One question often asked is: Should I subscribe to an identity theft protection service?
Good question. If you’re comfortable monitoring your own financial accounts on a regular basis – BBB recommends at least monthly, although weekly or even daily are best – and you get the free annual credit report from the 3 reporting companies, annualcreditreport.com, then a paid service should not be needed.
If monitoring your credit report and financial statements isn’t something have time to do, then you might consider paying a service to keep track of your financial accounts, credit reports and personal information. These services are now offered by the three credit reporting companies: Equifax, Transunion & Experian, plus companies that specialize in providing ID theft monitoring services.
What do you get for the monthly fee, costing from $10 to $30 or more a month? ID theft services can “lock,” “flag” or “freeze” your credit report and renew and/or update alerts or freezes automatically. Some companies, including consumer reporting companies, offer subscriptions to credit monitoring services. These services track your credit report and usually send an email about recent activity, such as an inquiry or new account. The more frequent or more detailed the report, the more expensive the service.
Some companies offer services to help you rebuild your identity after a theft. Typically, you give these services a limited power of attorney to act on your behalf when dealing with consumer reporting companies, creditors or other information source, according to the Federal Trade Commission.
Many companies offer additional services, including removing your name from mailing lists or prescreened offers of credit or insurance, representing your legal interests, “guaranteeing” reimbursement in the event you experience a loss due to identity theft, or helping you track down whether your personal information has been exposed online.
Start With Trust®. For more consumer tips and information, go to bbb.org.
~ Luanne Kadlub, Communications Specialist, BBB Serving Northern Colorado & Wyoming. 970-488-2044, Toll Free: 800-564-0370 Ext. 135, wynco.bbb.org Start With Trust®. 8020 S. County Road 5, Ste. 100, Fort Collins, CO 80528.