Identity Theft - Credit Monitoring and Identity Theft Services

As consumers become more aware of the reality of financial identity theft, many are beginning to take action to prevent their personal information from being stolen by identity thieves. While this can simply involve taking individual steps to watch over your shoulder, it can also mean getting in touch with a credit monitoring or identity theft service to help ensure your personal information is safe.

Since most consumers only check their credit once a year or anytime they make a large financial purchase, an identity thief may have already wreaked havoc on your financial accounts by the time you become aware. Signing up for a credit monitoring service means having someone contact you on a daily, weekly or monthly basis of changes in your credit.

Of course some of these changes in credit could be your own doing, but if there is any activity taking place that you did not authorize, you will also be notified. This means taking care of the identity theft as soon as it occurs and keeping it from happening to several accounts or in an excess of amounts.

Depending on the credit monitoring company you choose, you can pay anywhere from $9.99 a year for this service to $49.99 a year. Often this may be the difference between having a single bureau monitoring or a three bureau monitoring. The three main credit report bureaus are Equifax, Transunion and Experian. If you want only one of those three monitored, it may be cheaper than having all three, although having all three is the safest way to go.

Another step of credit monitoring comes into place with identity theft services. Many identity theft service companies will offer simple credit monitoring services, but many will go a step further as well. Most identity theft service companies will cost more but this service may be worth it, especially if you are a previous victim of identity theft.

You may be offered identity theft services through a local bank or insurance company, although many services are available independently. Basically, an identity theft service company will use highly advanced computer software to discover whether any of your personal information has been used without your knowledge.

This goes beyond your credit report to your social security number, driver’s license, birth certificate, and even name and address. This can be a helpful service to have if you fear you may be a victim of someone stealing bank account information or information for criminal identity theft.

Other services that many identity theft companies offer includes identity theft insurance. Of course these services will cost more than just a simple credit monitoring, but will often reimburse the victim in full if they discover they have become a financial identity victim.

Many individuals who decide to partake in credit monitoring or identity theft services have already become victims of identity theft. Still, there are many who use credit monitoring services to prevent becoming victims. While credit monitoring services may not be for everyone, these services are definitely an excellent resource for providing extra security from identity theft.