Identity Protection Systems: Pros and Cons

Posted on Thursday, February 21st, 2013 at 2:01 pm by shauli

Unfortunately, identity theft is a real threat to most Americans. The Federal Trade Commission estimates that up to 9 million American citizens have had their identities stolen and their social security numbers or other information used to commit fraud.

If you’re a victim of identity theft, your financial loss will probably be limited. You won’t be held legally responsible for the bills that are run up by the thief. However, the damage done to your name and credit rating could be serious. This type of financial injury can disrupt your life and take a long time to repair.

Some lucky victims are able to resolve financial issues quickly without outside assistance. However, other people might discover themselves trapped in a mire of lengthy processes to save their reputation and credit records. Sometimes a little outside help can save time and trouble.

 

identity theft

What do Most Identity Theft Protection Companies Do?

Most companies provide some combination of the following services:

● Fraud alerts
● Credit reports and monitoring
● Credit card monitoring
● Database monitoring
● A guarantee to restore your identity, if stolen
● Identity theft insurance
● Removal from credit card and other junk mail offers

It’s true that there really is a black market where stolen financial and personal information is bought and sold. The following services help you keep your information from these unscrupulous people. Here is a brief overview of a few popular identity theft protection services:

TrustedID

TrustedID has a product that is called IDEssentials. The company also offers a less expensive alternative, IDFreeze, which does everything except credit monitoring:

Identity Guard

Identity Guard provides identity protection and protection for your mobile devices. If you lose your credit card, this service will cancel your credit cards and give you a cash advance of $2000.

LifeLock

Lifelock is similarly featured to the service above, except that the service doesn’t provide credit alerts or anti-spyware solutions. The service does monitor the online black markets for your personal information. It checks these sources for your driver’s license, social security number, home address, and other personal data.

PrivacyGuard

This service doesn’t monitor the online black market, but their system does include Norton Internet Security online. This allows you access to the latest anti-virus, anti-spyware, anti-spam, and anti-phishing applications. There are also other online controls. This service focuses on credit monitoring and online data storage more so than the other services on this list.
There is a wealth of information available about identity theft. There are resources available such as the Travelers Guide to Preventing Identity Theft offered by Guest Door. You can find horror stories of thieves who have stolen people’s identities and committed serious crimes leaving innocent victims spending a year or more attempting to restore their good names. Identity theft is a risk that everyone faces at some time or other.

You should weigh the pros and cons of paying for an identity theft protection service and determine if paying for this type of service is right for you. Hopefully, the overview will help you make an informed decision on this matter. If you travel frequently or you have a high profile, then you’re at significant risk for having your ID stolen. If this is the case, paying for a monthly service might not be a bad decision. This is especially true if you are busy and don’t have time to address any issues should they pop up.

Public figures and business people probably should invest in Identity theft protection. If your livelihood depends on your reputation and financial status, having it stolen could cause some serious problems. If you don’t have much to lose and very little income, this option might not make as much sense to you. Either way, you’ll have to be the one to decide on that.

Author Bio:

The author of this post is interested in writing about travel and technology. If you are still curious on what more steps to take in preventing identity theft? Visit GuestDoor To know more about Traveler’s Guide to Preventing Identity Theft.

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