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These and more answers can be found at Identity Theft Happens .com
There are many identity theft companies, and each have their own plan.
What you need is based on what action you want in place. There is the Prevention plan, Monitoring plan, and the Protection plan to name a few. The differences are based on if you want Preventative Action for your Credit Report, or just have it Monitored to notify you after there has been damaging action against your Credit Report.
Preventing damage is going to save you time in the long run. Having an active guard in place, is better than a video camera monitoring your personal information. A Prevention service, one of those being Lifelock, puts a “Fraud Alert” on your credit report. A Lending institution before allowing a loan, is supposed to run your credit report, and notice the red flag which is the Fraud Alert, and call you to ask if it is really you requesting a line of credit.
Of course they can just lean over and ask you if you are sitting at their desk at the moment, but they wouldn’t be doing their job, because that could be the identity thief with stolen articles representing you. If the loan officer placed a call to the number listed within the credit report, they would find out that you are answering your phone in another state, and the person sitting there is an identity thief and should be detained for the police.
A monitoring service, even though they might offer a high dollar amount of protection, does nothing more than “monitor” your credit report, and when an alarming action has taken place, your are notified that your report was attacked, and your credit score may be affected. But by then its too late, you better have some time on your hands to get it corrected. Similar to the old country phrase, “…its too late now, you left the barn doors open, and the cattle are gone”.
Most of the questions that people ask are actually directed at Prevention which is good. Being aware of possible problems is the first step to a better credit score. Here are just some of the questions we’ve been asked.
What is the chance of being a victim of Identity Theft?
Always assume the worst, be prepared, and keep an eye on your credit report for things that shouldn’t be there.
What is the single best way to protect my social security number?
The fewer times you give out your number, the fewer places it can be. Have someone else working for you in the background, a service that will take some action in case your number gets in the wrong hands. Its like insurance, no one wants to buy it, but you’re sure glad you have it when the time comes.
I don’t want our nest egg to be jeopardized, how can I effectively protect my assets and credit without spending a fortune?
Most identity theft services only run about $100 a year, which is a very minimal amount to spend to have thousands protected as well as your credit report.
Is there a way to simplify the process against ID Theft Protection?
You can make the call yourself to Experian, TransUnion, and Equifax every 90 days and put a Fraud Alert on your account, or just sign up with a service such as Lifelock and they will do it for you, it couldn’t be simpler.
How can identity theft be prevented before it actually happens?
This is where Preventative action has a role. Preventative action is something like a firewall for your computer. Having a wall of protection prevents unwanted access.
How can I protect myself from close relatives (who know a significant amount of my personal information)?
Most Identity theft services can protect you from fraud if your credit hasn’t been compromised yet. If your relatives have access to all your personal information, but havent used it to harm you in a financial or illegal credit intention, then you probably can still get protection and be secure.
Why is it so easy to lose control and have your ID stolen?
Many times it’s us that make it so easy by our lack of concern to destroy old records, or shred statements before throwing them in the trash. Everyone goes to the doctor, dentist, or has applied for a job. Copies of these documents are made and forwarded to management, electronic copies are made for backup, and who keeps track of all these.
Ten years go by, they get too many files for their file cabinets, or they just get tired of all the paperwork, and companies go out of business.
Television documentaries have shown boxes and boxes of dumped files of customers records containing social security numbers, credit card records, personal addresses and more. Even though you’ve made every effort to control what you put in the trash, you have no control over other peoples actions.
What is the most important piece of information to protect?
Your Social Security Number is the best form of information that identifies you the best, so protecting your SSN is the most important to protect.
Your Social Security Number is the less published piece of information to identify you, even though it may be used to identify you the best. Most businesses only ask for the last four digits of your SSN, you should not offer the entire number unless you are sure the person whom you are speaking with is an employee of the company you called. You should never offer any portion of your SSN to someone who calls you, only if you are the one who placed the call to a number that can be found in the phone book.
How can I be sure it won’t happen to me?
You can’t. Nothing can guarantee complete protection, even though there are identity theft services that offer a guarantee. A Guarantee is in place in case a fail safe plan fails. A service that offers a guarantee at least is confident enough of their service that they will back it up with something that speaks louder than words…CASH! Having a protection plan in place is the best way to have some confidence of protection.
The news is proof that its not a question of “IF”, but “WHEN”. The news reports all too often that identity theft affects all of us. Companies getting hacked into and thousands of credit card numbers and all the information you provided to get a credit card is now in the hands of thieves. That information will be held for years, and even sold on the Internet to hundreds of people, not even in this country. So your information is like a “Sleeper”, being held until they’ve drained other accounts, and need a fresh one.
These and more answers can be found at Identity Theft Happens .com
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