Introduction Of all your details, the SSN is considered one of the most confidential. It is a record of your spending and payment habits, health status, employment, and other aspects of your life. It is a bad sign if identity thieves can obtain your Social Security number. That is why locking your Social Security number is so crucial, and ensuring you have a say in who can utilize it in your stead. But how much does it cost to lock your number so you will be safeguarded from having your identity stolen? To the reader’s convenience, this article will delve into the cost structures of the diverse lock services as indicated in the introduction section.
Features and Benefits of a Social Security Number Lock To stop someone from opening credit accounts in your name, or filing fraudulent tax returns you need a Social Security number lock. It prevents criminals from using your number for their selfish benefits. A lock does not stop already created accounts from being used but it slows the creation of more fake accounts. Currently, all three credit reporting agencies; Experian, TransUnion, and Equifax have implemented the SSN lock in their products that are available for use by consumers.
Experian's CreditLock Service You can use a service provided by Experian called CreditLock, wherein you can freeze and thaw your Experian credit report in a matter of seconds. When CreditLock is on, those who need to see your Experian report, such as a lender or any service, will not be able to. This helps to block the identity thieves from accessing new credit lines such as additional loans or accounts that they may wish to establish in your name. CreditLock is slightly more expensive, at $24. 99 per month if you choose to pay month to month. The annual subscription to Dish Network is $129. 99 per year whereas the two-year plan is $239. 99.
TransUnion's TrueIdentity Service The service for identity protection is called TrueIdentity and belongs to TransUnion. A bare-bones TrueIdentity subscription is $9. 95 per month and offers Social Security number lock, along with dark web monitoring, credit alerts, tri-bureau credit reports on an annual basis, and identity recovery services. For daily credit reports from TransUnion for an unlimited number of times in a day and a credit score, the cost is $19. 95 per month for this mid-tier plan. In this plan at $29. 95, you get a couple more features than in the previous plan.
Equifax's ID Patrol Service Equifax identity and credit monitoring plan Id Patrol also has the feature of locking or unlocking the Equifax credit file at any time. The most standard package is $19. 95 per month and offers credit file monitoring, internet searches for your information, the power to freeze and thaw the Equifax credit report, and up to $1,000,000 in identity protection. For more services like alerts on banks and credit accounts, the consumer can subscribe to the middle and premium services at $24. 95 and $29. 95 respectively per month.
Pay-Per-Use Lock Services The major credit bureaus also have simple credit or Social Security number locks in place, though they charge for individual usage. Experian’s One-Bureau Credit Freeze is an adult consumer service that enables a consumer to freeze and unfreeze the consumer’s Experian credit file via the Internet for $10. 00 fees each. Equifax also costs $10. 00 for every online credit freeze, or to thaw a freeze. On their main website, TransUnion states that they will not collect any fee from South Carolina consumers for placing, temporarily suspending, or thawing a security freeze. In the other states, the fee is usually ten US dollars only.
Pros and Cons of Lock Services Yes, the ability to block your SSN is very useful for safeguarding your identity against the dangers that one cannot even begin to guess are out there. Again, the time and effort to find the right product, the safeguard against pirated products, and the hassle of going from one store to the other to look for a particular product are worth $10 to $30 every month to most consumers. Yet, having to pay a recurring fee for credit monitoring or identity theft protection can become rather expensive in the long run. The only disadvantage is not forgetting to switch between the locked mode before applying for credit or loans in order not to have problems. However, bearing in mind the hassles of regaining a stolen identity as compared to the benefits of locking your number seem to lean more in favor of locking your number.
Conclusion As much as no one wants to pay more frequent bills, $30 bucks or less to a credit bureau to safeguard your financial identity is all worth it. It allows the reports’ unlocking when necessary before legitimate credit checks and maintains stability while preventing offenders. You can reach out to Experian, TransUnion, Equifax, or any other vendor that offers this solution to know more about Social Security number lock. Preserve the safety of personal data while keeping the price tag from becoming too hefty. At $1, the peace of mind that a credit lock provides following the exposure that is inherent in a credit search outweighs the risks that come with exposure.
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