These days identity theft is a big problem, and most of us know someone that has been a victim (if not you). This has made way for a new kind of business. Identity Theft Prevention. Most of these companies do stuff you could do yourself (for free), however they bank on the fact that you would rather someone else do it.
LifeLock – If you watch TV at all, you have probably seen LifeLock’s commercial where the guy is standing there with a big sign that has his SSN on it. Their service is $10 a month, and they have a $1,000,000.00 service guarantee. The service guarantee takes effect when you enroll in LifeLock’s services.
The $1 Million dollars service guarantee is for if your ID gets stolen and misused, LifeLock will reimburse direct expenses you paid a professional to resolve any problems. I do not like the word “reimbursed”, that means you will have to pay whatever bills before that $1 Million dollars kicks in.
Read LifeLock’s Guarantee, Click Here!
From LifeLock.com:
“Last, but certainly not least: If your Identity is stolen while you are a member of LifeLock, we’re going to do whatever it takes to recover your good name. If you need lawyers, we’re going to hire the best we can find. If you need investigators, accountants, case managers, whatever, they’re yours. If you lose money as a result of the theft, we’re going to give it back to you.”
What They Do:
- ask the credit bureaus to set free fraud alerts on your behalf.
-re-instates fraud alerts every 90 days, unless told not too.
-submits requests for your name to be removed from pre-approved credit card and junk mail lists
-re-submitting name removal request as they expire
-Request your annual free credit report which is sent to you (everyone gets one free credit report a year).
-WalletLock™, takes the hassle of losing your wallet. If lost or stolen, a WalletLock™ specialist helps you contact credit card companies, banks, etc. to cancel and replace your cards and documents.
-eRecon™ watches known criminal sites for trading/selling stolen ID’s and informs you if yours is spotted.
-TrueAddress™ notifies you of new address associated with your name (helps prevent fraudulent address changes).
Kid plans are available for $2.50 a month.
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IDWatchDog - “our 100% guarantee is simple. If you become a victim on our watch, we fix it. We will not stop until the damage in your personal records is restored to the way it was before you became a victim.”
Instead of monitoring credit reports like LifeLock, ID Watchdog monitors public records databases (such as: Social Security Administration, drivers or pilots licenses, auto, boat or plane registrations, criminal records, Homeland Security watch lists, address or name changes, bankruptcy, liens and other judgments or filings)
ID Watchdog is twice as expensive as LifeLock, 19.95 a month. However, you can try it on a “free trial” basis; you get 15 days free (The trial is not truly free, you have to pay a $1.95 from your bank account to verify who you are).
I am not comfortable with seeing “patent pending” on the site. It may mean nothing but I do not like it.
Statistics Page on IDWatchDog.com- If you want to read some stats on ID theft.
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Click Here!
This site list more identity theft prevention companies, most I have never heard of. I have been thinking about signing up with one of these companies (not for me but a family member), but I cannot decide which one. I am leaning towards LifeLock, but they do not handle ID theft problems from before you sign up with them (I asked their customer service), however, ID Watchdog says they do (again, I asked customer service). And, that is the deal breaker, because I know someone has used my family members ID but if they will not cover it why bother.
I would like to hear from others that have used any ID theft Prevention service. Let us know if you were happy with it or not to waste the money!
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