Best Overall Identity Theft Service
- Real Time Credit Monitoring
- Secure Online Delivery Of All Updates
Why do I need to check my Credit Score?
- A good credit score is your passport to competitive interest rates for mortgages, cars, credit card offers, job offers, insurance premiums and more.
- A strong score is worth money because it saves you in excess costs
Identity theft occurs to roughly 9 million Americans per year. This means that someone you know has likely had their identity stolen. This can add up to credit card bills being racked up in a person’s name or even new credit cards or loans being acquired. This leads a person to be responsible for these charges if they do not remedy them quickly. Paying for debts that are simply not your fault is definitely not an ideal situation.
Food for Thought
Just recently, a study was conducted that showed charges under $10 did not matter to a person. In fact, a person will typically ignore these charges and never look into them any further. This was determined to be a huge loophole and one in which identity thieves took advantage of quickly. While it may be a negligible amount, a mere $8 and change, but this does not mean that it doesn’t add up. In fact, most people polled during this study didn’t even realize that they were paying off debt accrued through theft.
Imagine the millions of people across the world that have been charged for small amounts and add up the sum. Hundreds of millions of dollars is stolen from people every day and this occurs rights under our very noses.
What Is Different About Enhanced Identity Theft Protection
Identity theft protection aims to stop this sort of theft from occurring in the first place. Instead, a person will have their entire credit history monitored at all times. This may seem scary to some, but this is done by reputable companies, such as one of the three credit bureaus, so that you do not need to worry about your identity being stolen and severe damage being done to your credit.
Depending on which service is chosen, you will have to pay a monthly fee, but it is well worth the peace of mind. Let’s take a look at what every base service will provide and what it means to you.
Monitoring of Your Credit Reports
There are three main credit bureaus that hold your credit history:
These three bureaus are responsible for obtaining every credit charge or loan a person takes out and adding it to their credit history. This is done, ideally, with every credit bureau at the same time. However, this is rarely the case.
Oftentimes, one credit bureau will record activity before the other two. This lag in updating makes it very easy for a person to check one report and find that nothing is amiss. However, if they were to check another bureau, they may find unauthorized charges pending. This can lead to finding out that identity theft occurred too late to take the appropriate actions.
Monitoring will be the main element of enhanced identity theft protection and will ensure that your identity always remains safe. This is done by continuous monitoring, typically daily, of all three credit reports. Once new activity occurs, you will be alerted so that you can verify that the transaction(s) were valid.
Monitoring is done with a very intelligent system in place. The monthly charge from student loans will not cause an alert to transpire. Instead, alerts will only be sent when something out of the ordinary occurs with your credit history.
If someone uses your credit card in Asia, but you just used it in Alabama, you will be alerted. Obviously, you cannot be in two places at once. If you apply for a credit card, or someone else does, this too will cause an alert to be sent out. Now, you do not need to worry about transactions or changes on your credit report being fraudulent.
If you lose your wallet or someone steals your identity, there are dedicated professionals waiting to correct the issue. This is done so that if the worst does happen, they will help you get your identity back. This means that they will check for key address changes, contact credit issuers and do their utmost to stop any charges that were not authorized by you. No longer do you need to be the only one trying to call creditors to explain your situation.
Identity theft services usually carry a form of insurance as well. This must be inquired about with each provider because they all contain different terms. However, this insurance does not provide you with the actual monetary value. Instead, this insurance is used to ensure that your identity gets back on track. For instance,
- $1 million dollars in identity theft insurance is present
- The experts needed to clean up your identity theft require hefty fees
- The insurance pays these experts to remedy your theft issue
Once your identity is back to being yours alone, the insurance will stop paying the experts. This does not mean you will receive a monetary value, but this is insurance that will guarantee that your identity is restored.
For the small monthly fee that is charged, it is often better to obtain this type of protection as a safeguard. With identity theft on the rise, it is only reasonable that you are able to have professionals help you halt the unauthorized usage of your identity.