Skip to comments.Identity Theft Protection is it worth it?
Posted on 03/12/2014 5:49:44 PM PDT by Ben Mugged
Is identity theft a real enough problem to warrant $10/month monitoring service? I must decide whether or not to get the service but to initiate it I must trust the service with a lot of personal data.
I use lifelock. It has been worth it to me.
They stopped one attempt at opening an account in my identity. I also know how many years of suffering and how much aggravation it takes to restore credit. To me that value is worth the cost.
I recently signed up for lifelock premium. They found my name and password for a shopping website being sold on a blackmarket website.
You could sign up for a few months to see if something is already up...
Consumer Reports says it is not. Claims that it doesn’t do much for you that you could not easily do yourself, and that the million dollar guarantee, or whatever it is, does not mean they cover your losses.
Best to read the fine print.
For $10.00 for each of the big three rating firms, you can put a lock on any transactions...that will protect your accounts. If you don’t intend to borrow you will love the service.
I think it depends, but make sure the company is reliable.
Just a quick search found this comparative assessment FWIW:
Identity Theft Protection Services Compared
If you’ve ever had this problem, you know you don’t need to ask.
I did that. It's free in NC. The state has links on its webpage to do it.
I figure that's enough, plus extreme caution in using cards.
“Is identity theft a real enough problem to warrant $10/month monitoring service?”
Nah, not for me. My identity is not worth anything to anybody.
Anyway, that service sounds more like a scam to me. Just what are they doing for you, and why do you need it?
I use BA’s Privacy Assist.
I recommend it.
These are dangerous times.
Roger that. All 3 majors allow you to “freeze” your credit and only you can “un-freeze” it when you try to use your credit for anything. If you only use it(your credit) on rare occasions, that may be an option. If someone tries to use your info they should be denied. Hope you never get stolen.
You are much better off by Never using Credit or Debit cards, No Electronic Transactions at all. Pull the CASH out of your pocket and live within your means with NO DEBT at all. Pay All your regular bills with a check in the mail. Then there are no worries. Stop feeding the Banks.
“Nah, not for me. My identity is not worth anything to anybody.
Anyway, that service sounds more like a scam to me. Just what are they doing for you, and why do you need it?”
It’s like ANY insurance — you wish you would never need it, but if you need it, it makes a huge difference between having or not having it — whether it’s home insurance, car insurance, health insurance or identity theft protection insurance. The point of the identity theft insurance is that they stop it before it ruins you and it can, if it goes undetected.
No buying from Amazon or eBay?
Don’t think so.
That has saved me way too much money.
We've never suffered a loss from it, but my identity was stolen twice -- about two weeks apart.
My wife pays very close attention to bank statements and credit card statements and, fortunately, she caught both attempts.
What we had to do to avoid any loss, though, was a real PITA. You don't want to go through that, much less actually suffer a loss of money and/or credit.
We now subscribe to Lifelock and have had no issues since.
Be sure you know what their policy on what expenses it actually covers.
If it gives you peace of mind, do it.
Restoring your credit rating, after an identity theft, takes years to clear up. It could consume you and all your time.
Where was Lifelock when bo established his identity?
If you read the fine print on the Life-Lock contract, and there is a lot of it, you will discover that they do absolutely nothing until YOU do everything required by law for you to do. In other words, you might as well not have their service.
In fact, that have been sued for sending out fraud alerts when there has been no evidence of fraud. At least one credit rating sue Life-Lock for the costs associated with the false fraud alerts and won a huge judgment/settlement.
LegalShield Identity Theft Protection is the very best. All the others tell you what you nee to do, LegalShield through Kroll Services actually does all the leg work for you.
LegalShield is the sole marketing source for Kroll services IDT services.
FReepmail me if you want more info.
You could try my remedy, have credit only an idiot would want, and even if there is someone that stupid out there they can’t do anything with it, period.
“that have been sued for sending out fraud alerts when there has been no evidence of fraud.”
By the time there is EVIDENCE, it’s too late.
They alert you if anything suspicious is in process of occurring — sometimes it may seem inconvenient, i.e. when you are making an unusual purchase and they stop it to call you to confirm first, but it beats the alternative.
Actually these days even credit card companies deny purchases you make on the internet if it’s inconsistent with “your profile”. I found out the hard way, but now that I know, if something gets denied and I am doing the purchasing, I call the credit card company and let them verify my identity and they let the charge go through while I am on the phone with them - or if it’s something more substantial that I think probably will get stopped, I call them first and tell them about it.
Identity theft and fraudulent charges are all too common, so it’s worth a little inconvenience to stop it before it happens.
I got a full year for free from Target. They contracted with Experion to protect their customers. I don’t know if they are still offering it, but go to the Target Site and see. If you shopped at Target during the breach and used a credit card or debit card or their red card, they will give you the coverage. Check it out.
Hope they don't get hacked.
That's news to me. How do you do that?
If Experion gets hacked, then everyone on the planet will have been hacked.
Your bank should do it for free. I get calls all the time from Navy Federal asking me if I made this purchase or that. Don’t pay for something that is free. If you have that much money to spend then put it in your 401K which will be beneficial in the long run.
All your regular bills with a check in the mail. Then there are no worries. Stop feeding the Banks.
I know you are 80 years old, but those of us younger are not about to go back to the stone age. Sorry but banks don’t cost a thing. I only have to have 5 dollars as a minimum to have an account at Navy Federal Credit Union.
Most (all?) of my credit card issuers alert me to any unusual activity without charge. Never had my bank alert me but there was no unusual activity to report.I had trips to Nigeria charged to one of my credit cards years ago. I was asked whether I made the charges. I said I did not and they were promptly removed from my account. So for me, I don’t think I need identity theft protection.
According to http://krebsonsecurity.com Experion data was hacked for 200 million people.
Thanks for the referral to the Target program. I just started the sign-up process.
Our Visa card just got replaced because the number was stolen in the Target hack. We didn’t request it...the CC company said they knew our number was stolen and they sent us a new card without asking. I’ve been adding it to the several shopping sites we use.
Funny story. Back around 1995 or so, I made my very first online purchase of a conference pass to NetWorld + Interop in Atlanta. There were all sorts of warnings at the time about e-commerce risks due to the interception of in the clear data transmission. I took the risk and thought it was pretty cool purchasing something over the web...until I got back to my hotel the first night and found an security message from my credit card company. The N+I system servers were hacked and my card number stolen. Visa FedEx’d me a new card overnight and I was able to pay my hotel and rental car bill just fine. HTTPS was introduced a few years later and helped allay fears of theft of data during transmission. But the risk of server attacks is still with us almost 20 years later.
how severe a hassle is it to unlock the three agencies when you do need a credit check for a job or whatever?
My husband’s identity was recently stolen. $10/mo would be worth having someone go through the hassle of getting this straightened out. But check with your homeowner’s insurance company. After the fact, we added a rider for identity theft, and it costs a LOT less than $10 per month.
See post #12. Worthwhile?
Banks earn off every electronic transaction,(minimum is 25 cents per debit card swipe) just because you don’t see it doesn’t mean they are not charging the merchant, who incidentally passes those charges right on to you via higher prices. I am in my 50’s and realized a long time ago that when it comes to Identity Theft and the ability of Every Store as well as Government Agencies to track your every movement and habits....via your Electronic Transactions, that Abstinence Always Works.
We noticed a flurry of credit card requests at first...then nothing. It also adds to one's piece of mind.
Thanks for the info!