As many as 10 million U.S. citizens were identity theft victims, according to a 2003 and 2004 survey conducted by the Identity Theft Resource Center. It concluded that to repair the damage, incurred by the identity theft, victims have to spend 3-5,480 hours of their time. Also, it was estimated that companies worldwide lose over $220 billion a year because of identity theft. Given these statistics, it is indubitable that we need an identity theft insurance or a credit monitoring service to protect ourselves from identity theft. The thing is, which is better of the two?
Identity Theft Insurance
This is a new service of some insurance companies. They monitor your accounts and alert you if there are new accounts or transactions done under your name. They promise to provide protection from payments related to identity theft and they offer to do the necessary transactions for you to recover from such a mishap.
Credit Monitoring Services
This is actually a service found in most ID theft companies. They monitor your credit account and inform you of suspicious transactions or any changes that are being done to your account.
So, which is better?
Given these facts, one can safely assume that insurance companies are better because they offer monitoring services and aid with transactions related to recovery if ever you become a victim of identity theft. However, you have to keep in mind that the insurance does not reimburse you the money you lost because of identity theft.
Identity Protection Services Available For You
But, if you are interested in looking for a company for identity theft protection. You can try Kroll’s Identity Theft Shield which provides aid for your recovery after being a victim of identity theft, they also offer monitoring services. There’s also Lifelock which offers 10% discount and 30-day free trial and fraud alerts. Then there is, Identity Guard, which provides complete credit monitoring services and theft protection service as well as free internet security. Lastly, you can get TrustedID for the best family value, it has a 14-day free trial, 15% discount plus you can sign up over the phone.
Regardless of what service or company you choose, it is still important that you also take personal precautionary measures to protect yourself from identity theft. You can do this by securing your important documents and also, by not giving personal information casually and disposing of your bank slips or any other slips with personal information, properly.