Grilling Guide: Questions to Ask ID Theft Protection Providers
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What steps will you take to restore my credit?
Get the specifics about what the company will do to aid you when your identity has been stolen. Some go as far as to offer counselors to help you with police reports, paperwork with the credit bureaus and government agencies, and other measures to restore your good name.
What types of exclusions do you place on ID theft insurances or warranties?
Tread carefully here. Many experts advise against ID theft insurance because of stringent exclusions that can disqualify you from repayment. For instance, many insurers don’t compensate you for ID theft committed by a friend or family member, even though they’re the culprits in 40% of cases. And even if you receive a cash payout, it won’t make up for the high interest rate you’ll be getting after your credit is wrecked.
Do you patrol black market Internet sites for my personal information?
Some companies will provide this service. It can be a valuable way to know if your Social Security Number or credit card info is up for sale and help you head off identity theft.
How frequently do you monitor my credit and other information for possible fraud?
Most agencies promise to look after your data daily, but some are less vigilant. You don’t want a service that lags behind and may not catch an ID thief before your credit is wrecked.
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In my experience, credit monitoring services are not that useful. I have tried a few in the last three or so years after having my credit card number stolen, and they have never been as effective as my own regular monitoring of my credit accounts.
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