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Reader Question: What service is best for protecting my identity and monitoring my credit?
July 10th, 2008 - Posted by Joe
Q: I would like to monitor my credit and make sure my identity is protected as well. Which service is best for me?
A: If you want to protect your identity and get access to your credit report and score, then Identity Guard is likely the best service for you.
There are two types of identity theft protection services that we have reviewed. First are preventative services, such as LifeLock, which take steps to actively prevent identity theft. Preventative services typically use tools like credit report fraud alerts to catch identity thieves in the act.
The second type of identity theft protection providers we have reviewed are detection services. Detection based services monitor your credit report, and sometimes other databases, and will alert you to suspicious activity that may be the work of an identity thief. Many of the detection based identity theft protection services we have reviewed will also provide subscribers with access to credit report data from one or all of the credit bureaus.
Identity Guard is the best of the detection based identity theft protection services we have reviewed. It actively monitors your credit report from all three credit bureaus, as well as thousands of other databases. If any suspicious activity is found, you will be automatically notified by email. This service also provides you with your credit report and score from each of the three credit bureaus every quarter.
New subscribers also receive a free copy of ZoneAlarm's Internet security software, which includes several tools that will keep your PC and identity safe online. Plus, it comes with a free 30 day trial so that you can try it out without any risk.
You can learn more about credit report monitoring and identity theft protection by visiting the appropriate section of our site.
3 Responses to “Reader Question: What service is best for protecting my identity and monitoring my credit?”
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August 13th, 2008 at 5:57 am
If you are only monitoring credit, then you are covering about 30% of where your information could be used. What happens if a criminal uses your identity to set up housing and utilities? What if somebody gets a driver's license in your name? Credit monitoring cannot alert you to these things and yet, these can have large repercussions. Criminals and illegal aliens are told not to use this information for credit because it is so closely monitored. Secure Identity Systems monitors DMV, utilities, phone, USPS, SSA, plus credit, and many more databases. Don't just protect your credit, but your total identity.
August 13th, 2008 at 6:22 am
Why is it that the FCRA(Fair Credit Reporting Act)did not include in the “one free credit report a year” the FICO score? That is THE most important fact in your credit report because it is the number by which you are JUDGED in terms of lending, employment and such. Our Government and elected officials obviously caved in to the corporations on this one. These credit bureaus such as Equifax make profit on this system because of the bind people are put in by the requirements of many employers for credit reports. If one continues to have bad credit because bills cannot be paid due to a bad credit rating(FICO)barring one from gainful, well paying employment then how can their credit number ever go up in the first place? The whole system is designed to keep people in debt and preserve the ever widening gap between rich and poor.
Equifax will give you a free trial which includes this number. However if you read their privacy policy it allows them to disclose your personal information to third parties including your credit grantors(creditors)and other third parties for which they hold themselves not liable for those third parties privacy policies. Only if you become a member of “Personal Services”, the Equifax service at $14.95/month, do you have to opportunity to opt out of some of the disclosures to third parties. This certainly isn't an equitable arrangement at all and I would question the advantage of using their service
August 13th, 2008 at 3:00 pm
@Stephanie – Credit report monitoring is really just part of the answer when it comes to overall financial health and identity theft protection. Identity Guard provides both credit report monitoring and other early warning mechanisms that can help consumers identify when their personal information may be at risk from any number of identity theft related risks.
Since we have not reviewed your product, Secure Identity Systems, we cannot encourage our readers to utilize the service. However, we do agree that the best identity theft protection services ofer a well rounded suite of tools to product multiple forms of identity theft. Readers can learn more about these types of services by reading our comparison of identity theft protection services.
@Paul – While I understand your frustration, the answer really isn't as simple as amending the FCRA to require a free FICO score in addition to a free credit report from each credit bureau each year. While some organizations use the standard FICO score methodology to evaluate an individual's credit standing, most major lenders actually use proprietary methodologies to determine who they will and will not extend credit to. In other words, a standard FICO score alone does not guarantee that an individual will or will not be able to secure certain types of credit.
Lenders are required to provide specific reasons for their decision in any case that choose not to extend credit to an individual. This gives those individuals that are denied credit specific, actionable items that should address on their credit report. This will typically include things like past due accounts, limited credit history, financial judgments, etc.
We always encourage consumers to read the "fine print" when engaging in a service relationship with any company. It is ultimately up to each individual consumer to decide whether or not the terms of a particular service are right for them. In Equifax's case, they actually offer a 30 dat free trial of their product so that individuals can try it out without any risk. If you don't like the service then you can cancel within that trial period and owe them nothing.
Thank you both for stopping by and your thoughtful comments.
Thanks,
Joe Fahrner
NextAdvisor.com