The Identity Theft Resource Center receives numerous inquiries from consumers regarding identity theft services and products available for purchase. As you consider the following identity theft services, ITRC would like to remind you to shop carefully, read contracts and privacy policies and check companies’ standings with reputable organizations such as the Better Business Bureau.
A credit monitoring service alerts consumers to changes on their credit reports that may need further investigation. Changes can include credit balance changes, changes to contact information (e.g. address) and bankruptcy filing. The information provided by each of the three major credit reporting agencies (Experian, Equifax and TransUnion) is not identical and it is good practice to monitor reports from all three agencies.
Credit monitoring only provides insight into changes with existing financial accounts and potential financial identity theft involving fraduaulently opened accounts; it does not indicate if you are a victim of account takeover or address other forms of identity theft (criminal, medical and government).
Credit monitoring is a reactive process and an identity theft service; it will not prevent identity theft. Diligent monitoring can alert you to potential identity theft so you can take action sooner rather than later and mitigate further damage to your credit report(s).
Questions to ask these companies include:
- Which credit reporting agencies are monitored?
- How frequently do they monitor your information (real-time is preferable)?
- How quickly do they notify you of any changes or concerns?
- Will you have access to your credit report(s)? What about your credit score?
Identity monitoring services typically include monitoring public sources and the dark web for information such as contact information changes (address, phone, etc), exposed account information (email/username/password, financial account information, etc) and criminal activity in your name.
Most identity monitoring services include credit monitoring at varying levels for an additional cost.
Questions to ask these companies include:
- What information do you have to provide to them and how do they ensure it is protected?
- What specific services are included/what information do they search for?
- How frequently do they monitor your information (real-time is preferable)?
- How quickly do they notify you of any changes or concerns?
- Do they allow a trial period for you to try their product? What are the terms and conditions for the trial period (auto-renew, etc)?
Companies that offer identity theft resolution can do some or all the work of attempting to clear your identity theft for you. Some companies will only cover instances of identity theft that occur after you signed up with them, so ask if they will cover any identity theft case that existed, but was not discovered, until after you signed up.
Ask about the following items:
- What specific services are provided?
- Do you need to sign a power of attorney and, if so, how long does it need to be?
- What information do you have to provide to them and how do they ensure it is protected?
- What type of training do their investigators undergo?
- How long can the process be expected to take?
- What is their guarantee? Is there a refund policy?
There are many organizations, such as the ITRC, that will assist victims at no cost.
This identity theft service is insurance programs or add-ons to existing policies, that help reimburse expenses incurred by victims of identity theft. Like regular insurance policies, there are premium and deductible costs and there may be exclusions. Ask about the following items:
- Does the policy cover lost wages for the time taken to deal with identity theft? If so, in what instances and is there a cap on the amount of wages that can be claimed? What documentation has to be provided to file a claim for lost wages?
- What out-of-pocket expenses directly related to remediating your identity theft case are included? Ask about things like postage, mileage, legal costs, etc. What documentation has to be provided in each instance?
- Will the company cover expenses for an identity theft case that was discovered after the policy was purchased, but occurred (unbeknownst to you) prior to coverage?
- Do any claims through the identity theft insurance policy affect any other policies you have with the same company?
- Is there a limit on the number of claims that can be submitted (in the instance you are a victim of a particularly bad or recurring case of identity theft)?
For help, contact an Identity Theft Resource Center expert advisor for no-cost assistance. Call toll-free at 888.400.5530 or LiveChat with us.