Contrary to the advice doled out from a lot of personal finance writers, I DO monitor my credit. I have a lot of reasons why, not the least of which is that I want to know as early as possible if my identity is stolen … again ^[2]. I guess the price of freedom (and peace of mind) is eternal vigilance.

I prefer Equifax ID Patrol ^[3] to monitor my credit and yes, I pay for it myself! I’ve been a customer for 7 years now. They even let me know GOOD NEWS about my credit file such as a balance decrease. The cost is minimal compared to the aggravation and expense of identity theft and by using Equifax ^[3] and I get some advantages that a company like LifeLock ^[4] doesn’t provide such as:

• Alerts within 24 hours of key changes to 3 nationwide credit reports .. even if that change is a decrease (see below).
• Unlimited access to my Equifax ^[3] Credit Report. I can check my credit report for free!
• Access to the Automatic Fraud Alerts feature, free of charge.
• Up to $1,000,000 Identity Theft Insurance with no deductible (certain limitations and exclusions apply).

When you boil it all down, you can set up your own “LifeLock ^[4]” by simply putting a fraud alert on your credit file. One phone call to any of the three credit bureaus is all it takes.

What I really like about using Equifax ID Patrol ^[3] is that I can set personal alerts for any type of change I desire – a balance drop or increase, a new account set up, inquiries, or any other change to my credit report. The best part is that I get this information within 24 hours. I find it comforting that I’m not the only one looking out for the integrity of my credit file.

Yes, you can still a free credit report from www.annualcreditreport.com ^[5], but it’s limited to one report from each of the credit bureaus per year. A lot of damage can be done in a year. Trust me, a lot of damage can be done in a few days.

I suppose it’s impossible to be 100% safe from identity theft, but with my own fraud alert and Equifax ID Patrol ^[3], I personally feel that my identity, my credit report score, and my credit reputation are much more safe than without them.

About the author

Ron has written 1082 articles on The Wisdom Journal.

The founder and editor of The Wisdom Journal ^[6] in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a partner in a national building materials company.

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