And if the cases of identity theft and fraud are not alarming enough in the era of social networking sites and other online platforms, then one could just imagine what the future holds. As people share their individual and financial details via the internet, there is more chance for criminals to steal that data and utilize it for their benefit. This, of course, raises the worry of identity and credit card fraud among many people. The first possible solution is to use identity monitoring services. However, on a lighter note, is it really necessary to spend a considerable amount of money on the monitoring of credit reports and other related identity factors? The arguments made in the two passages are somewhat intertwined but some arguments can be made for and against each.
It only takes a few minutes to browse the web to find that identity monitoring services are one of the most effective forms of protection against identity theft.
There are several safeguard measures provided by identity monitoring services that would give you a warning if someone wants to steal and make use of your identity.
Features typically include:
- Daily credit monitoring: The three major credit-reporting companies: Experian, Equifax, and TransUnion, permit you to get a free credit report once a year. However, identity theft can occur at any time and in any place since it is a criminal act. Using a service that tracks your credit files on an hourly basis can help identify when identity thieves gained access so that you can take action instantly.
- Credit reports and credit scores: The majority of monitoring services allow you to remain connected to your credit reports and your credit scores. This assists you in contact with your credit record more often to identify issues.
- Dark web scans: Identity monitoring is the process of researching the black market where personal data is bought, sold, and bartered by hackers. If their information is actively exposed on the black market, the monitoring service notifies the user about the data leak.
- Alerts for suspicious activity: This will inform you of any changes on your credit reports such as any new account that has been opened, change of address, or inquiry. They might include alerts about public records, criminal records, or payday loan applications.
- Identity theft insurance: Understandably, you have limited liability if your identity is stolen but any issue with this may take time, cost, and stress. Indeed, identity theft insurance often forms part and parcel of most monitoring services while providing coverage for some of the fraud costs.
When threats are looming, it is even more beneficial to use the services of a professional who will frequently scan through your records of identification. But if you do become an identity theft victim – which can require a lot of time, money, and energy to rectify – using this system to uncover issues earlier could be a major boon.
The unreasonableness of paying for Monitoring: The objection to paying for Monitoring.
However, other financial strategists have maintained that free options may suffice as adequate identity theft protection for society.
Reasons why paying for an ongoing service may be unnecessary include:
- You can monitor credit yourself: In the previous section, it was mentioned that you are entitled to one free credit report from each of the three major agencies within a year. The service allows users to request one report every four months, which is more often than most people would find suspicious activity on their record so they do not have to pay a monthly fee.
- Free credit monitoring exists: The truth is, that some credit card companies offer free credit scores and reports for card holders. Credit scores can also be obtained using some apps or websites known to be free including Credit Karma. These free options generally access one of the credit bureaus, which might be adequate, especially if you are not interested in the credit reports from all three bureaus.
- Fraud alerts work: If you are a victim of identity theft, or if you just want to freeze your credit reports before your loan application, placing a fraud alert allows you to stop criminals from opening new accounts. By simply making a single call to any credit bureau, free fraud alerts are provided for 90 days; military personnel on active duty are entitled to alerts for a year.
- Security freezes are stronger: Having your credit files frozen offers even higher protection since you are denied any access to your reports and thus prevents almost all types of fraud related to identity theft. Additional fees of as much as $10 per bureau can be incurred, but freezes are free in cases of identity theft and, in some other states, for all consumers.
- Good habits prevent problems: Importantly, it is possible never to let thieves get a hold of your data by practicing good security behaviors. Some of these are as follows; coming up with different passwords for everyone or different accounts that you hold, making sure that the computer has an antivirus installed, refraining from giving out too much information on social networks, and last but not least, destroying any documents that contain personal information. Another way that it discourages phishing attempts where an unauthorized person tries to obtain personal information is healthy skepticism of new contacts.
Instead of inputting the payment details for an ongoing credit monitoring service consumers have other methods to monitor credit reports themselves and free tools. Together with proper actions while using nets and spending money, such measures significantly reduce the risk of identity theft.
Is it worth it for you to monitor your identity?
In the end, there are rational and logical arguments as to why one should or should not subscribe to an ID protection service. Based on your personal risk factors and perceived risks, it is up to you which of the above two options to take.
It's worth enrolling in paid monitoring if:
- You have a vigorous career or personal life that involves lots of travel, which raises your chances of contact.
- You already rely on credit to a significant extent or have an extended credit history that can be more challenging to oversee.
- You have had a previous experience of identity theft and are thus in need of additional protective measures.
- You desire something efficient and passive, where you can monitor credit scores frequently without any action.
There is no reason to pay monthly fees for a service you are unlikely to use if you maintain good credit and practice safe browsing: occasional personal credit monitoring, and having access to fraud alerts and credit freezes should be enough for prevention.
Consider the probable thefts’ costs versus the probable losses, the money you have for identity monitoring or the time you are willing to spend checking your credit profile before you conclude that identity monitoring is a worthy investment to safeguard your good reputation.
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