Why You Should Use Identity Theft Protection Services
Assistance From Fraud Protection Services
Identity theft protection services can be an important asset if you are concerned about identity theft or data breaches. Identity theft is a huge problem, and it can happen to anyone. Over the last few years, millions of individuals around the world have experienced identity theft in some form. 2017 saw the largest instances of identity theft. Major companies were also affected, and included Arby’s, River City Media, Saks Fifth Avenue, and United Healthcare. This is why identity theft protection is important.
People often wonder if identity fraud protection services are all they’re cracked up to be. Well, there are a number of companies out there that make a lot of promises regarding protection. You can research and compare companies to determine the best identity fraud protection.
What Are Identity Fraud Protection Services?
Identity fraud protection services basically offer credit and monitoring services. The bottom line is no one can really protect your personal information from being stolen, regardless of the claims. What they can do is provide you with services that can detect if any funny business is going on with your personal information. They can also help you deal with the recovery after your information has been breached.
This is broken into two different services: credit monitoring and identity monitoring.
Credit monitoring tracks activity on your credit report. If something suspicious is happening, you will receive personal credit alerts notifying you of what actions to take. In many cases, you will have enough time to head off the problem. You receive alerts for the following:
- When companies check your credit history
- A credit card or loan is opened in your name
- When a late payment is reported by a creditor
- Public records report bankruptcy
- A legal judgement is filed against you
- There is a change in your credit limit
- When personal information like an address or telephone number is changed
Credit monitoring is only useful in showing what is on your credit report. There are things it cannot do such as report if your bank account is accessed, or if someone files a phony tax return on you.
Identity monitoring alerts you if you have some type of breach in your personal information like social security number, bank account, and passport. You can receive information regarding the following activities:
- Request for address changes
- Court and arrest records
- Application for payday loan
- Ordering new utilities, cable, etc.
- Social media account
- Websites that share stolen information
Services that monitor your identity must use specific databases to ascertain whether they can find new or inaccurate information regarding your identity. The information they find is only as good as the database.
The best identity fraud protection is prevention. People should also take the initiative to perform simple tasks like monitoring your own credit report. You should also consider monitoring your own bank statements and accounts more frequently. If necessary, place a temporary security freeze on your credit. This will block thieves from opening new accounts in your name.