TrustedID Finally Offers Credit Monitoring With The Introduction of IDEssentials™

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TrustedID recently launched a new product which combines identity theft prevention
solution with a credit protection service that monitors your credit with three different
credit bureaus with reporting and score package. The new product provides
consumers with a complete identity theft prevention solution.

IDEssentials allows consumers to acquire protection services which are usually
charged separately with other identity protection services by providing a one stop
protection service for one price. IDEssentials users can choose to pay a low monthly
fee or save money by signing up for a yearly subscription plan. TrustedID also offers
a family plan for IDEssentials on a monthly or yearly subscription plan with a one
million dollar service warranty in the event you become a victim of identity theft.

IDEssentials provides a daily monitoring service with the three major credit bureaus
including Experian, TransUnion, and Equifax with immediate notification if there has
been a change in your credit report. The service also provides you with annual credit
reports and credit scores.

The identity theft package you receive with IDEssentials contains identity monitoring
services which keep track of hundreds of databases for public records that contain
your personal information, monitoring of the black market on the Internet where
criminals sell your personal and financial information, an identity threat score which
will provide you with information on identity theft risk and the steps you should take
to provide security, protection of medical benefits which prevents criminals from
accessing your medical information, and support which is available around the clock
seven days a week.

IDEssentials provides more than a dozen identity theft protection solutions within
the program and offers the services of the Data Breach Solution Group which
was launched by TrustedID to provide quick response for consumers who have
experienced data breaches. The flagship product ID Essentials is added to a number
of other award winning products by TrustedID for complete identity protection
services at an affordable price.

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Credit Monitoring is a service usually provided by a consumer reporting agency that will “monitor” your credit and alert you to any changes for a fee. Typically these services operate by notifying you if anything unusual or suspicious appears on your credit file. The thinking behind this service is to detect any problems immediately and react to it before further damage is done. By definition this is not a proactive service but a reactive one. You are detecting the damage after it has occurred. Combining some form of credit monitoring with proactive methods like fraud alerts and credit freezes is a highly effective strategy to protect you against identity theft.

How does it protect you?

Credit Monitoring products are designed to alert you to any changes in your credit file. As opposed to reviewing your credit report once a year, credit monitoring allows you to take immediate action once any unexplained changes or suspicious charges are made to your credit report. Early detection means you’ll be able to address problems as they occur and not after significant damage has been done.

What are the limitations?

The credit monitoring products only address problems after they have occurred and then only to accounts that report to the CRAs. It will not prevent fraud or alert you to credit issuers who do not update your information with the CRAs. The effectiveness of credit monitoring is completely dependent on financial institutions updating their information with the CRAs and the unfortunate reality is there are and will continue to be companies that do not report to the CRAs. It is a reactive process and not proactive one. ID Protection Guide recommends a combination of credit monitoring and fraud alerts and/or credit freezes.

Who do we like?

IdentityGuard is the only company that gives you quarterly updates to your credit file with all three CRAs and will email you immediately if there are any changes to your credit file. They will also include your FICO score with these reports. IdentityGuard has proprietary software that can scan credit application databases for fraudulently submitted credit applications in your name giving you proactive defense. IdentityGuard’s background providing credit monitoring solutions for a number of major financial organizations clearly shows in their consumer offering. It is our choice for the most comprehensive credit monitoring plan available.

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