Identity Theft

Credit card companies are striving for more customers every day. Sending out constant offers for lower interest rates and benefits are one way the credit card companies pursue consumers. If you should open one or more of these offers you will probably find they are also offering a variety of identity theft protections.

Identity theft is a crime of convenience for some and a crime of intense information gathering for others. Regardless of the reasons for identity theft it can ruin a person quickly both financially and emotionally. Identity theft can happen to anyone, even you.

Knowledge is the best protection against identity theft. Taking proper steps to safeguard against identity theft is an effective tool. Credit card companies are aware of the incidences of identity theft and are offering a new form of protection against it.

Protecting Yourself

There are steps you can take on your own to reduce the likelihood that your identity will be stolen.

> Purchase a shredder and shred all papers that have any personal or identifying information on them before you dispose of them.

> Keep your credit cards, social security card, and birth certificate in a locked safe at home, only take them out when you need to use them, and do not carry them in your purse or wallet.

> Check your credit reports often and dispute any information you are unsure about.

> Scrutinize your credit card and bank account statements. Report any discrepancies immediately.

Protection Plans

Credit card companies are offering a new benefit to customers called Identity Theft Protection Plans with benefits such as:

> Credit report monitoring. The credit card company will monitor your credit report for you and send notice anytime there are any changes good or bad reported on your credit report.

> Monitor your spending habits and automatically place fraud alerts on your account for any suspicious activity, freezing your account until you have been contacted.

> Generally cost around $25 per month.

Necessity or Not

There are pros and cons to purchasing identity theft protection plans.

> Identity theft protection plans may be very helpful, especially if you don’t have the time to check your credit reports regularly.

> Checking your credit report is really a simple task and doing so yourself could save you $25 a month.

> Identity theft protection can monitor spending habits on your account and put fraud alerts on at the first sign of unusual activity, freezing your account until you have been contacted about it.

> With online access to your account it is easy to monitor your activity on credit cards without freezing your account as a mistake.

Safeguarding your identity against theft can be difficult but with prevention and awareness you can possibly prevent identity theft. Identity theft protection plans can also be helpful to consumers but they come at a price. Whether you choose to purchase identity theft protection coverage or monitor your credit personally, you need to be active in preventing identity theft from happening to you.