With identity theft on the rise, it is important that the general public be aware which companies are the best at providing identity theft insurance as well as the kinds of costs they can expect to face if they decide to buy. Facts on identity theft show that there is a new victim every 70 or so seconds.
Even before you think of specific companies that you can buy identity theft insurance from, you need to know what services these companies offer.
This means that we should all be aware of how to protect ourselves, and one of the ways you can do that is to buy identity theft insurance.
Primarily of course is insurance against ID theft. Should you suffer any identity theft, they are able to reimburse the amount that you have lost. They also do fraud monitoring and fraud alerts so that they can minimize the chances of you being a victim and they will let you know if there is any unusual activity on your credit card and they will warn you right away so that you can investigate.
In addition to that, they offer support in the event that you are victim by filing the necessary documents with the credit bureaus so that they can make the necessary adjustments on your credit report. You should also look at the kind of information that they protect; while the basic ones will protect your personal details and the details on your credit card, there are some who do a lot more. They protect information such as public records, insurance records and even records of arrest and imprisonment.Who are some of the biggest companies offering identity theft insurance?
They are impressive; for just $9 a month or $99 a year, they guarantee you up to $1,000,000 should your credit card breached and they fail to detect in time to take the correct action. They offer a range of services. One of them is the LifeLock Identity Alert which monitors whether your personal information is being used to apply for new credit, be it credit cards, loans, mortgages, car loans and any other forms of credit that you can apply for. They will alert you by email or text and sometimes by telephone and you can confirm to them whether you are the one doing the transaction and therefore whether they should stop it.
They distinguish themselves by offering identity theft protection for children for just $22 a year. They require that there is at least one adult in the house to sign up. You can see their additional services on their website.
TrustedID is also big and impressive. They have ID Freeze which is what they use to make sure that no one is using your credit card details fraudulently. They force banks to call and confirm with them before they issue credit cards or open bank accounts. They are also able to go after the scammers. They are ready to pay you up to $1,000,000 if you suffer ID theft and they don’t detect it in time to stop it.
They use technology to make sure that no one can use your credit card illegally by impersonating you. Whenever someone applies for credit with your credit card, they are notified, after which they call your Debix number. The number dials your number and then you are supposed to answer with the correct pin and the system must recognize your voice. They provide identity theft insurance to the tune of $10,000.
How do their services compare?
Although they use different methods, they all help you do the same thing to prevent fraudulent use of your credit card and alert you immediately it occurs.
Identity theft insurance is just as necessary to everyday life as auto insurance nowadays.
If you look on LifeLock’s website, you will find that they have a long list of the services they offer. Trusted ID are also fairly spread out in terms of services offered; Debix, which works very closely with national security agencies like the FBI don’t have such a wide range of services but they are very thorough in their systems.Who is the best provider based on price?
Price is never a good way to decide on a service but it is important to compare how these companies differ in price. LifeLock goes for about $99 a year. Trusted ID offers its services for around $99 a year. Debix currently charges you $89 a year, but their service range is rather limited.
The best way to decide when it comes to price is to choose the cheapest one which has everything that you need to keep your identity safe. This means that you must think through your requirements and then choose. Going for what is cheapest might land you with an identity theft insurance service that cannot meet all your security needs.
It works the same way for the most expensive. The fact that something costs a lot of money has nothing to do with its quality or how effective it is.
Who is the best provider?
Again, so long as you are choosing among these 3 here, you will get excellent service with each of them so you have to look at which one fulfills your credit needs. You should further. There are websites that show the top identity theft insurance companies for 2012. These 3 are included, but there are more. Look at the identity theft insurance /credit monitoring companies that they offer so that you can pick the one that takes care of you best.