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Do You Need Identity Theft Protection Services?
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Do You Need Identity Theft Protection Services?
Pay for a service only in the event that you're at risk, don't want to stop your account from being frozen and won't monitor your own data.
by Sean Pyles Senior Writer | Personal finance and debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. The show "Smart Money" Sean talks with Nerds from the NerdWallet Content team to answer listeners' questions about personal finance. With a focus on thoughtful and actionable financial advice, Sean provides real-world guidance that will help consumers improve their financial lives. Beyond answering listeners' money questions on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments on topics such as the racial gap in wealth and how to begin investing, and the history of college loans.
Before Sean took over podcasting at NerdWallet the company, he also wrote about topics that dealt with consumer debt. His writing has been featured on USA Today, The New York Times and elsewhere. When Sean isn't writing about personal finance, Sean can be found working in the garden, taking runs , and taking his dog on long walks. Sean is located in Ocean Shores, Washington.
and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's level degree in journalism from Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet she was employed by daily newspapers, MSN Money and Credit.com. Her work has been featured throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.
Updated on Jan 25 2022
Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years working at The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Prior experience includes copy and news editing for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications from The University of Iowa.
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Security companies for identity theft promise to protect your personal information for a monthly or annual fee. They typically begin by adding additional services that will inform you of any potential problems.
But alerts just flag you once the event has occurred; they aren't able to stop the theft and misuse of your financial data. That's why NerdWallet recommends taking action to prevent the opening of fraudulent accounts.
Think about the cost of an identity theft security program only if:
You're already the victim of or are at risk of being the victim.
You are unwilling to block your credit reports.
You are sure that you will not undertake the task of actively monitoring your own credit.
You've checked your records and you don't have adequate identity theft monitoring or as a result of a data breach.
You can do it by yourself
You can provide the most basic services provided by these firms by yourself, typically for no cost:
You can monitor your financial transactions on a variety of personal finance websites, such as NerdWallet or a few credit card issuers.
You are able to follow the free recovery routes that are provided from the government of the United States at .
You can freeze your credit records at all three major credit bureaus -- , and -- for free the identity theft protection firm can't do for you.
"The first thing that consumers have to do when they're worried about ID theft is just to stop their credit report from being frozen," says Chi Chi Wu an attorney on staff at the National Consumer Law Center. "Freeze, freeze, freeze. Everything else is gravy over that."
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What identity theft protection companies do?
In general the majority of companies, they offer three primary services:
Monitoring: Identity theft protection firms monitor your credit files and inform you of changes, such as the creation of new accounts opening under your name or credit inquiries that are received to ensure you are able to respond promptly.
Alerts: Notify you of any instances in which your personal data has been utilized, for example, if someone attempts to open a bank account in your name. This is helpful since many people don't realize the theft of their identity until their credit is wrecked or their bank accounts have been wiped out or they suddenly have a lot of debt that's been incurred that is in their name.
The Recovery: When someone steals your data and then uses it maliciously, these companies can help you recover the money lost and also repair any damage done to credit. They typically offer insurance policies that cover up to $1 million.
Some also provide tangential services like alerts on information about identity theft, as well as local registries for sex offenders. Certain monitor websites that are which are known to be a source of stolen financial and personal information that you're not able to do by yourself.
Find identity theft protection solutions that are comparable.
You might decide that you need a full suite of safeguards and you're willing to pay to have peace of mind. You may also be aware that you can't do it all yourself.
If yes, you can compare rates and details on coverage to determine which plan will meet your needs. Check that the product you select monitors your credit information at the three credit bureaus, otherwise, you're paying for incomplete security.
Avoid credit monitoring companies that tend to have less robust coverage and can restrict your rights to take them to court, even if they were those that leaked your financial data.
This is a look at popular products in the field of identity protection. This is just a tiny sample; you may find a different provider which is better suited to your needs. If you've already put in credit freezes, you'll have remove them temporarily to let a service access your data for monitoring purposes.
1. NORTON 360 with LIFELOCK Ultimate Plus
Pros:
The highest-end Norton LifeLock plan, , includes a range of services that can aid you in recovering against identity theft.
It also includes a password manager, web privacy and device security benefits.
The company enhances the package by offering additional options, such as the $1 million identity theft recovery plan and legal assistance.
Cons:
The highest-end plan is expensive and especially for families. The coverage for two adults as well as up to five children runs $48.99 each month for the first year and then auto-renews at a higher price.
As of 2015 LifeLock agreed to pay $100m to settle a Federal Trade Commission charge that it violated the terms of a federal court order regarding the protection of customers' personal data and avoiding misleading advertisements.
Cost: The coverage is $29.99 each month for one adult for the first year, and it automatically renews for $34.99 monthly. Discounts are offered for those who pay annually.
Ideal for: People who don't have a whole family to protect; those who can afford just a bit more for complete coverage. Check out our complete .
2. IDSHIELD
Pros:
It is simple to comprehend precisely what you're getting because there are no tiers, and the pricing is transparent.
Provides unlimited consultations with an identity theft expert.
Examines social media posts to determine reputational risk.
Cons:
Like all services it is possible to dismiss the importance of good cyber hygiene guidelines.
Multiple alerts can cause you to ignore them without readingor absorbing important information.
Cost: Monitoring the three credit bureaus is $17.95 per month for singles as well as $32.95 for families (two adults and up to 10 minors).
Ideal for: Customers with a price sensitivity who wish for their accounts on social networks to be scanned as part of a package. Check out our complete .
3. IDENTITYFORCE ULTRASECURE+CREDIT
Pros:
IdentityForce offers less expensive three-bureau monitoring than the big names such as LifeLock.
You can purchase a family plan, which will cover two adults and all children aged 25 or under.
Offers alerts about suspected health insurance fraud.
Cons:
The process of signing up is lengthy it requires you to input information repeatedly.
The family plan isn't apparent on the website and you might have to call to request it.
Pinning down the lowest price can be a challenge, because prices vary depending on whether you sign up online or over the phone.
Cost: $23.99 a month or $239.90 annually for the plan that provides monitoring of all three major credit bureaus. However, as mentioned, promotions are often offered. It's smart to look for it.
Best for: Those who require protection on a budget; people who require medical identity coverage.
4. ID WATCHDOG PLATINUM
Pros:
ID Watchdog keeps credit monitoring as well as alerts and recovery easy.
A standout feature is that it can assist you in recovering from pre-existing identity theft for an additional fee of $79.95 to $279.95 according to the type of credit line.
Cons:
Equifax bought ID Watchdog in 2017, the same year Equifax was hit by a massive data breach that revealed sensitive personal information of nearly 148 million people.
The company's mobile application and desktop interface provide less details than its competitors.
ID Watchdog offers fewer monitoring services than other companies.
The cost: $19.95 a month or $219 for an annual package with three bureaus of credit monitoring.
Ideal for: People who require assistance in recovering from pre-existing identity theft.
Do you need a credit report check-up?
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About the authors: Sean Pyles is the executive producer and host on NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.
Bev O'Shea is a former credit writer for NerdWallet. Her work has been published on the New York Times, Washington Post, MarketWatch and elsewhere.
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