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Do You Really Need Identity Theft Protection Services?

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Do You Need Identity Theft Protection Services?

You should only pay for a service when you’re at risk, don’t want to block your credit, and will not monitor your personal data.

by Sean Pyles Senior Writer | Personal finances, financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet’s «Smart Money» podcast. On «Smart Money,» Sean talks with Nerds on the NerdWallet Content team to answer listeners’ personal finance questions. With a focus on thoughtful and actionable financial advice, Sean provides real-world guidance that will help consumers improve the financial situation of their lives. In addition to answering listeners’ money concerns on «Smart Money» Sean also interviews guests outside of NerdWallet and also creates special segments that explore subjects like the racial wealth gap, how to start investing, and the background for student loans.

Before Sean was the host of podcasts at NerdWallet He also covered issues concerning consumer debt. His writing has been featured throughout the media including USA Today, The New York Times as well as other publications. When Sean isn’t writing about personal finance, Sean can be found playing in his garden, going on walks, or taking his dog on long walks. Sean is located in Ocean Shores, Washington.

and Bev O’Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O’Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor’s degree in journalism from Auburn University and a master’s in education from Georgia State University. Before coming to NerdWallet, she worked for the daily papers, MSN Money and Credit.com. Her work has appeared on The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and elsewhere. Twitter: @BeverlyOShea.

Jan 25, 2022

Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. In the past, she worked for 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Prior experience includes news and copy editing at several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor’s in journalism and mass communications at The University of Iowa.

The majority or all of the items featured on this page are from our partners who compensate us. This impacts the types of products we write about and the location and manner in which the product is featured on the page. However, this does not affect our assessments. Our opinions are entirely our own. Here’s a list of and .

Security companies for identity theft promise to safeguard your personal information in exchange for an annual or monthly fee. Generally, they start with then layer on additional services that inform you of any potential problems.

However, alerts only flag you after the fact; they aren’t able to stop the theft and misuse of your financial data. This is the reason the reason NerdWallet advises proactively as it could stop the opening of fake accounts.

Consider the cost of the identity theft prevention service only in the following situations:

You’re already a victim or are at chance of becoming a victim.

You’re not willing to freeze your credit reports.

You’re sure you won’t undertake the task of constantly monitoring your credit.

You have checked and don’t have adequate identity theft monitoring or as a result of an incident with data.

You can do it yourself

You are able to perform the fundamental services offered by these companies yourself, typically for no cost:

You can track your finances via a variety of personal finance websites, like NerdWallet, or some creditors of credit cards.

You are able to follow the free recovery paths outlined in the Federal government’s website at .

You can block your credit records at the of the major credit bureaus — , and — for free this is something that an security company that protects against identity theft can’t do for you.

«The first thing that consumers have to do if they’re concerned over ID theft is to stop their credit report from being frozen,» says Chi Chi Wu an attorney on staff at the National Consumer Law Center. «Freeze, freeze, freeze. Everything else is gravy over that.»

>> MORE:

What identity theft protection firms do

In general Identity theft protection companies provide three major services:

Monitoring: Identity theft protection firms check your credit records and alert you about changes, such as the creation of new accounts opened in your name and credit inquiries received and you can respond swiftly.

Alerts: Let you know of instances when your personal information was used, like if someone attempts to create a bank account under your name. This can be helpful because most people don’t know that the theft of their identity until their credit is damaged and their bank accounts are drained or they are suddenly lots of debt that’s been incurred in their name.

The Recovery: When someone hacks your information and uses it maliciously the companies may help you recover money you lost and repair any damage done to credit. The majority of them offer insurance plans one million dollars.

Some also provide tangential services, such as alerts about information about identity theft, as well as local registries for sex offenders. There are some who monitor dark websites that are known for transferring stolen financial and personal information that you’re not able to do by yourself.

Check out identity theft protection services

You might decide that you need a full suite of safeguards and are willing to pay for security. Perhaps you know that you won’t do it yourself.

If you are, then compare prices and coverage information to find a plan that will meet your needs. Make sure the product you select monitors your credit information at the three credit bureaus, otherwise you’ll be paying for a lack of protection.

Avoid credit monitoring products which tend to have less extensive coverage and may limit your right to take them to court, even if they are the ones that exposed your financial data.

Here’s a look at a few well-known products in the identity protection industry. This is only a small sample; you may find a different provider that suits you better. If you’ve already placed credit freezes, you’ll need to temporarily lift them so that a company has access to your file for monitoring.

1. NORTON 360 WITH LIFELOCK Ultimate Plus

Pros:

The top-tier Norton LifeLock plan, , provides a variety of services to assist you in identifying and recovering the loss of your identity.

It includes a password manager, as well as web privacy , and device security features.

The company adds value to its service by adding additional features, such as the $1 million identity theft recovery plan and legal assistance.

Cons:

The highest-end plan is expensive, especially when covering a family. The coverage for two adults and up to five kids runs $48.99 a month in the beginning, and after that it renews automatically at a higher cost.

As of 2015 LifeLock paid $100 million to pay a Federal Trade Commission charge that it violated the terms of a federal court order that required the protection of the privacy of consumers’ information and avoiding misleading advertising.

Cost: The coverage is $29.99 each month for one adult in the first year and it automatically renews at $34.99 per month. Discounts are available for paying annually.

The best for: those who don’t have a whole family to protect; those who can afford an extra amount for more comprehensive coverage. Read our full .

2. IDSHIELD

Pros:

It is easy to know precisely what you’re getting, because there are no tiers, and the pricing is transparent.

Unlimited consultation with Identity theft specialist.

Examines social media posts to determine reputational risk.

Cons:

Like all services, you may be tempted to ignore the importance of following good cyber hygiene.

Multiple alerts can cause you to dismiss them without reading them, and you may miss crucial information.

Cost: Monitoring at 3 credit bureaus costs $17.95 per month for an individual and $32.95 to families (two adults, as many as 10 minor children).

Best for: Price-sensitive customers who would like to have their social media accounts scanned as part of a package. Read our full .

3. IDENTITYFORCE ULTRASECURE+CREDIT

Pros:

IdentityForce provides less expensive monitoring of three bureaus than the big names such as LifeLock.

You can get an entire family plan, which covers two adults and any children under the age of 25.

Alerts you about possible fraudulent health insurance claims.

Cons:

The process of signing up is lengthy it requires you to input details several times.

Family plans aren’t readily apparent on the website and you’ll need to call to request it.

Finding the lowest price isn’t easy, as prices differ based on whether you sign-up on the internet or via phone.

The cost is $23.99 monthly or $239.90 annually for the plan, which provides monitoring of all 3 major credit bureaus. As noted, though, discounts are usually available. It’s a good idea to search for it.

The best option for those who want security on a tight budget; people who require medical identity protection.

4. ID WATCHDOG PLATINUM

Pros:

ID Watchdog keeps credit monitoring as well as alerts and recovery easy.

One standout feature: It will help you recover from the effects of identity theft, which was previously present, for an additional fee of $79.95 to $279.95, dependent on the type of fraudulent credit line.

Cons:

Equifax bought ID Watchdog in 2017, in the same year Equifax suffered a major data breach that exposed the sensitive personal data of more than 148 million consumers.

The mobile app and desktop interfaces provide less details than its rivals.

ID Watchdog offers fewer monitoring services than other companies.

Cost: $19.95 a month or $219 for an annual package for , which offers three-bureau credit monitoring.

Best for: Those who require help in recovering from pre-existing identity theft.

Do you need a credit report check-up?

Sign up for an account and get your free credit report and score at hand, all the time.

About the authors: Sean Pyles is the director of production and hosts for NerdWallet’s Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.

Bev O’Shea was a former credit writer at NerdWallet. Her work has appeared in the New York Times, Washington Post, MarketWatch and elsewhere.

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