How to Compare ID Theft Protection
Over 10 million people had their identity compromised in 2008, according to Javelin Strategy and Research. In addition, more than 1.5 million families experienced a breach of financial information in 2005 other than credit card fraud, according to the United States Department of Justice. This makes understanding ID theft protection services important for all consumers.
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Basic Features
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Most ID theft protection services, such as LifeLock and TrustedID, provide basic fraud protection and credit card monitoring services. Some additional coverage, such as credit report monitoring, are not included or must be added to the policy for an additional cost, while other companies include them in basic coverage. Most ID theft companies provide insurance, but the amounts covered vary among plans.
Price
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Prices vary among ID theft protection companies. Some companies charge a monthly subscription fee, while others allow clients to pay a flat fee that gives one year of protection. Fees vary from around $8 per month to a yearly fee of $125. Additional services, like covering lost pay due to identity theft, add to the final cost of each plan.
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Considerations
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If you become the victim of identity theft, it's important to understand how each ID theft protection provider handles the ensuing claims. Some companies guarantee that they can fully recover your identity, while others may only offer professional assistance. Also, while some extra services make sense for many consumers, you may find them not worth the extra cost.
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