Do You Need Identity Theft Protection Services?

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Do You Really Need Identity Theft Protection Services?
You should only pay for a service when you're at risk, don't want to block your credit, and don't want to monitor your own personal information.
by Sean Pyles Senior Writer | Personal financial, credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. In "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on shrewd and actionable money advice, Sean provides real-world guidance that can help consumers better in their finances. In addition to answering listeners' financial questions on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments to explore topics such as the racial gap in wealth as well as how to get started investing, and the history of student loans.
Before Sean took over podcasting at NerdWallet the company, he also wrote about topics that dealt with consumer debt. His writing has been featured throughout the media including USA Today, The New York Times as well as other publications. When he's not writing about personal finances, Sean can be found digging around his garden, going on walks, or taking his dog on long walks. He is based within Ocean Shores, Washington.




and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's level degree in journalism from Auburn University and a master's in education from Georgia State University. Before coming to NerdWallet, she worked for the daily papers, MSN Money and Credit.com. Her work has appeared throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and elsewhere. Twitter: @BeverlyOShea.





January 25, 2022


Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Previous experience included news and copy editing for many Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communication and journalism from The University of Iowa.







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Security companies for identity theft promise to act as guardians of your personal information for the cost of a monthly or annually. Generally, they start with a few additional services that warn you of potential issues.
But alerts just flag your account after the fact, they don't stop someone from stealing and misusing your financial data. That's why NerdWallet advises proactively as it could stop the opening of fake accounts.
You should consider paying for the identity theft prevention service only in the following situations:
You're already a victim or are at risk of it.
You are unwilling to freeze your credit reports.
You are sure that you will not spend the time constantly monitoring your credit.
You have checked and don't have adequate identity theft monitoring or in the event of an incident with data.

You can make it by yourself
You are able to perform the fundamental services provided by these firms by yourself, usually at no charge:
You can track your finances financial transactions on a variety of personal finance websites like NerdWallet as well as a handful of creditors of credit cards.
You can and follow free recovery paths set out in the Federal government's website at .
You can freeze your credit records at all of the major credit bureaus -- - and -- for no cost this is something that an security company that protects against identity theft can't do for you.

"The first thing consumers need to do when they're worried about ID theft is just to stop their credit report from being frozen," says Chi Chi Wu an attorney on staff at the National Consumer Law Center. "Freeze, freeze, freeze. Everything else is a bonus on top of that."
>> MORE:
What identity theft protection companies do
In general, identity theft protection companies provide three primary services:
Monitoring Identity theft protection companies monitor your credit files and inform you of activities, like new accounts being opened under your name or inquiries about credit to ensure you are able to respond quickly.
Alerts: Inform you of instances when your personal data has been utilized, for example, if someone attempts to create a bank account under your name. This can be beneficial because most people don't know that identity theft has happened until their credit has been damaged or their bank accounts have been wiped out or they suddenly have a lot of debt that's been incurred that is in their name.
Recover: In the event that someone steals your data and uses it maliciously, these companies can help you recover lost money and also repair damages to your credit. Most offer insurance policies of up to $1 million.

Many also offer tangential services for example, alerts on information about identity theft, as well as local registries for sex offenders. Some monitor dark web sites known to traffic in stolen financial and personal data that you're not able to do by yourself.
Check out identity theft protection services
It could be that you decide to purchase all the security options and are willing to pay for security. You may also be aware that you won't do it yourself.
If you are, then compare prices and coverage information to determine which plan will meet your needs. Make sure the product you select monitors your credit information at the three credit bureaus, otherwise you're paying for insufficient security.
Avoid credit monitoring companies that tend to have less extensive coverage, and could limit your ability to pursue them even if they were the ones that have exposed your financial data.
Here's a look at some popular products in the field of identity protection. This is a small sampling and you might choose a different service which is better suited to your needs. If you've already placed credits freezes you'll need temporarily lift them in order to let a service access to your file for monitoring.
1. NORTON 360 WITH LIFELOCK ULTIMATE PLUS
Pros:
The most expensive Norton LifeLock plan, , includes a range of services that can help you detect and recover against identity theft.
It includes a password manager, web security and privacy benefits for devices.
The company adds value to the package by offering additional options including the $1 million identity theft plan, as well as legal assistance.

Cons:
The highest-end plan is expensive particularly when it covers a family. For two adults and up to five children is $48.99 a month the first year and then auto-renews at a higher rate.
As of 2015 LifeLock made a payment of $100 million in order to resolve an Federal Trade Commission charge that it violated the terms of a federal court order that required the protection of customers' personal data and avoiding misleading advertising.

Cost: Coverage is $29.99 per month for an adult in the first year and then it renews automatically at $34.99 each month. Discounts are available when you pay annually.
The best for: those who don't have an entire family to cover; who can afford a little extra for comprehensive protection. Check out our complete .
2. IDSHIELD
Pros:
It is easy to know precisely what you're receiving as there aren't any tiers and the pricing is transparent.
Offers unlimited consultations with experts in identity theft.
Scans social media posts for reputational risk.

Cons:
As with all services it is possible to ignore the importance of good cyber hygiene practices.
Multiple alerts could cause you to turn them off without reading, missing important information.

Cost: Monitoring at 3 credit bureaus costs $17.95 each month, for an individual as well as $32.95 to families (two adults, up to 10 minors).
The best option for price-sensitive clients who want to have their social media accounts scanned as part of a package. Check out our complete .
3. IDENTITYFORCE ULSECURE+CREDIT
Pros:
IdentityForce provides less expensive monitoring of three bureaus than the big names like LifeLock.
You can purchase an entire family plan, which includes two adults as well as any children 25 and under.
Provides information about the possibility of health insurance fraud.

Cons:
The sign-up process can be tedious and requires you to enter information multiple times.
This family policy is not readily apparent on the website and you might have to call to request it.
Finding the lowest price isn't always easy, because prices differ based on whether you sign-up via the internet or by phone.

The cost is $23.99 monthly or $239.90 annually for the plan, which includes monitoring at all 3 major credit bureaus. However, as mentioned, promotions are often offered. It's wise to seek it.
Ideal for: People who require protection on a budget; those who want medical identity insurance.
4. ID WATCHDOG PLATINUM
Pros:
ID Watchdog keeps credit monitoring as well as alerts and recovery easy.
A standout feature is that it will help you recover from pre-existing identity theft at an additional cost of $79.95 to $279.95 dependent on the type of credit line you have been able to use fraudulently.

Cons:
Equifax bought ID Watchdog in 2017, in the same year Equifax had a significant data breach that exposed sensitive personal data of 150 million customers.
The company's mobile app and desktop interface offer more information than its rivals.
ID Watchdog offers fewer monitoring services than other companies.

Price: $19.95 a month or $219 for an annual plan for , which offers three-bureau credit monitoring.
The best option is for those who need help recovering from pre-existing identity theft.
Do you need a credit report check-up?
Register for an account and get your free credit report and score at hand, constantly.












The authors' bios: Sean Pyles is the director of production and hosts on NerdWallet's Smart Money podcast. His writing has been featured in The New York Times, USA Today and elsewhere.


Bev O'Shea is a former credit writer at NerdWallet. Her work was published in the New York Times, Washington Post, MarketWatch and elsewhere.







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