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Identity theft protection plans. Are they worth it?
Victims of identity theft can spend up to 175 hours sorting out the mess and restoring their identity. So services that help protect you from identity theft by detecting suspicious activity and restoring your identity in the event of theft can be real lifesavers. However, with a concentrated effort, individuals can do it themselves. Read on to choose the best option for you.
How do identity theft protection services differ from credit monitoring services?
Credit monitoring is only one part of an identity theft protection service. A good service should include prevention, detection and resolution services.
Protection: When shopping for a service, look for expert advice and best practices to help you reduce your risk of identity theft. Some services may offer security software as well. HSBC's Identity Protection PlanSM offers a monthly newsletter, hacker alerts, plus award-winning antivirus and personal firewall software.
Detection: Credit monitoring is an important part of any security service. HSBC's Identity Protection PlanSM provides monthly credit reports that alert you to new inquiries, new accounts opened in your name or derogatory information.
Resolution: If your identity has been stolen, resolution service can reduce the time, trouble and cost involved in restoring your identity. A personal fraud resolution expert, letters to creditors, identity theft insurance to cover costs incurred and a lost/stolen card notification service are all included with HSBC's Identity Protection PlanSM.
What are my other options?
As an option to an identity theft protection service, take actions to prevent becoming a victim.
- Guard your social security number.
- Pay your bills online (versus mailed).
- Shred any documents with personal information.
- Consider a locking mail box to avoid theft of mailed offers
- Instead of paying for a service, monitor your credit yourself. Check your statements monthly and request free credit reports from the three main Credit Bureaus(Experian, Equifax and TransUnion)
Step Up Your Security
CreditKeeperSM
See unlimited views of your credit report, access CreditKeeper's credit experts by phone and discover how future actions may affect your credit. Try CreditKeeperSM at no cost for the first 30 days. Internet only offer.
Identity Protection PlanSM
Protect yourself from identity theft with anti-virus and firewall software, 24/7 lost or stolen card notification service and one-on-one help to resolve fraud. Try Identity Protection Plan at no cost for 30 days. Internet only offer.
