Facts on Identity Monitoring Services
Many consumers have turned to the use of credit monitoring services and identity monitoring services with the growing numbers in identity theft cases each year. Though these services can be considered an asset for a consumer, they can also be slightly overpriced and the services rendered worthless in comparison. As a consumer considering signing up for identity monitoring services, you should be educated on the facts of identity monitoring services and determine whether or not they are the right direction for you to take.
Identity Monitoring Services by Definition
Identity monitoring services and credit monitoring services are often associated with each other, but they vary in services. A credit monitoring service will protect a consumer against new frauds that are placed on their credit reports. Identity monitoring services on the other hand can monitor not only your credit reports, but bank accounts, credit card accounts, and other internet databases to ensure that your private information is not being used fraudulently. Identity monitoring services will not only monitor new accounts, but current accounts. Identity monitoring services, though helpful, offer limited protection against current account fraud, criminal identity fraud, check fraud or social security fraud due to their limited access to particular databases.
How to Select an Identity Monitoring Service
If you are in the market for an identity monitoring service, then you will need to consider the following before signing up with a particular one:
- Frequency – How often does the monitoring service monitor your information? Daily, weekly or monthly? How often will you be notified of any changes or possible fraudulent activity?
- Credit Reports – How many credit reports are monitored by the service? Will you be given unlimited access to your credit reports through this service?
- Services Rendered – Consider the services offered by your service. Are they primarily services you could conduct yourself for free? Often services that only offer credit report monitoring and credit fraud alerts are something a consumer can do on their own.
- References – Is the service listed with the Better Business Bureau or Consumer Reports? Check for complaints, references and other information on a company prior to signing up.
- Computer Software – Does your service offer complimentary computer software to ensure your computer is up-to-date?
- Identity Theft Recovery – In the event your identity is stolen while under their watch, does your service provide identity theft recovery services? What is the extent of those services? Some services will give consumers assistance in contacting and clearing up credit reports, while others will also assist in the cost of the recovery process.