Identity Theft and Credit Monitoring Services

I highly recommend that people subscribe to a credit monitoring service and, particularly, one that offers Restoration Services.

There are many good services out there, but the one that I use is called the “Identity Theft Shield” offered by Pre-Paid Legal Services and Kroll Background, Inc.  I like this service because not only do they monitor your credit report and alert you to any changes, but, if you are a victim of identity theft, THEY WILL ACTUALLY DO MUCH OF THE “LEG WORK” FOR YOU to get your situation resolved.  For example, they will send fraud alert notifications on your behalf and do applicable follow up with affected agencies and institutions, including: credit card companies, financial institutions, all three credit repositories, Social Security Administration, Federal Trade Commission, Department of Motor Vehicles, law enforcement personnel, and the U.S. Postal Service.  They will also perform proactive searches of applicable local and national databases will be made on your behalf to look for information you may not be aware of, including: criminal activity in your name in your county’s records and certain federal watch lists, Department of Motor Vehicle records in your state, unknown addresses affiliated with your name, and banking activity in your name reported as fraudulent.

Many of the other services only monitor your credit report and, if your identity is stolen, they merely send you a packet of information that tells you what to do and you’re on your own.  Although these services are cheaper, you get what you pay for.  I use the following analogy:

If your car is broken and you take it to the auto shop, do you expect the mechanic to tell you what’s wrong with the car and then give you a huge “shop manual” and say, “Do what it says in there?”

I think not.  You already know that it’s broken and you want them to help you fix it.

That’s one big reason why I use the Identity Theft Shield and recommend it to my clients.

Another thing to consider is that some credit monitoring services offer an “Identity Theft Reimbursement Benefit” of between $500 and $25,000.  The problem is that there are many exclusions and, since you are having your credit monitored, most of those expenses should be reduced or eliminated because you are able to discover the identity theft quickly.  Although it sounds nice, in my opinion, I’d rather have the “Restoration Services” of the Identity Theft Shield from Pre-Paid Legal Services.

Regardless, I recommend that you research the various options, decide which one is best for you, and GET SOMETHING.

For more information on the Identity Theft Shield, CLICK HERE.

  

For more information on other credit monitoring services, click here.

 

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