5 Most Common Identity Theft Products and Services

There are many identity theft products and services on the market. Some can help you prevent identity theft, some just help you find identity theft sooner, and other will help you if you’re a victim. If you would like to know what options you have for identity theft products and services, here is a list of the 5 most common ones.

Credit Monitoring

Credit Monitoring is a service you can buy. When you sign up for the service, you’ll have access to your credit report at all times. You’ll also get access to your credit score. This service is just how it sounds. They will monitor your credit report and notify you of any changes that appear. For instance, if a company checks your credit, you’ll be notified of the inquiry. While this service will help you monitor your credit report, it won’t prevent identity theft. Of course it may help you find out about it before it gets worse. Another problem with credit monitoring services is that not all credit issuers report to the credit bureaus, so it’s very possible identity theft can happen without you being notified.

Fraud Alert

Fraud alert can actually be done without purchasing a service. You can get a statement put on your credit report which requests any potential creditors to check with you before they give the credit. This will help if a thief tries to open an account in your name. Unfortunately, the fraud alert is only active for 90 days. This is where a fraud alert service can help. For a fee, the service will automatically renew the fraud alert for you. They will also contact you when a confirmation has been requested. As with credit monitoring, if the creditor issuing credit doesn’t check your report, they won’t know to contact you. While they may not work all of the time, fraud alerts are effective at minimizing your risk of identity theft.

Credit Freeze

A credit freeze is probably the most effective prevention for identity theft. This is where your credit report is completely locked from viewing. Companies will not be able to access your credit report until you lift or thaw the freeze. It usually takes about 3 days for a thaw to be completed to allow someone access to your report. This can be an inconvenience if you need credit immediately. Your current creditors will still have access to your report. While you can do this without the help of a service, a service can make the process easier. They will help you with the freeze, as well as thawing or lifting the freeze. Again, this only helps if the credit issuer needs to check your credit report before issuing credit.

Data Sweep

Data sweep services will actually "sweep" the internet for any listings of your personal information. They will check for your name, address, email addresses, and more. This can help you find information on the internet that you don’t want public. Unfortunately, it doesn’t help if someone has already accessed the information.

Identity Theft Insurance

This is pretty self explanatory. It works the same way as other insurance policies. You’ll pay a set premium to get a certain amount of insurance. The insurance will be used to replace expenses you have during an identity theft. This obviously doesn’t help to prevent identity theft, but it can help you once the theft happens.

There are other identity theft products and services on the market. These are just the most common types that you’ll find. While it’s not necessary to buy any of these products or services, they can give you more peace of mind for an affordable price.