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(image: https://farm8.static.flickr.com/7860/40075677663_12881e754b.jpg)Do You Really Need Identity Theft Protection Services?
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Do You Really Need Identity Theft Protection Services?
You should only pay for a service if you are in danger, refuse to freeze your credit, and don't want to monitor your own personal information.
By Sean Pyles Senior Writer | Personal financial and credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the host and producer of NerdWallet's "Smart Money" podcast. The show "Smart Money," Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer listeners' questions about personal finance. With a particular focus on sensible and practical advice on money, Sean provides real-world guidance to help people improve their financial lives. Beyond answering listeners' money 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 and how to begin investing, and the history for student loans.
Before Sean was the host of podcasts at NerdWallet, he covered topics related to consumer debt. His writing has been featured on USA Today, The New York Times and other publications. When he's not writing about personal finances, Sean can be found digging around his garden, taking walks, or walking his dog for long walks. He lives within 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 degree of journalism at Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet she worked for daily newspapers, MSN Money and Credit.com. Her work has appeared in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and elsewhere. Twitter: @BeverlyOShea.
Updated January 25, 2022
Edited by Kathy Hinson Lead Assigning Editor Personal finances, 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 news and copy editing for several Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communication and journalism at the University of Iowa.
Many or all of the products we feature come from our partners, who pay us. This impacts the types of products we write about and where and how the product is featured on the page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here's a list of and .
Companies that offer identity theft protection promise to act as guardians of your personal data for an annual or monthly fee. Generally, they start with then layer on additional services to alert you to potential problems.
But alerts just flag you after the fact; they can't prevent the theft and misuse of your financial data. This is the reason why NerdWallet advises proactively -- it can prevent the opening of fraudulent accounts.
You should consider paying for the identity theft prevention service only in the following situations:
You're already the victim of or at chance of becoming a victim.
You're not ready to freeze your credit report.
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 a data breach.
You can make it yourself.
You are able to perform the fundamental services offered by these companies by yourself, typically at no charge:
You can monitor your financial transactions on a variety of personal finance websites like NerdWallet, or some creditors of credit cards.
You are able to follow the free recovery routes set out from the government of the United States at .
You can also freeze your credit records at all of the major credit bureaus -- - and -- at no cost this is something that an security company that protects against identity theft will not be able to do for you.
"The first thing that consumers have to do when they're worried regarding ID theft is just to block their credit reports," says Chi Chi Wu, staff attorney at the National Consumer Law Center. "Freeze, freeze, freeze. Everything else is gravy to top it off."
>> MORE:
What companies for protection against identity theft do?
In general, identity theft protection companies offer three primary services:
Monitoring Identity theft protection companies keep track of your credit file and inform you of changes, such as the creation of new accounts opening under your name or credit inquiries received and you can respond promptly.
Alerts: Inform you of any instances in which your personal information has been used, such as when someone tries to open an bank account in your name. This is helpful since many people aren't aware that identity theft occurred until their credit is wrecked, their bank accounts depleted or they suddenly have lots of debt that's been incurred in their name.
Recovery: If someone steals your data and then uses it maliciously the companies may help you recover lost money and repair the damage to your credit. Most offer insurance policies of up to $1 million.
Many also offer tangential services for example, alerts on identity theft news and local sex offender registries. There are some who monitor dark websites which are known to be a source of stolen financial and personal data and financial information, something you can't do yourself.
Compare identity theft protection services
It could be that you decide to purchase an entire set of security features and don't mind paying for security. You may also be aware that you'll never do it yourself.
If so, compare prices and details on coverage to find a plan that fits. Check that the product you choose monitors credit data at the three credit bureaus. otherwise you'll be paying for a lack of security.
Avoid credit monitoring companies that are more likely to offer less comprehensive coverage and can restrict your ability to pursue them even if they're the ones that have exposed your financial data.
This is a look at popular products in the identity protection industry. This is just a tiny sample but you could find a different provider which is better suited to your needs. If you've already put in credits freezes you'll need be able to lift these temporarily to allow a provider access to your data for monitoring purposes.
1. NORTON 360 with LIFELOCK ULTIMATE PLUS
Pros:
The most expensive Norton LifeLock plan, , includes a range of services that can help you detect and recover the loss of your identity.
It also includes a password manager, as well as web privacy, and device security features.
The company enhances its package through additional features, such as the $1 million identity theft plan, as well as legal assistance.
Cons:
The highest-end plan is expensive particularly when it covers families. For two adults as well as up to five children costs $48.99 each month for initially, but it renews automatically at a higher cost.
The company was fined in 2015 LifeLock made a payment of $100 million in order to resolve a Federal Trade Commission charge that it was in violation of a federal court order regarding the protection of customers' personal data and avoiding misleading advertisements.
Cost: The cost is $29.99 per month for an adult for the first year, and it automatically renews for $34.99 per month. Discounts are available for paying annually.
Best for: Those who don't have a large family to cover; who can afford an extra amount for more comprehensive protection. Check out our complete .
2. IDSHIELD
Pros:
Easy to understand precisely what you're getting, because there are no tiers and pricing is clearly stated.
Unlimited consultations with an Identity theft specialist.
Scans social media for reputational risk.
Cons:
As with any service, you may be tempted to ignore the importance of using good cybersecurity practices.
Multiple alerts may lead you to dismiss them without readingor absorbing important information.
Cost: Monitoring the three credit bureaus is $17.95 each month, for an individual or $32.95 to families (two adults and as many as 10 minor children).
Ideal for: Customers with a price sensitivity who would like to have their social media accounts 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 brands like LifeLock.
You can get a family planthat covers two adults and any children 25 and under.
Alerts you about possible Health insurance scams.
Cons:
The sign-up process can be tedious it requires you to input data multiple times.
Family plans aren't accessible on the site and you might have to contact us to inquire about it.
The process of determining the lowest cost can be a challenge, because prices vary depending on whether you sign up on the phone or online.
The cost is $23.99 monthly or $239.90 a year for the plan that offers monitoring at all 3 major credit bureaus. It should be noted that promotional pricing is often available. It's a good idea to search for it.
Best for: Those who want protection on a budget; those seeking medical identity insurance.
4. ID WATCHDOG PLATINUM
Pros:
ID Watchdog keeps credit monitoring easy with alerts, recovery and monitoring.
One of the most notable features is that it can help you recover from pre-existing identity theft for an additional fee of $79.95 to $279.95, based on the kind of fraudulent credit line.
Cons:
Equifax bought ID Watchdog in 2017, the year Equifax was hit by a massive data breach that revealed sensitive personal information of nearly 148 million people.
The mobile app and desktop interface provide less information than those of its rivals.
ID Watchdog offers fewer monitoring services than other businesses.
Price: $19.95 a month or $219 for an annual package with three bureaus of credit monitoring.
Best for: Those who need help recovering from pre-existing identity theft.
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About the authors: Sean Pyles is the host and executive producer on NerdWallet's Smart Money podcast. His writing has been featured in The New York Times, USA Today and elsewhere.
Bev O'Shea is a former credit writer at NerdWallet. Her work was published on the New York Times, Washington Post, MarketWatch and elsewhere.
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