Forum Index  >  Off-Topic  >  Identity theft, credit monitoring services, and related item What is your experience with identity theft? (including attempted identity theft) I know someone who has been a victim of identity theft (including myself)  31%  [ 7 ] I know multiple people who have been victims of identity theft (including myself)  18%  [ 4 ] I don't know anyone who has been a victim of identity theft (including myself)  40%  [ 9 ] Cowboy Neal stole my identity and I want it back. Dammit!  9%  [ 2 ] Total Votes : 22

MandyStar (guest)

Mon Aug 12, 2024 7:20 am

Steps to Take If You're Concerned About Identity Theft

Identity theft is a serious concern, and it's great that you're taking proactive steps to protect yourself and others. Here’s a detailed response to your inquiry about credit monitoring services and identity theft prevention.

Steps to Take If You're Concerned About Identity Theft

1. Implement an Extended Fraud Alert:
If you or someone you know has been a victim of identity theft (even if the theft was unsuccessful), the first step is to place an extended fraud alert on your accounts. This alert lasts for seven years and notifies potential creditors to take extra steps in verifying your identity before granting credit. Unlike the initial 90-day alert, an extended fraud alert provides longer-term protection.

2. Institute a Credit Freeze:
After setting up the fraud alert, consider freezing your credit reports with the three major credit bureaus: Experian, Equifax, and TransUnion. A credit freeze restricts access to your credit report, making it harder for identity thieves to open new accounts in your name. You can temporarily lift the freeze when you need to apply for credit. The process is straightforward, and while there may be a small fee (usually around $10), it’s a powerful tool for protecting your financial information.

Evaluating Credit Monitoring Services

1. What Credit Monitoring Services Offer:

Most credit monitoring services provide the following:

* Identity Theft Insurance: Typically around $50 per year, covering $20,000 to $25,000 in costs associated with recovering from identity theft.
* Regular Credit Reports: Monthly access to your credit reports from Experian, Equifax, and TransUnion.
* Credit Score Updates: Monthly updates of your credit score from the big three bureaus.
* Change Notifications: Alerts sent when there’s a change to your credit report, helping you catch suspicious activity early.
* Some services also offer extras like anti-keylogging software or custom firewalls, but these features are often not as valuable as they seem.

2. Do You Need Credit Monitoring?
You’re entitled to a free copy of your credit report from each of the major bureaus once a year. If you’re diligent about checking these reports every four months, you might not need a paid monitoring service. However, if you value the peace of mind that comes with knowing you’ll be alerted immediately to changes on your report, a monitoring service might be worth considering.

Proactive Measures vs. Credit Monitoring
Credit monitoring services tend to be reactive, meaning they alert you after something has happened. For more proactive protection:

Credit Freeze: As mentioned earlier, this is a highly effective way to prevent unauthorized access to your credit report.
Fraud Alerts: These alerts provide an added layer of security by notifying potential creditors to verify your identity before extending credit.
Additional Recommendations
1. Review Your Credit Reports:
Before taking any major steps like instituting a credit freeze, request your free annual credit reports and scrutinize them for inaccuracies. Dispute any incorrect information immediately.

2. Manage Upcoming Credit Needs:
If you plan to take out a loan, apply for a mortgage, or make any significant credit-based purchases, do so before freezing your credit. Once your financial activities are settled, initiate the freeze.

3. Consider Identity Theft Insurance:
For extra peace of mind, you can purchase an identity theft policy from your insurance provider. It typically costs between $30 and $50 annually and can cover the costs associated with restoring your identity if theft occurs.

By following these steps, you can significantly reduce your risk of identity theft and ensure that your credit information is secure. Remember, no one should be able to access your credit reports without your explicit permission. If you take these proactive measures, you’ll be in a much stronger position to protect your financial future.

If anyone has additional tips or corrections, please feel free to share!

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• Identity theft, credit monitoring services, and related item — John, Sat Aug 08, 2009 4:03 pm

  • Steps to Take If You're Concerned About Identity Theft — MandyStar, Mon Aug 12, 2024 7:20 am

  • Bumping for 2012 — John, Mon Sep 03, 2012 6:39 pm

    • Completed - I do this every year — Becky, Mon Nov 05, 2012 10:26 am

    • Clarifying info — AJinNoHills, Tue Sep 04, 2012 10:14 am

    • Thanks, I had been meaning to do this — nate7723, Tue Sep 04, 2012 6:33 am

      • Report is Free, Score Costs Money — halfSpin, Wed Dec 05, 2012 1:43 pm

  • If you are burglarized, assume identity theft automatically — Urban Guerrilla, Mon Aug 10, 2009 12:16 am

  • Re: Identity theft, credit monitoring services, and related items... — teknokruncher, Sun Aug 09, 2009 9:35 pm

  • Good info! — levchen, Sat Aug 08, 2009 4:20 pm