How does that check for fraudulent activity?
So they're going to check to see whether your credit rating has been accessed by people already authorised to access them?
Why bother, it's already too late to do anything about it.
I did a little research for these very questions. Your credit rating is tied to not only your payment history, but to how many credit cards you have, how many loans you have, how many you have applied for, etc. It can be lowered each time your credit gets run - that's why one is cautioned against activity that might result in it being run (i.e. don't allow a financial institution to check if you qualify for a loan you are not serious about applying for). In any event, the rationale behind the service being offered is that when someone steals your name/DOB/address and applies for a credit card or loan or something similar, both the running of your credit and the application for the loan/credit card shows up immediately and gets flagged as potential fraudulent activity. You get notified right away and can take the appropriate steps to undo the transaction.
My bank isn't pushing the service - they already have all my personal info anyway - which is why I posted here.
Having had some experience in military intelligence gathering I wouldn't give that much information to my mother
I agree, except for when I poked around the 3rd party sites they already had most of my info. Disturbing.
Unless you know for sure that you have been a victim of a data theft, there really is not too much need for this kind of service, and accepting a freebie from a 3rd party you don't know if you can trust could make you more likely to become a victim, not less likely.
And if you are ever the victim of such a data theft (such as something like this), wherever the breach took place, that company would likely pay for the service on your behalf for a number of years, and usually through a reputable monitoring company, just to cover their own legal butts.
The hospital contacted my daughter to inform her about this, told her exactly what data was on the hard drive, sent her a copy of the police report, and offered her 5 years of free credit monitoring through Experian (one of the Big Three credit bureaus).
Good info. This appears to be the same offering your daughter got, real-time monitoring through the big three credit bureaus, except it is a free service through my credit union and not offered as a result of fraudulent activity.
Thanks for all the input, I think I'll pass for now and do more research. I'll post here if I find out anything useful.