August 8, 2012 at 11:02 pm #1279
I have noticed on a lot of identity theft company websites that they offer credit card protection. Now, most of my cards, I chose because they offered good protection in case something happened. I did not realize that you could get separate protection to cover cards that didn’t have protection maybe? Should I be getting separate protection anyway? I’m kind of approaching information overload right now with all this. Can someone please explain if this is something I need or if it’s just a nice feature to have? Personal experience would be helpful too.
August 9, 2012 at 4:06 pm #1280
This is an interesting question. There are actually 2 kinds of identity theft credit protection services. There are some companies that will protect the cards that you inform them of. Basically, the company will ask you to enter your card information into your account. If the company detects unusual activity on your card, they will alert you. This is not a service that every identity theft company will offer you though.
Some of the major companies do offer credit protection, but it is not protection over your existing cards. When they say they offer credit protection, all they mean is that they are protecting you from someone opening a new line of credit in your name. Even though they call it credit protection, they really offer no additional protection over your cards than you already have from the card issuer.
If you want card protection for your existing cards, then you have to specifically ask for it. If a company does not offer this, they are obligated to let you know. When companies say they offer credit card protection, it could be misleading because some do, yes, but most only offer you protection if someone opens a new line of credit on your account.
If something happens on one of your old accounts, then your company will probably help you get the matter resolved and speak to your credit card issuer on your behalf. They will also probably tell you what steps you need to take to safeguard your credit in the future and deal with legal things if you have to, but that is the extent of their coverage on that end of things.
December 12, 2013 at 1:21 am #8826
There’s also something to be said for just straight up prudence. Instead of worrying about which identity theft protection service to sign up for, be more vigilant with your personal data.
For example, never give out your social security # (providers should be able to use an ID # instead), and never let a merchant write down your credit card number (that’s against the law).