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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 in danger, refuse to stop your account from being frozen and don't want to monitor your own personal information.
by Sean Pyles Senior Writer | Personal finance and financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds from the NerdWallet Content team to answer the questions of listeners about their personal finances. With a particular focus on sensible and practical advice on money, Sean provides real-world guidance that will help consumers improve the financial situation of their lives. In addition to answering listeners' financial concerns on "Smart Money," Sean also interviews guests who are not part of NerdWallet and produces special segments on topics like the racial wealth gap as well as how to get started investing, and the history of college loans.
Before Sean lead podcasting at NerdWallet He also covered issues related to consumer debt. His work has appeared in USA Today, The New York Times and elsewhere. When when he's not writing about personal finance, Sean can be found digging around his garden, taking runs and walking his dog for long walks. He is based 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 has a bachelor's degree in journalism from Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet she was employed by the daily papers, MSN Money and Credit.com. Her work has appeared 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
Written by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Prior experience includes news and copy editing at 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.
The majority or all of the products we feature come from our partners, who pay us. This affects the products we feature and where and how the product is featured on the page. However, this does not affect our assessments. Our views are our own. Here's a list of and .
Companies that offer identity theft protection promise to safeguard your personal information in exchange for either a monthly or annual cost. Generally, they start by adding additional services that will inform you of any potential problems.
However, alerts only flag you after the fact; they don't stop anyone from taking and stealing your financial data. This is the reason why NerdWallet suggests taking proactive steps as it could stop the opening of fraudulent accounts.
Consider the cost of an identity theft security program only If:
You're already the victim of or at risk of being the victim.
You are unwilling to freeze your credit reports.
You know that you won't go through the effort of constantly monitoring your credit.
You've checked your records and you don't have adequate identity theft monitoring or as a result of an incident with data.
You can do it yourself
You are able to perform the fundamental services provided by these firms yourself, often for no cost:
You can monitor your through various personal finance websites like NerdWallet, or some creditors of credit cards.
You can and follow no-cost recovery pathways set out from the government of the United States at .
You can freeze your credit file at all 3 major credit bureaus -- , and -- for free this is something that an identity theft protection company will not be able to do for you.
"The first thing that consumers have to do if they're concerned over ID theft is just to freeze their credit reports," says Chi Chi Wu an attorney on staff at the National Consumer Law Center. "Freeze, freeze, freeze. Everything else is gravy on top of that."
>> MORE:
What companies for protection against identity theft do?
In general Identity theft protection companies offer three main services:
Monitoring Identity theft protection companies keep track of your credit file and alert you about changes, such as the creation of new accounts opening in your name and inquiries about credit to ensure you are able to respond promptly.
Alerts: Notify you of instances when your personal information was used, such as when someone attempts to create an bank account in your name. This is useful because most people don't know that the theft of their identity until their credit has been damaged, their bank accounts depleted or they are suddenly a lot of new debts in their name.
Recovery: If someone steals your information and makes use of it in a malicious way the companies may help you recover lost money and also repair damages to your credit. Most offer insurance policies of up to $1 million.
A lot of companies also provide tangential service, such as alerts about identity theft news and local registries for sex offenders. There are some who monitor dark websites which are known to be a source of stolen financial and personal information and financial information, something you can't do yourself.
Check out identity theft protection services
It could be that you decide to purchase a full suite of safeguards and are willing to pay to have peace of mind. Perhaps you know that you won't do it yourself.
If so, compare prices and details on coverage to determine which plan fits. Be sure that the plan you choose monitors credit data from the three credit bureaus, otherwise you're paying for insufficient security.
Beware of credit monitoring services that tend to have less extensive coverage and may restrict your rights to sue them, even if they were those that leaked your financial information.
Here's a look at a few most popular products within the field of identity protection. This is only a small sample and you might choose a different service that suits you better. If you've already placed credit freezes, you'll have be able to lift these temporarily in order to allow a provider access to your files for monitoring.
1. NORTON 360 with LIFELOCK Ultimate Plus
Pros:
The most expensive Norton LifeLock plan, , offers multiple services to aid you in recovering the loss of your identity.
It comes with a password manager, as well as web privacy and device security advantages.
The company adds value to its package through additional features including a $1 million identity theft recovery plan as well as legal assistance.
Cons:
The most expensive plan is priced at $48.99 particularly when it covers families. For two adults and up to five children runs $48.99 per month for in the beginning, and after that it auto-renews at a higher rate.
In 2015, LifeLock agreed to pay $100m to settle a Federal Trade Commission charge that it had violated terms of a 2010 Federal court order regarding the security of consumers' personal information and avoiding misleading advertising.
Cost: The coverage is $29.99 each month for one adult the first year, and then it auto-renews at $34.99 per month. Discounts are available for paying annually.
Best for: Those who don't have an entire family to protect; those who can afford a little extra for comprehensive coverage. Read our full .
2. IDSHIELD
Pros:
It is easy to know exactly what you are getting, because there are no tiers, and pricing is clear.
Offers unlimited consultations with experts in identity theft.
Scans social media for reputational risk.
Cons:
As with any service it is possible to dismiss the importance of good cybersecurity practices.
Multiple alerts could cause you to abandon them without reading, missing important information.
Cost: Monitoring at the three credit bureaus costs $17.95 per month for individuals or $32.95 per month for families (two adults and as many as 10 minor children).
Best for: Price-sensitive customers who wish the social accounts of their customers checked as part of a package. Read our full .
3. IDENTITYFORCE ULTRASECURE +CREDIT
Pros:
IdentityForce provides lower cost three-bureau surveillance than big brands like LifeLock.
It is possible to purchase an entire family plan, which includes two adults as well as any children under the age of 25.
Provides information about the possibility of health insurance fraud.
Cons:
The process of signing up is lengthy, requiring you to input information repeatedly.
This family policy isn't readily accessible on the site and you might have to contact us to inquire about it.
Pinning down the lowest price isn't easy, as prices differ based on whether you sign up via the internet or by phone.
The cost is $23.99 per month, or $239.90 per year for the plan, which offers monitoring at all three major credit bureaus. However, as mentioned, promotional pricing is often available. It's a good idea to search for it.
Best for: Those who want security on a tight budget; those who want medical identity coverage.
4. ID WATCHDOG PLATINUM
Pros:
ID Watchdog keeps credit monitoring as well as alerts and recovery easy.
One of the most notable features is that it will help you recover from pre-existing identity theft with an additional cost of $79.95 to $279.95, depending on the type of credit line.
Cons:
Equifax bought ID Watchdog in 2017, in the same year Equifax suffered a major data breach that exposed sensitive personal information of 148 million people.
The mobile app and desktop user interface offer more information than its rivals.
ID Watchdog offers fewer monitoring services than other businesses.
The cost: $19.95 a month or $219 for an annual plan with three bureaus of credit monitoring.
Ideal for: People who need help recovering from pre-existing identity theft.
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About the authors: Sean Pyles is the director of production and hosts for NerdWallet's Smart Money podcast. His writing has been featured on The New York Times, USA Today and elsewhere.
Bev O'Shea is a former credit writer at NerdWallet. Her work was published in the New York Times, Washington Post, MarketWatch and elsewhere.
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