Who is the real thief when it comes to identity theft protection?

identity-theft-culpritNo one wants to fall victim to identity theft. According to the Federal Trade Commission, this crime has been first and foremost on consumers’ minds for nearly 15 years. In fact, many will do just about anything to arm themselves, even if it means dipping into the monetary assets they long to protect to pay for potentially ineffective identity theft coverage.

Protection inspection

For an average annual fee of $25-$60, identity theft insurance can offer anything from credit alerts and account/credit monitoring, to reimbursement of fees associated with credit repair for identity theft victims. Note the word victims. That means, insurance does not protect you from the act of falling victim to identity theft—nor does it reimburse you for your monetary losses once the damage is done.

Deal or no deal?

According to the National Association of Insurance Commissioners, benefit limits on identity theft insurance policies usually range from $10,000 – $15,000 yet customers must pay a deductible of $100 – $500 to restore tarnished credit scores. But, if you skipped identity theft coverage and used a credit monitoring service, you would only pay approximately $10 a month, sans deductible, to receive similar alerts that can enable you to put a freeze on your accounts if needed to avoid identity theft in the first place.

If you want something done right, DIY

If you choose to forego identity theft insurance, there are some safety measures you can take to protect yourself. To monitor ID security, set up a post office box in a different zip code other than your own. Once established, use the box office as your tax mailing address and have your auto insurance, vehicle registration information, and credit card statements sent there. This way if your wallet is stolen, the thief won’t know the zip code associated with the credit card (which is typically requested on high-price purchases).

Safety net

Even by taking the right steps, you may still find yourself in a predicament where your credit score has been compromised. If you need credit repair, seek advice from an industry leader such as Ovation. Each of our knowledgeable representatives will work with you personally to build a credit repair and credit re-establishment plan that is tailored solely for your situation. Your path to debt-free, stress-free credit repair begins with a phone call for a free consultation.