What Benefits Does an Identity Theft Protection Plan Provide?

What Benefits Does an Identity Theft Protection Plan Provide? I will tell you how identity theft protection plan helps in everyday life.

What Benefits Does an Identity Theft Protection Plan Provide?

It goes without saying that identity theft is a major issue. According to Javelin Strategy & Research’s 2019 Identity Fraud Study, there were 14.4 millions victim of identity fraud in the United States in 2018. 23% of those victims—nearly three times as many as in 2016—had fraudulently unreimbursed expenses.

Time and money can be lost as a result of identity theft, and it can even have long-lasting emotional effects. Your life could be significantly affected by it, making it difficult to find work, affecting your Social Security payments, preventing your children from receiving financial aid for college, and the list goes on.

How Does Protection Operate?

In addition to providing you with essential services that can assist you in preventing identity theft and recovering your identity if you become a victim, identity theft protection services can give you piece of mind. These tools keep an eye on your credit and the dark web and will warn you if your sensitive data is in the wrong hands. They might also provide you the option to instantly lock or unlock your credit reports, send you fast notifications if somebody makes a credit application in your name, notify you of aliases linked to your Social Security number, and do more. Lastly, insurance on stolen money can be provided by identity theft protection.

Is Identity Theft Protection Needed?

You can check your credit reports on your own, but you can only get free access to them from each credit bureau once a year. Although identity theft protection programmes make it simpler to rapidly lock and unlock your credit so you can readily apply for new credit when you need it, you may also freeze your credit reports.

It may be worthwhile to pay for a service that offers more thorough protection if you are aware that your personal information was exposed in a data breach or if you have previously experienced identity theft. It’s also challenging to maintain constant vigilance; identity theft protection takes care of that for you. Finally, if your identity and money are misused, having insurance to cover stolen money can save you.

What services does Experian provide?

Two programmes are available from Experian for identity theft protection: Plus for $9.99 per month and Premium for $19.99 per month. A 30-day trial is available for both services, and it is free. Both services provide access to a U.S.-based fraud resolution professional, monitoring and notifications for identity theft, and dark web surveillance. In addition to providing double the amount of identity theft protection, IdentityWorks Premium provides FICO® Scores from each of the three major national credit agencies (Experian, TransUnion, and Equifax) every three months.

What Differentiates Experian’s Identity Theft Protection From That of Its Rivals?

One of the most affordable and complete options available is provided by Experian. You cannot rapidly lock and unlock your credit reports using the services of rivals like LifeLock because they are not credit bureaus. Your FICO® Scores and thorough 3-bureau credit monitoring are only available from Experian. Additionally, Experian’s premium solution is less expensive than LifeLock’s premium option.

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