect Yourself via the Frugal Creditnista

What You Can Do To Protect Your Identity via The Money Speakeasy

Worried About the Equifax Data Breach? Here Are Three Things You Can Do via Amanda Abella

Equifax Data Breach: 5 Quick Tips to Protect & Cover Your A$$ets via Madam Money

Scam Alert: NO! Equifax is NOT Calling You! How Not to Get Got By Fake Equifax Scam Calls via Madam Money