The problem with identity theft is that once your identity has been stolen, it is stolen for the rest of your life and then some. Just because you die doesn't mean your identity does and this can cause problems for your family once you are gone. Gone but not forgotten is a term that definitely applies to identity theft.
Identity theft protection services can help with this problem. You will hear that they are a scam or that they have no value because they don't do anything that you can't do yourself. While it is true that most of what id theft protection companies do for you can be done by you for little or no cost that certainly does not mean the service has no value. There is no difference between this type of service and the type of service your mechanic provides. You can fix your own car when it breaks down and you can do it for a lot less than a mechanic. But instead, you take it to a professional mechanic because you know that when the professional deals with the problem it gets taken care of correctly the first time. I don't see anyone saying mechanics are fraudulent!
Point is, identity theft is a very real threat. The problem cannot be quantified as "X" number of victims in every thousand because most people never know they are victims until it is too late. Additionally, most victims don't report the crime to the authorities so no accurate data can be collected. However, I did find on this web site they claim that approximately 1 out of 23 people are victims of id theft.
If you wish to use an identity theft protection service, don't allow yourself to be distracted by the grandiose million dollar guarantees that some companies offer. I have spoken with many in the insurance industry and they consider companies like that as lacking in substance. Those guarantees are merely gimmicks designed to lure customers. It is very easy to offer a million dollar guarantee when you know you will never have to make good on it.
Just about all ID theft protection companies offer the same basic services. Things like fraud alerts, ordering your credit reports, credit report monitoring, etc. Just the bells and whistles are different. One offers free identity theft protection to Veterans, some offer their million dollar gimmicks, others offer a more streamlined process and I even researched one that is almost completely automated.
There are some things that identity theft protection companies do for their clients that are proprietary and they will not discuss with the public. This is to be understood as they need to keep the identity thieves at bay. If everyone knew all of the tricks of the trade the thieves would be able to figure out a way around them.
It is a sad fact that identity theft protection has become a necessary part of one's financial and credit health in today's America. The good news is that there are many companies out there able to protect you at little expense to you. Identity theft protection fees are money well spent when you consider the fact that it is one of the few investments you will make that allows you to sleep better at night.
