Let’s Break It Down

Identity theft is an incredibly scary issue that everyone is confronted with today, and as we say in the office, it is much like computer viruses. There was a time when we could purchase a PC without protection from it, and it is no longer the scenario. Today, we live in a world in which Identity Theft presents the same scenario for each of us and no one should be unprotected from this out of control crime.

So having said that, we should be looking at what the types of protections are, that are available because, after all, the majority of vclub.tel people I get in contact with will ask questions about the exact thing, if nothing else. It is evident that the majority of the population does not know the distinctions between the plans available, and that is fine as long as they are able to find an impartial source to help explain the difference to them. It’s a good thing you came across this article because most people who have the expertise and knowledge that you interact with will also be biased, too. Remember, that I have some views of my own that you will discover as you read further, but these opinions are based on many years of looking into this issue, as well as the so-called “solutions” which are offered on the market.

The first kind of protection I’m going mention is the one most commonly used advertising you see on TV and in magazines. You also hear about these on the radio too. These are the Monitoring Plans, and they do exactly what the name implies. They monitor your credit report – whether it be with one credit bureau or all three credit bureaus, and are priced in accordance with the information they gather. This is a great first protection, however every protection worthy of its name is likely to contain this particular feature, so I do not think this type of protection should be all that interesting.

Be attentive, as that’s where the majority the American public gets it wrong It’s because most people don’t know the difference. Monitoring Plans will inform you when something has occurred to your personal identity. It is important to note that Monitoring Plans are also just looking at your credit. There are no other crucial things such as your SSN, Driver License, Criminal History, Medical File, etc.

The issue here is twofold:

  1. They’re monitoring only, which means you’ll be doing all the cleaning work when someone does steal your identity. That could take hundreds, if not thousands of hours to resolve.
  2. They only monitor your credit file , they are not looking to look for other types of identity theft which is actually where the majority of cases are occurring every day.

The other type of security I’d like you to know about is those that you’ve probably heard about from your particular bank. These are kind-of like the insurance you get to protect against Identity Theft, where they offer to safeguard your bank account by charging one-time fees each month.

The issue that I see with the whole notion of this protection is this: There are laws that tell these banks that they have to refund you the amount you’ve lost from Identity Theft, so why is it that we have to be paying them to do what they’re supposed to be doing already?

In principle alone, these protections really annoy me, because reimbursement plans that are called, only really achieve the goal of putting money back into the banks that could be returned exactly in the same way, but maybe faster. It is true that if you don’t have much funds in your bank and rely on a small amount to pay for expenses, this may be appealing to you. But remember that you are paying them to perform the things they should already be doing.

The third kind of plan I’d like to talk about is what a lot of credit authorities tell you about, and that is the Fraud Alert Services. A fraud alert being placed on your credit report can help you avoid financial-related issues of Identity Theft, but does not tackle all the other types of Identity Theft.

Additionally, one should be aware that once they place an alert for fraud on their credit record, the process of gaining access to your own credit is much more difficult after the fact, since afterall your credit will be in a state of freeze.

This does a great job of preventing any new lines of credit opening and large purchases from taking place, but this isn’t the extent of the benefit to you. The rest of your identity will remain completely unprotected.

The final topic I’d like to address will be Restoration Plans. Then, I’d like you to listen extremely closely to what I have to say in this regard, as companies attempt to make their products appear as if they’re doing this, even though they don’t.

Restoration Plans aid the victim in actually restoring their identity. Unless the protection you are investigating states that they will use “Licensed Fraud Detectives” to carry out the restoration, you’ll have to perform the restoration yourself. A licensed Fraud Investigator will require that you submit a limited power of attorney to them, which means that they have the authorization to perform the task on your behalf. What this means for you is that they’re doing all of the in-depth task required to establish your identity, and give you the peace of mind to confidently go about your everyday activities.

It’s also worth noting the fact that Licensed Fraud Investigators have significantly more expertise than most on the market in fixing identities, as well as having contact information and resources that we can’t and resulting in a faster restoration process. They also have a bond in their particular circumstance as well as their abilities is something which can ease the burden as victimized by Identity Theft.

All-in-all, each type of security has its pros and minuses, but in the final analysis, the only one I consider to have enough merit to warrant my money would be the Restoration Plan. I’d recommend to each of you to do your own research to ensure that you know exactly what you can expect from every plan. Companies in particular benefit from increased exposure as their employees are more productive if they have an Restoration Plan verses the other kinds of plans. I strongly believe that every company should be adding this benefit on a voluntary basis to their plans if they have not already. More than 90 percent did not.

Contact me today by calling 469-718-9672 to ensure we can assist you and your business by educating your staff about the many dangers that come with this horrifying crime, the measures that can be taken to hopefully prevent becoming a victim, and the best way to introduce the proper type of Identity Theft Restoration Plan to your employees in case the inevitable does happen.

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