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Do You Really Need Identity Theft Protection Services?
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Do You Need Identity Theft Protection Services?
Pay for a service only when you're in danger, refuse to block your credit, or don't want to monitor your own personal information.
by Sean Pyles Senior Writer | Personal finances and debt Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. In "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 money advice, Sean provides real-world guidance that will help consumers improve in their finances. In addition to answering listeners' financial questions on "Smart Money" Sean also interviews guests who are not part of NerdWallet and also creates special segments that explore subjects such as the racial gap in wealth as well as how to get started investing, and the history of student loans.
Before Sean was the host of podcasts at NerdWallet He also covered issues concerning consumer debt. His writing has been featured throughout the media including USA Today, The New York Times as well as other publications. When he's not writing about personal finance, Sean can be found digging around his garden, taking runs , and taking 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 holds a bachelor's level degree in journalism from Auburn University and a master's in education from Georgia State University. Before joining NerdWallet, she worked for newspaper publishers, including daily ones, MSN Money and Credit.com. Her work was featured throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and other publications. Twitter: @BeverlyOShea.
Updated January 25 2022
Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years working at The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Her previous experience includes copy and news editing for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communications and journalism from The University of Iowa.
Many or all of the products we feature are provided by our partners, who pay us. This influences which products we write about as well as the place and way the product is featured on a page. But, it doesn't affect our assessments. Our views are our own. Here is a list of and .
Companies that offer identity theft protection promise to act as guardians of your personal information for either a monthly or annual cost. They typically begin with then layer on additional services to inform you of any potential problems.
However, alerts only flag you once the event has occurred; they aren't able to stop the theft and misuse of your financial information. That's the reason NerdWallet recommends taking action as it could stop the opening of fraudulent accounts.
You should consider purchasing an identity theft protection service only If:
You're already a victim or at high chance of becoming a victim.
You're not ready to freeze your credit reports.
You are sure that you will not undertake the task of actively monitoring your own credit.
You've checked and do not have adequate identity theft monitoring or in the event of an information breach.
You can do it by yourself
You can provide the most basic services provided by these firms by yourself, usually at no charge:
You can monitor your via a variety of personal finance websites like NerdWallet as well as a handful of charge card companies.
You are able to follow the no-cost recovery pathways outlined by the federal government at .
You can freeze your credit file at the 3 major credit bureaus -as well as -- at no cost 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 when they're worried about ID theft is to freeze their credit reports," says Chi Chi Wu the staff attorney of the National Consumer Law Center. "Freeze, freeze, freeze. Everything else is gravy to top it off."
>> MORE:
What identity theft protection companies do?
In general, identity theft protection companies provide three major services:
Monitoring: Identity theft protection firms monitor your credit files and inform you of activity, such as new accounts opened under your name or credit inquiries received and you can respond quickly.
Alerts: Inform you of instances where your personal information has been used, such as when someone attempts to establish an bank account in your name. This is useful because many people aren't aware that the theft of their identity until their credit is damaged, their bank accounts depleted or they are suddenly a lot of debt that's been incurred in their name.
Recover: In the event that someone hacks your data and then misuses it, these companies can help you recover the money lost and repair the damage to your credit. They typically offer insurance policies that cover up to $1 million.
Many also offer tangential services for example, alerts on identity theft news and local sex offender registrations. Some monitor dark web sites which are known to be a source of stolen financial and personal information that you cannot do on your own.
Find identity theft protection solutions that are comparable.
It could be that you decide to purchase a full suite of safeguards and don't mind paying for peace of mind. Or you may know you can't do it all yourself.
If you are, then compare prices and details on coverage to determine which plan is suitable for you. Check that the product you choose monitors credit data at the three credit bureaus. otherwise, you're paying for incomplete security.
Beware of credit monitoring services that are more likely to offer less comprehensive coverage and may limit your right to sue them, even if they were the ones that exposed your financial information.
Here's a look at a few most popular products within the industry of identity protection. This is only a small sample but you could find a different provider that suits you better. If you've already put in credits freezes you'll have remove them temporarily to let a service access your personal files to monitor.
1. NORTON 360 with LIFELOCK ULTIMATE PLUS
Pros:
The most expensive Norton LifeLock plan, , offers multiple services to assist you in identifying and recovering from identity theft.
It comes with a password manager, as well as web privacy, and device security features.
The company adds value to the package by offering additional options including an identity theft plan, as well as legal assistance.
Cons:
The highest-end plan is expensive particularly when it covers the entire family. The coverage for two adults and up to five kids runs $48.99 each month for the first year and then renews automatically at a higher cost.
In 2015, LifeLock paid $100 million to pay an Federal Trade Commission charge that it had violated terms of a Federal court order regarding the security of consumers' personal information and avoiding deceptive advertising.
Cost: The cost is $29.99 each month for one adult the first year, and then it renews automatically for $34.99 per month. Discounts are available for paying annually.
Ideal for: People who don't have a large family to safeguard; who can afford to spend an extra amount for more comprehensive protection. Check out our complete .
2. IDSHIELD
Pros:
It is simple to comprehend exactly what you're receiving, as there are no tiers and the pricing is transparent.
Provides unlimited consultations with an identity theft expert.
Scans social media for reputational risk.
Cons:
As with all services, you may be tempted to dismiss the importance of using good cybersecurity practices.
Multiple alerts may lead you to abandon them without reading, missing crucial information.
Cost: Monitoring at all three bureaus of credit costs $17.95 each month, for individuals and $32.95 for families (two adults and up to 10 minor children).
The best option for price-sensitive clients who want to have their social media accounts scanned in a set. Check out our complete .
3. IDENTITYFORCE ULTRASECURE+CREDIT
Pros:
IdentityForce provides less expensive three-bureau monitoring than the big names like LifeLock.
It is possible to purchase an entire family plan, which covers two adults and any children aged 25 or under.
Provides information about the possibility of Health insurance scams.
Cons:
The sign-up process is tedious, requiring you to input information repeatedly.
This family policy isn't readily apparent on the website and you'll need to contact us to inquire about it.
Pinning down the lowest price can be tricky, since prices differ based on whether you sign-up online or over the phone.
Cost: $23.99 a month or $239.90 a year for the plan that provides monitoring of all 3 major credit bureaus. As noted, though, discounts are usually available. It's wise to seek it.
Best for: Those who require insurance on a budget. people who require medical identity coverage.
4. ID WATCHDOG PLATINUM
Pros:
ID Watchdog keeps credit monitoring easy with alerts, recovery and monitoring.
A standout feature is that it can help you recover from pre-existing identity theft at an additional cost of $79.95 to $279.95, depending on the type of fraudulent credit line.
Cons:
Equifax purchased ID Watchdog in 2017, in the same year Equifax had a significant data breach that exposed sensitive personal data of more than 148 million consumers.
The company's mobile application and desktop user interface offer less information than those of its competitors.
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.
The best option is for those who need help to recover from identity theft that was pre-existing.
Are you in need of a credit review?
Register for an account to have your credit report free and score available all the time.
The authors' bios: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared throughout the pages of The New York Times, USA Today and elsewhere.
Bev O'Shea was a former credit writer for NerdWallet. Her work was published on the New York Times, Washington Post, MarketWatch and elsewhere.
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