Protecting yourself from identity theft is crucial in this day and age. Most people who steal identities use that information to open fraudulent credit card accounts that hurt your credit score when they appear on your credit report. Having your identity stolen can cost you both money and time as you chase after restoring your identity. Engaging the services of the best ID theft protection companies can ensure that you are prepared for any eventuality should you fall victim to identity theft. This is highly advisable since you are likely to miss several threats if you choose to monitor your credit by yourself.
Here are 7 ways in which monitoring services work to protect your credit.
1. Monitoring
Identity monitoring services monitor your credit. When you are unable to monitor your credit yourself, they offer you great peace of mind since you can rest easy knowing that someone is looking out for you. Most companies will offer monitoring for not only credit but also personally identifiable information such as social security number, bank account number, credit and debit cards, email address, and phone number. Although credit monitoring will not stop a criminal from stealing your identity, they notify you immediately when someone else tries to use your information. The sooner you know about it, the faster you can begin to recover your identity, file a report or freeze your credit.
2. Alerts
Many people do not find out that their information has been used until their credit is wrecked or their bank accounts are emptied. Monitoring services alert you when your personal information has been used. In instances such as if new accounts are opened in your name, you will be notified so that you can follow up. Most companies will contact you immediately by email if there is any activity involving your personal information and you can then review and take the necessary precautions.
3. Customer support
When you are notified that your personal information has been used, you can then contact your company for action. Most companies provide 24/7 support for their customers and you can call or email as soon as you get the alert. The company can then advise you on the next steps to take to protect your identity or they will start the process of recovery for you.
4. Restoration
In the unfortunate chance that your identity is stolen, these companies will work to restore it. They help recover your money and undo the damage done to your credit. They do this by giving you access to a case manager who will help recover your identity, help write letters to debt creditors or debtors or freeze your credit report so that new accounts are not opened in your name. Some will act on your behalf if you grant them the authority and will do all that for you.
5. Insurance cover
Many identity monitoring services offer insurance in case of identity theft. This insurance covers expenses incurred when resolving the identity theft such as attorney fees or the fees of other professionals who work on recovering your identity. To find out what exactly the insurance cover offers, check the provider’s terms and service. Although the insurance cover is important, it should not be the only basis for choosing a specific service. This is because it does not impact proactive protection or restoring identity. It is important to note that this insurance will not reimburse the money stolen due to identity theft.
6. Family coverage
Identity monitoring services include family coverage in some of their plans. This is a great advantage if you have a family and want to use the same plan. Some offer plans that have features to protect children’s identities. They may also offer a discount if you enroll other family members for the plan.
7. Credit reports
Identity monitoring services keep track of your credit report. They give you access to your credit history which lenders use with other information to determine your creditworthiness. This is important because you are able to track your credit score and make wise purchase decisions.
As identity theft becomes more sophisticated and swindlers develop new ways to hijack your personal information, it is important to be on your guard to protect yourself. Considering the amount of damage they can do to you if successful, it is imperative that you engage identity monitoring services to protect your identity. They will regularly check your credit reports for suspicious activity and act quickly to restore your identity.
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