My Equifax Action Plan

My Equifax Action Plan

The amount of information out there regarding Equifax is mind-boggling, but very little is focused on what actions you should be taking.  Equifax’s response has been awful overall, but thanks to the public’s demand for better service, it is improving.

I’ve read a lot of articles regarding ideas on how to manage this personal credit crisis to figure out my personal course of action.  Here’s what I plan to do in short form.

  • I am signing up for credit score monitoring with Credit.com and creditkarma.com.
    • In short, the reason for signing up for both is that your credit.com score is based on your Experian credit score, and your Creditkarma.com score is based on your TransUnion and Equifax data.
  • Freeze my credit at all 3 major credit agencies.

I won’t bore you with all the details of how to go about doing this because the two best articles on both of my courses of action can be found here.

Free Credit Score Monitoring Site Reviews via businessinsider.com

Credit Freeze Guide via clark.com

I think that signing up for free credit score monitoring is a no-brainer for almost everyone.  I’m actually wondering why I haven’t been doing this all along.

As for a credit freeze – If your employer requires frequent credit monitoring, then a credit freeze may not be the best solution since it can cost money to both “freeze and thaw” your credit.

Like many people, we do not have to deal with that issue and we have no big purchases upcoming so freezing our credit should be a one-time event.

I figure if my credit report shows that everything is in order following the freezing of my credit, then I see little value in paying anywhere from $15-$30 per month for LifeLock or similar sites.

However, if I worked for an employer where credit monitoring was an issue, I would absolutely sign up for one of those services simply because the risk is so high.  Especially high given that about 1/2 of the U.S. population’s data is out there thanks to the breach.

Also, don’t forget to complete this same action plan for your spouse.

I hope this short and sweet action plan provides some useful guidance!  If you think I’ve missed something or have other ideas, leave a comment below.

 

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