Identity theft protection services may not be worth the monthly fee, experts say
Canadians rattled by the massive Equifax data breach may turn to credit monitoring and anti-identify theft services for peace of mind, but in most cases they’ll be paying more for what is presently available for little or no cost, according to experts.
Consumers can already contact the two main credit bureaus, Equifax and TransUnion, by mail, fax or telephone to receive a physical copy of their credit report, or access it online, usually for a fee. The Financial Consumer Agency of Canada recommends requesting from one bureau, then waiting six months before ordering from the other.
It also warns that fraudsters may offer free credit scores in an attempt to share your personal information — adding to the complexity of the existing web of credit monitoring services.
However, amid an increasing number of high-profile cyberattacks in recent years, Equifax, TransUnion and some Canadian banks and fintechs have introduced identity theft protection and credit monitoring services.