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Do You Really Need Identity Theft Protection Services?
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Do You Really Need Identity Theft Protection Services?
Pay for a product only when you're at risk, don't want to freeze your credit, and will not monitor your personal data.
Written by Sean Pyles Senior Writer | Personal finance, credit, and personal finance 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 on NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a particular focus on sensible and actionable money advice, Sean provides real-world guidance to help people improve the financial situation of their lives. Beyond answering listeners' money questions on "Smart Money" Sean also interviews guests outside of NerdWallet and produces special segments on topics like the racial wealth gap, how to start investing and the history for student loans.
Before Sean took over podcasting at NerdWallet the company, he also wrote about topics related to consumer debt. His writing has been featured in USA Today, The New York Times and elsewhere. When Sean isn't 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 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 been featured in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and elsewhere. Twitter: @BeverlyOShea.
Updated Jan 25, 2022
Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years at The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Prior experience includes news and copy editing at many Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism in the University of Iowa.
The majority or all of the products we feature come from our partners, who we pay. This impacts the types of products we feature as well as the place and way the product appears on the page. However, this doesn't affect our opinions. Our opinions are our own. Here's a list of and .
Companies that offer identity theft protection promise to safeguard your personal data for either a monthly or annual cost. They typically begin by adding additional services to alert you to potential problems.
However, alerts only flag your account after the fact, they can't prevent someone from stealing and misusing your financial data. This is the reason NerdWallet recommends taking action -- it can prevent the opening of fake accounts.
Consider purchasing the identity theft prevention program only If:
You're already the victim of or at chance of becoming a victim.
You are unwilling to block your credit reports.
You are sure that you will not spend the time actively monitoring your own credit.
You've checked and do not have an adequate system for monitoring identity theft or in the event of an information breach.
You can do it by yourself
You can perform the basic services provided by these firms by yourself, usually at no charge:
You can track your finances via a variety of personal finance websites, like NerdWallet or a few credit card issuers.
You are able to follow the free recovery paths set out in the Federal government's website at .
You can freeze your credit file at all of the major credit bureaus- , and -- at no cost the identity theft protection firm can't do for you.
"The first thing that consumers have to do if they're worried regarding ID theft is 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."
>> MORE:
What companies for protection against identity theft do?
In general the majority of companies, they offer three main services:
Monitoring Identity theft protection companies monitor your credit files and inform you of activity, such as new accounts opening in your name , or credit inquiries received, so you can react promptly.
Alerts: Inform you of instances where your personal information was utilized, for example, if someone attempts to open an bank account in your name. This can be helpful because most people don't know that identity theft occurred until their credit is damaged, their bank accounts depleted or they suddenly have an abundance of debt that's been incurred in their name.
Recovery: If someone steals your data and then makes use of it in a malicious way These companies can assist you recover lost money and repair the damage to your credit. They typically offer insurance policies that cover up to $1 million.
Some also provide tangential services, such as alerts about information about identity theft, as well as local sex offender registries. There are some who monitor dark websites which are known to be a source of stolen financial and personal information, which is something you're not able to do by yourself.
Find identity theft protection solutions that are comparable.
It could be that you decide to purchase an entire set of security features and you're willing to pay for security. You may also be aware that you'll never do it yourself.
If yes, you can compare rates and coverage information to find a plan that will meet your needs. Make sure the product you choose monitors credit data at the three credit bureaus, otherwise, you're paying for incomplete protection.
Avoid credit monitoring products which tend to have less extensive coverage and can restrict your ability to pursue them even if they're those that leaked your financial data.
Here's a look at a few popular products in the industry of identity protection. This is a small sampling but you could choose a different service that suits you better. If you've already placed credits freezes you'll need remove them temporarily in order to allow a company access to your files for monitoring.
1. NORTON 360 WITH LIFELOCK ULTIMATE PLUS
Pros:
The highest-end Norton LifeLock plan, , includes a range of services that can assist you in identifying and recovering from identity theft.
It includes a password manager, as well as web privacy and device security advantages.
The company can enhance its service by adding additional features like a $1 million identity theft plan, as well as legal assistance.
Cons:
The most expensive plan is priced at $48.99 and especially for families. Coverage for two adults as well as up to five children runs $48.99 each month for in the beginning, and after that it auto-renews at a higher price.
The company was fined in 2015 LifeLock made a payment of $100 million in order to pay a Federal Trade Commission charge that it had violated terms of a 2010 federal court order regarding the protection of customers' personal data and avoiding misleading advertisements.
Cost: Coverage is $29.99 per month for an adult for the first year, and then it renews automatically at $34.99 monthly. Discounts are available when you pay annually.
Best for: Those who don't have an entire family to protect; those who can afford to spend just a bit more for complete coverage. Read our full .
2. IDSHIELD
Pros:
It is simple to comprehend exactly what you're getting, because there are no tiers, and the pricing is transparent.
Offers unlimited consultations with identity theft expert.
Scans social media for reputational risk.
Cons:
As with any service it is possible to ignore the importance of maintaining good cyber hygiene guidelines.
Multiple alerts could cause you to dismiss them without reading, missing crucial details.
Cost: Monitoring at the three credit bureaus is $17.95 monthly for individuals or $32.95 for families (two adults, up to 10 minors).
The best option for price-sensitive clients who wish to have their social media accounts checked as part of a bundle. Learn more about our service .
3. IDENTITYFORCE ULTRASECURE +CREDIT
Pros:
IdentityForce provides lower cost three-bureau monitoring than big brands like LifeLock.
You can get an entire family plan, which will cover two adults and all children aged 25 or under.
Offers alerts about suspected Health insurance scams.
Cons:
The sign-up process can be tedious it requires you to input details several times.
Family plans aren't readily accessible on the site and you might have to contact us to inquire about it.
Pinning down the lowest price can be tricky, since the prices can vary based the method you choose to sign up on the phone or online.
The cost is $23.99 monthly or $239.90 annually for the plan, which provides monitoring of the three major credit bureaus. As noted, though, promotions are often offered. It's smart to look for it.
Ideal for: People who want security on a tight budget; those who want medical identity insurance.
4. ID WATCHDOG PLATINUM
Pros:
ID Watchdog keeps credit monitoring, alerts and recovery simple.
One of the most notable features is that it will help you recover from an identity theft incident that occurred before at an additional cost of $79.95 to $279.95 according to the type of credit line.
Cons:
Equifax purchased ID Watchdog in 2017, the same year Equifax had a significant data breach that revealed sensitive personal information of 148 million consumers.
The company's mobile app and desktop application provide more information than its competitors.
ID Watchdog offers fewer monitoring services than other businesses.
Cost: $19.95 a month or $219 for an annual plan for , which offers three-bureau credit monitoring.
Ideal for: People who need help recovering from pre-existing identity theft.
Do you need a credit report check-up?
Register for an account to have your credit report free and score available every day.
Authors' Bio: Sean Pyles is the executive producer and host 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 has appeared in the New York Times, Washington Post, MarketWatch and elsewhere.
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