Credit Monitoring? Waste of time?

[jazz4cash]

One thing I hope is that US restaurants adopt the international model and bring the card scanner to your table so you always maintain control of your card.

. I agree it’s good for security but they’re only doing it to save labor costs. I wonder how the servers like having the reader strapped onto their bodies. I guess it saves them some steps. Some people don’t like the server hovering as they elect to tip and the amount. I glanced at one the other day and the tip options were 18, 20, 25% and Custom. 25% was the default. Another place puts the machine on the table and walks away. I’ve used the QR code on the receipt also but one time it took me to another diner’s bill.

 

[audreyh1]

. I agree it’s good for security but they’re only doing it to save labor costs. I wonder how the servers like having the reader strapped onto their bodies. I guess it saves them some steps. Some people don’t like the server hovering as they elect to tip and the amount. I glanced at one the other day and the tip options were 18, 20, 25% and Custom. 25% was the default. Another place puts the machine on the table and walks away. I’ve used the QR code on the receipt also but one time it took me to another diner’s bill.

My experience in most places the server goes and grabs a terminal instead of carrying it around all the time.

 

[COcheesehead]

I've seen a very significant change over the last year with most of the local restaurants now doing this.

Almost the norm where we live. Even had it happen at a drive thru today.
It’s not just terminals, but iPads too.

 

[audreyh1]

Almost the norm where we live. Even had it happen at a drive thru today.
It’s not just terminals, but iPads too.

Right, some places are using tablets.

 

[gauss]

With the never-ending cascade of popular web sites that get hacked, it seems that I always have "free credit monitoring' services active. I get one or two status notifications every month. The thing is, the notices always (like 100%) say that they have nothing to report. This has been going on for at least several years. I do not have my credit locked, though a number of years ago I opted out of new credit card offers, which made my mail box happy. I don't check my credit score very often, but it seems to run in the 830 range.

So, is that the case for everyone? Nothing to report? It seems like a waste of time and money.

Once credit bureau "Security Freezes" became available (of which I fully implemented), I saw no value in any type of credit monitoring service.

I do balance all of my accounts at least monthly, so I would be able to detect any unauthorized usage and report them to the effected financial institution within the statutory time frame to limit my liability.

I am way more concerned about any threats to my brokerage and/or retirement accounts.

-gauss

 

[Aerides]

My credit score has been running in the lower 800's for years but I canceled one of my three credit cards earlier this year and it dropped to around 790. Let's see, one less credit card to potentially use and my credit score goes down. Crazy.

Your credit score is a reflection of how much a bank thinks you can juggle. If you put down a ball the bank no longer sees you as someone who can juggle 5, only 4.

 

[Car-Guy]

Your credit score is a reflection of how much a bank thinks you can juggle. If you put down a ball the bank no longer sees you as someone who can juggle 5, only 4.

So if I get a few more credit cards and don't use them, I get a higher credit score. As I said, crazy.

 

[COcheesehead]

So if I get a few more credit cards and don't use them, I get a higher credit score. As I said, crazy.

That’s how the score works.

 

[FD1000]

My credit has been frozen for years. Every few years, someone tries to use my credit card, but within hours my credit card company calls or texts me. They cancel the card immediately and send me a replacement.
The more credit I get, the higher my score is...what a great crazy country?

 

[TheWizard]

My credit has been frozen for years. Every few years, someone tries to use my credit card, but within hours my credit card company calls or texts me. They cancel the card immediately and send me a replacement.
The more credit I get, the higher my score is...what a great crazy country?

Your credit score is for the benefit of institutions who might choose to loan you money, not for your personal benefit.

Focus more on your next million of investable assets, not your freaking credit score...

 

[FD1000]

Your credit score is for the benefit of institutions who might choose to loan you money, not for your personal benefit.

Focus more on your next million of investable assets, not your freaking credit score...

I don't understand your comment.
I pay zero attention to my credit because it's constantly above 820 for many years.
I pay a lot of attention to my millions.

 

[COcheesehead]

Your credit score is for the benefit of institutions who might choose to loan you money, not for your personal benefit.

Focus more on your next million of investable assets, not your freaking credit score...

Credit score can also be used in the process for obtaining insurance.

 

[audreyh1]

My credit has been frozen for years. Every few years, someone tries to use my credit card, but within hours my credit card company calls or texts me. They cancel the card immediately and send me a replacement.
The more credit I get, the higher my score is...what a great crazy country?

Freezing your credit does not prevent anyone from using your credit card credentials or even your debit card credentials. It just prevents opening of new accounts using your identity.

Both DH and I had our bank debit cards compromised a year ago even though these were new and we had never used them. Fortunately mine was locked, but we got a text notification on DH’s to confirm a transaction and were able to decline it immediately. New debit cards sent out to each of us which we promptly lock these days.

 

[audreyh1]

Credit score can also be used in the process for obtaining insurance.

Also here in TX your credit score is used to decide what kind of deposit is required when you switch to a new energy provider. I had to temporarily unfreeze my credit card the last two times I switched providers. Fortunately both times that resulted in no deposit required. These days that’s the only time I’ve had to unfreeze credit.

 

[TheWizard]

I don't understand your comment.
I pay zero attention to my credit because it's constantly above 820 for many years.
I pay a lot of attention to my millions.

Then you're doing EXACTLY what I recommend...

 

[FD1000]

Freezing your credit does not prevent anyone from using your credit card credentials or even your debit card credentials. It just prevents opening of new accounts using your identity.

Both DH and I had our bank debit cards compromised a year ago even though these were new and we had never used them. Fortunately mine was locked, but we got a text notification on DH’s to confirm a transaction and were able to decline it immediately. New debit cards sent out to each of us which we promptly lock these days.

My earlier point about freezing credit was this:

"My credit had been frozen for many years. Every several years someone starts to use my credit card but within hours my CC company calls or texts me, and they cancel the card and send me a new one."

That directly refutes the claim that freezing your credit prevents someone from abusing your current credit card — because a freeze only blocks new credit accounts, not fraudulent charges on an existing card.

 

[Route246]

Been hacked, ID-thefted (not a word, I know) and don't like those services. You need to opt out before the free period ends as far as I remember.

 

[foxcreek9]

A good example of one of the free services (Credit Karma), 5 mins after opening a new CC

 

[Car-Guy]

So if I get a few more credit cards and don't use them, I get a higher credit score. As I said, crazy.

So I tested this theory (fact I guess)... Recently I canceled my AMX card due to (long story) and my credit score dropped from the low 800's to the 780 - 790 range. So using reverse logic (to me away) I bumped up the credit limits on my two remaining cards and request a new (3rd) card with a higher limit. I got the new card in a few days and activated it. Just checked this morning and my credit score is now up to 820. So I guess it's true. Following that logic, maybe I'll get another one and get my score up to 840+ (I'm not going to do that)

Also I noticed that when I ordered the new card, I got several email alerts that a query had been made about my credit. A day or so later, more alerts that a new credit card had been issued "in my name". So the alert/warning systems seems to work too.

 

[imnontrad]

I retired from a cyber career and I do not know any cyber professional who paid forcredit monitoring. If you have frozen your credit reports at the three major companies (also consider Lexus-Nexus), PLUS have an alert on all your CC, savings, and checking accounts for any charge/withdrawal over $0.01, and have your mail go to a locking box, you should be fine. Also, have an app on your phone for each CC company so you can freeze the cards when not being used or, if compromised, imediatly freeze and report it as being compromised plus request a new card. I have done this while traveling with the new card waiting for me when I got home.

 

[The Cosmic Avenger]

I get it free due to the GSA breach, but it has never caught anything of significance. I think I've had it for 15 years or more at this point. My credit cards on the other hand regularly catch fraudulent charges, so that is good I guess. PITA when I have to get a new CC mailed to me though. Seems to happen every couple of years or so.

I just got notified that mine is finally ending, did you? I'm debating extending it, because MyIDCare has been pretty good; every time I open or even update an account (address or ownership), it generates a notification. But I do have my credit frozen at all 4 bureaus, so maybe I don't need it? That why I found this thread, I was searching for feedback on monitoring services, and if they're worth the cost. IMO free ones, unless they're part of a settlement like this, are free because they're using your info for marketing purposes, and I'd rather pay.

 

[Chuckanut]

After one of the almost uncountable thefts of my data from another company that I did business with, I finally decided to sign up for the one year of free credit monitoring I was offered by the company that did not properly protect my data. Months later I applied for a got a new credit card. Six weeks later, I received a notice from the monitoring service that this new card had been issued in my name. Six weeks later. The horse was not only out of the barn, it had probably reached the neighboring state by then.

 

[COcheesehead]

After one of the almost uncountable thefts of my data from another company that I did business with, I finally decided to sign up for the one year of free credit monitoring I was offered by the company that did not properly protect my data. Months later I applied for a got a new credit card. Six weeks later, I received a notice from the monitoring service that this new card had been issued in my name. Six weeks later. The horse was not only out of the barn, it had probably reached the neighboring state by then.

When anything happens related to my credit, I have always gotten almost immediate notices from the three monitoring services I have.

 

[Sunset]

I have my credit frozen and don't see value in any monitoring service. Besides I don't know how they do it, could they do searches on the internet with my PII (SSN # for example), which could accidently expose it more ?

 

[OldShooter]

Well it's another year since I have opened this thread. I still have not received a single notice from any of the monitoring services that have been given to me as a result of various credit breaches. Part of that may be that I am quite inactive with credit cards. I can't remember the last time that I actually opened up a credit card account. And apparently none have been opened on my behalf since I've received no notices.

I'll let the current monitoring services expire whenever that happens. The frequency of new credit breaches is such that I'll probably have new subscriptions to new monitoring services before the current ones die. Whether I do or not I see no value in the monitoring services for me.