What the best identity theft co.?

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Mardoc01
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What the best identity theft co.?

Post by Mardoc01 » Sat Aug 12, 2017 9:39 am

Looking for simple ID theft protection. Also, how much monetary protection should be guaranteed. Life lock for example starts at 9.99/ mo for just 25 k. And goes up to 1 mil for more. How much should u need and is it neeeded ?

Jack FFR1846
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Re: What the best identity theft co.?

Post by Jack FFR1846 » Sat Aug 12, 2017 9:51 am

I have read threads here where someone's identity was stolen and they had been paying Life Lock. They called and Life Lock's "help" was to tell them to contact all 3 credit reporting agencies and freeze their credit. Seems like simply freezing your credit would save you the money.
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JMacDonald
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Re: What the best identity theft co.?

Post by JMacDonald » Sat Aug 12, 2017 9:54 am

I wouldn't use LifeLock. Just freeze your credit and watch your financial accounts on a regular basis.

https://www.consumer.ftc.gov/articles/0 ... reeze-faqs

https://www.consumerreports.org/consume ... -the-cost/
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Mardoc01
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Re: What the best identity theft co.?

Post by Mardoc01 » Sat Aug 12, 2017 10:01 am

Agree. But what about real time updates ? They contact u well before one would realize ?? Any positives ?

Quickfoot
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Re: What the best identity theft co.?

Post by Quickfoot » Sat Aug 12, 2017 10:06 am

The best thing you can do is not give out information that is useful for stealing your identity, I refuse to give my social to doctors offices or most anyone else who asks for it. Police your financial documents and information to make yourself a harder target, there is value in not having financial statements sent to your home address where they can be stolen from your mailbox as well.

Most the credit bureaus offer daily monitoring of your credit where they will alert you when there are pulls, new accounts opened, etc and also provide you your credit score whenever you want (without affecting your credit score). These types of services are probably better than something like Lifelock. Early detection goes a long way to limiting damage done by identity theft.

Nate79
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Re: What the best identity theft co.?

Post by Nate79 » Sat Aug 12, 2017 10:15 am

My homeowners insurance includes some amount of monetary coverage for this.

runner3081
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Re: What the best identity theft co.?

Post by runner3081 » Sat Aug 12, 2017 10:17 am

The best company is no one. There is no need to purchase this.

Katietsu
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Re: What the best identity theft co.?

Post by Katietsu » Sat Aug 12, 2017 10:31 am

When evaluating coverage be careful about the wording. Usually the monetary coverage is only to reimburse you for the costs of correcting the identity theft and does not reimburse for the actual losses.

I have been told that this coverage does not do anything that you can not do yourself. However, like anything else, if you would find it worthwhile to outsource the task, then it can make sense to pay for the service.

I currently have one of the credit monitoring services provided for free after a breach. I think it is useful in that it notifies me when a new line of credit has been opened. ( I have chosen not to freeze my credit as it would interfere with a lot of the identity verification programs that I encounter several times a year.). I am not sure though how much I would be willing to pay for this service. I also get my credit score with one of my account statements. So I figure if someone opens and fails to pay that the credit score would go down in a couple of months.

I honestly do not worry about credit identity theft since it is not my money. The few times my family has had an issue, it has been easily resolved and has usually been identified by he credit issuer. My concern is more for my own savings in taxable accounts. I have been thinking about simplifying my accounts so I can better monitor them. I figure that the hoops that you must go through to move money from my retirement accounts is something no criminal would persevere through.
Last edited by Katietsu on Sat Aug 12, 2017 10:48 am, edited 2 times in total.

sophie1
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Re: What the best identity theft co.?

Post by sophie1 » Sat Aug 12, 2017 10:40 am

Agree, the best company is called "you".

My credit is frozen with the 3 major bureaus, I keep track of expenses with YNAB (classic version) and reconcile all accounts once a month. I've caught a few fraudulent charges, well within the time window for disputing them. I also periodically view my FICO score as a service provided through one of my credit cards (Capital One). Between that and the banks' proactive stance on unusual spending patterns, this keeps me plenty safe.

The one thing I'm not as well protected against is fraudulent IRS tax returns. The best I can do there is to file early each year and pray that the IRS is doing something about it.

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iceport
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Re: What the best identity theft co.?

Post by iceport » Sat Aug 12, 2017 10:52 am

Mardoc01 wrote:
Sat Aug 12, 2017 10:01 am
Agree. But what about real time updates ? They contact u well before one would realize ?? Any positives ?
No, not really. That "early notification" sure sounds good, but what it really means is that your security has already been compromised. So what are you paying for, a head start on cleaning up the mess, and maybe some over-priced insurance?

Someone here summarized this situation very succinctly a few years ago, but I can't find it. It went something like this:

— Doing nothing is like leaving the barn door unlocked.

— Paying for credit monitoring is like leaving the barn door unlocked but installing a video system, so you'll know when your horses have left the barn. (But you still need to chase them down.)

— Freezing your credit is like locking the barn door.

It's a little bit of a hassle to freeze your credit at all three major credit bureaus, but the peace of mind is amazing. (The hassles included very different procedures at all three bureaus, technical website/process issues, and one of the three bureaus required snail mail correspondence from my state.)

Some things to keep in mind include: you'll need to unfreeze your credit if/when you apply for a new credit card or loan, or to set up an online account at the Social Security Administration; and there are nominal fees that vary by state for freezing and unfreezing your credit.

In 5 or 6 years, I've never needed to unfreez my credit, so I can't report on how much of a hassle that might be.
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mhalley
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Re: What the best identity theft co.?

Post by mhalley » Sat Aug 12, 2017 7:04 pm

Best policy
1. Freeze credit
2. Check annual credit report.com one co every 4 mos
3. Sign up for credit karma

Mardoc01
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Re: What the best identity theft co.?

Post by Mardoc01 » Sat Aug 12, 2017 7:24 pm

Thx. But are u saying freeze my credit, with the minor hassle it can be, even though I haven't had I'd breached.? As far as I know. I agree and I am checking annual credit report, although I need to stagger instead of all 3 at once. Also, would credit karma function much like the Id theft credit companies except they would inform me , I would just have t check it say once a week ?

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arcticpineapplecorp.
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Re: What the best identity theft co.?

Post by arcticpineapplecorp. » Sat Aug 12, 2017 10:01 pm

Mardoc01 wrote:
Sat Aug 12, 2017 10:01 am
Agree. But what about real time updates ? They contact u well before one would realize ?? Any positives ?
welcome to the forum.

Once you freeze your credit, no one should be able to get credit in your name without the secret codes (3) you're issued by each of the three bureaus. You have to freeze your credit with all three agencies (transunion, equifax, experian). Don't ever lose the codes you're given. It's a pain if you do.

This should stop most identity theft. It will not stop thieves from filing a tax return in your SSN. The IRS obviously doesn't check like loan officers do before sending money out the door.

http://clark.com/personal-finance-credi ... haw-guide/
http://clark.com/personal-finance-credi ... tly-aske2/
http://clark.com/consumer-issues-id-the ... -data-bre/
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vbdoug
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Re: What the best identity theft co.?

Post by vbdoug » Sun Aug 13, 2017 12:39 am

+1 for a credit freeze. I have done it for a dozen years with minimal issues. Bur be sure to remember the PIN you get from the credit agency.

bhtomj
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Re: What the best identity theft co.?

Post by bhtomj » Sun Aug 13, 2017 1:20 am

As others have mentioned. Freeze your credit at all agencies. My wife had problems twice previously but not since we froze about ten years ago.
'Thawing' your credit to open a new account is just as easy as freezing it once you know which agency will be used for the credit check (just ask).
We just did this for a new auto at Experian. You specify the dates to thaw then re-freeze.

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oldcomputerguy
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Re: What the best identity theft co.?

Post by oldcomputerguy » Sun Aug 13, 2017 6:56 am

Mardoc01 wrote:
Sat Aug 12, 2017 10:01 am
Agree. But what about real time updates ? They contact u well before one would realize ?? Any positives ?
My only experience with such "protection" was with a monthly subscription to Equifax. They were a couple of weeks to as much as a month behind notifying me of events. Don't waste your time and money.
Anybody know why there's a 20-pound frozen turkey up in the light grid?

likegarden
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Re: What the best identity theft co.?

Post by likegarden » Sun Aug 13, 2017 7:37 am

I agree in freezing accounts at all three credit report agencies, we did that. We also froze access to Social Security. To prevent access by others to passwords used by us, we also added a laptop computer which we only use for financial contacts, such as to Vanguard, our bank, credit card account. We do not use Email and surf the internet on that laptop. On both of our computers we have Webroot and Malwarebytes Premium.

sophie1
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Re: What the best identity theft co.?

Post by sophie1 » Sun Aug 13, 2017 11:10 am

likegarden wrote:
Sun Aug 13, 2017 7:37 am
I agree in freezing accounts at all three credit report agencies, we did that. We also froze access to Social Security. To prevent access by others to passwords used by us, we also added a laptop computer which we only use for financial contacts, such as to Vanguard, our bank, credit card account. We do not use Email and surf the internet on that laptop. On both of our computers we have Webroot and Malwarebytes Premium.
How do you freeze access to social security?

And, the laptop only for financial contacts sounds like an excellent idea. Keeping it updated must be sort of a pain though. I'm pretty happy with frequent account checking and transaction tracking, and so far I've had good experiences addressing fraudulent charges with multiple banks. What would happen if you reported a fraudulent withdrawal to a bank, would they refund your money or just tell you, too bad, change your password?

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LadyGeek
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Re: What the best identity theft co.?

Post by LadyGeek » Sun Aug 13, 2017 11:14 am

This thread is now in the Personal Consumer Issues forum (identity theft).
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likegarden
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Re: What the best identity theft co.?

Post by likegarden » Sun Aug 13, 2017 11:32 am

Reply to Sophie :
Google for 'Social Security Block Access To Your Record'. This is applicable when receiving SS.

In case you are the only one accessing your computer then it is simpler. We are 3 and our grandson plays a lot of video games on our computer, might also have Email. I received Emails recently from a former Boss (fake) showing an internet address, which I did not click on. They seem to zero on to me, so I wanted to be really secure and set up that laptop. Now I can handle anything coming, even Ransom, simply delete all contents of that computer and download everything again from Microsoft, my backup, etc.

Tamales
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Re: What the best identity theft co.?

Post by Tamales » Sun Aug 13, 2017 11:55 am

I have a couple of these services, provided for free via companies that had a data breach. It seems some credit unions are now offering these things free or at reduced cost.

It's not clear to me that they do any good. I get a monthly email from each one saying, no issues seen.
One of them allegedly provides real-time alerts, but I've never received one (that I'm aware of).

A couple months back, one of them sent an out-of-cycle email alert, but it was vague. I logged in, only to find they require you to check some box essentially giving them your approval to access practically anything they want. This struck me as odd...they just sent me an alert, and all I wanted to find out was exactly what the alert was for. I did not check the box, and still don't know what the alert was for. So that service is basically useless.

rgs92
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Re: What the best identity theft co.?

Post by rgs92 » Sun Aug 13, 2017 12:28 pm

I have never heard of anyone getting any benefit at all from LifeLock (except in their commercials).
Has anyone here heard of anyone who was actually helped by them in any way?
Thanks.

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