Desjardins bank offering Equifax credit monitoring service for 5 years!

Earlier this week I received a letter from Desjardins bank about a data breach which may have included some of my personal information. I am not entirely sure if this letter was a result of the massive data breach that Desjardins reported last year, or a new incident. For starters, I did not recall signing up for or using any Desjardins product, but a thorough review of my credit file found a Best Buy credit card (from 2012) that was issued by Desjardins bank, and may have been the reason for me getting this letter. According to the letter, an internal review had found that “..an ill-intentioned employee had access to the personal information of some members and clients”. The letter also specified that credit or debit card information, including banking passwords or PIN’s had not been compromised. As a precaution, Desjardins is offering Equifax credit monitoring service for 5 years!

Who is eligible for the Equifax Credit Monitoring service?

According to the information on Desjardins website;

Everyone who does business with Desjardins—members and clients alike—can now sign up for the Equifax credit monitoring service for 5 years.

Furthermore, former members and former clients who received in-caisse, in-store and credit card financing products, as well as anyone who has shared their personal information to apply for financing or savings products, can also take advantage of Equifax credit monitoring for up to 5 years.

The signup process is a simple two-step process;

• • Request an activation code any time before December 31, 2020, by filling out the form here. The form simply asks for personal information like Name, mailing address and email.
  • An activation code will be mailed out using the following eligibility criteria;
    • have a Canadian mailing address
    • have an email address
    • be at least 18 years old
    • have a credit file (you must already have a credit card, mortgage or line of credit)
  • Sign up for Equifax Monitoring service by March 31, 2021, using the activation code – here

What does the Equifax Monitoring Service include?

This service lets you check your credit report, including financial commitments you have with any financial institutions. It also includes daily monitoring of your credit report, alerts of key changes, and identity theft insurance. Typically, if you were to signup for this level of service directly through Equifax, it would cost $11.95/month.

If you are already signed up for an Equifax plan, you can cancel your plan by contacting Equifax, and they’ll also sign you up again using the activation code you received.

Any level of data breach is disconcerting, and a 5 year monitoring plan is the least a bank can do for all those who may have been affected. Will you be signing up for the Equifax Credit monitoring service?