What is identity monitoring or "identity theft" service?
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Identity theft services monitor personally identifiable information in credit applications, public records, websites, and other places for any unusual activity that could be signs of identity theft.
Some services may help you correct problems if identity theft occurs. They may also offer identity theft insurance generally covering:
- Certain out-of-pocket losses
- Chat room monitoring
- Public record searches
- Monitoring of black market websites
- Virus protection software
They often include a credit monitoring service that monitors your credit history and provides periodic credit scores.
Prices and services offered by identity monitors vary widely. The cost of identity monitoring services varies from as little as a few dollars a month to over $15 per month.
Before signing up for a service, make sure you understand what you're getting. This is particularly important when you're offered a "free" service. Before accepting a "free" offer, check for any hidden trial periods, fees, or cancellation requirements. Also check with your local consumer protection agency and State Attorney General's office to see if complaints have been filed against the company.
Free and low cost services are also available to protect consumers, including placing:
A security freeze. Putting a security freeze on your credit report will generally prevent new credit from being opened in your name. Just remember that if you put a security freeze on your credit file, you'll need to unfreeze your file before you can open new accounts in your name.
A fraud alert. If you believe that you've been the victim of identity theft or fraud (or are about to become one), you can place an initial or extended fraud alert on your credit report. Note that a fraud alert does not prevent a lender from opening credit in your name, but it does require them to take certain measures to verify your identity first.
If you have a problem with credit reporting, you can submit a complaint with the CFPB online or by calling (855) 411-CFPB (2372).