TrustedID Review

Why Is TrustedID Better Than Lifelock?

If you’ve been researching various identity theft services, at some point you may have come across a comparison between Lifelock and TrustedID. Lifelock has probably done the most to create “brand awareness” behind its bold marketing campaigns but does that mean it offers the best value for consumers?

Maybe not if you compare it to a service like TrustedID. Here are six reasons why:

Credit Report Monitoring

With the introduction of IDEssentials, TrustedID provides you with a comprehensive view of your credit history with all three major credit bureaus, along with daily alerts to keep you up-to-date on any changes to your credit reports. If you spot potential fraud, a Protection Specialists will make sure you’re protected and resolve the issue quickly.

Credit Locks

No other company offers credit freezes on all the three major credit reporting agencies. Equifax’s IDPatrol comes close but only allows you to place a credit freeze on the Equifax report and not Experian or TransUnion. See our section on Fraud Alerts & Credit Freezes to understand the benefits of a Credit Freeze over a Fraud Alert.

1,000,000 Service Warranty

You can’t really appreciate the $1,000,000 Service Warranty unless you read the fine print. Not only does it offer the same amount of protection as Lifelock’s 1 Million Total Service Guarantee, but includes coverage for lost wages, a key point Lifelock does not cover. In fact, TrustedID offers more than twice the coverage as its nearest competitor in an area where the majority of identity theft victims say they incur loss.

According to the Identity Theft Resource Center, the average identity theft victim spends under a $1,000 to restore their identity. Although most of the work involved is tedious and time consuming, it usually does not require attorneys or investigators to get involved. What most identity theft victims need is compensation for lost wages and that is why TrustedID’s $1,000,000 Service Warranty stands out. See our section on Identity Theft Insurance to better understand what these policies cover and what to look for.

Family Protection

No other protection service offers a family plan. Equifax’s Credit Watch Gold does but is limited to two adults. TrustedID’s IDEssentials can be purchased to cover an entire household. That means children, spouse, and grandparents can be covered all under one family policy. Starting at less than the price of two policies, you can see where the savings add up compared to buying individual plans for every member of your household. Child identity theft is a growing problem and if you have children, TrustedID’s family plan can save you money.

Medical Benefits Protection

One of the newest and growing forms of identity theft is medical benefits fraud. TrustedID will review your medical benefits statements to ensure no one is abusing benefits entitled to you.

Anti-Spyware Software

One of the key areas identity theft occurs is by malicious hackers breaking into your computer and stealing usernames and passwords. With TrustedID, you’ll receive state-of-the-art anti=spyware software which you can install up to three different computers.

How Does TrustedID’s IDEssentials Work?

• 3-Bureau Credit Monitoring

Your credit report will be monitored daily for fraudulent or suspicious activity with all three major credit bureaus: Experian, Equifax, and TransUnion.

• Online Access To Your Credit Report

You’ll have instant online access to your credit reports from the three major credit bureaus.

• Online Access To Your Credit Score

If you’ve ever wondered what your credit score was with the three major credit bureaus, TrustedID will give instant online access to your score.

• Public Database Scanning

TrustedID will monitor hundreds of public record databases that contain information about everything from your marital status and address to issues of the court and business applications. If they detect anything that looks unusual and could lead to identity theft, you’ll be alerted immediately.

• Scans Internet For Your Data

TrustedID will regularly patrol underground black market internet sites where identity thieves buy, sell, and trade credit card numbers, social security numbers, bank account numbers, and names and addresses. If any of your personal information is discovered, you’ll be alerted immediately.

TrustedID uses advanced technology to search millions of public and private database records and then analyzes this information for patterns that could indicate if you are – or are about to become – a victim of identity theft.

• Lost Wallet Protection

Store your important information with TrustedID – credit and debit card numbers, insurance information, and more – and if you ever lose your wallet or need access to your information, TrustedID’s On-Call Protection Specialists can help you cancel your cards and replace them as quickly as possible.

• Fraud Alerts

TrustedID gives you the option to place fraud alerts if your identity is at risk, and with our Fraud Alert Reminder service, we will help you ensure your fraud alerts are renewed with the credit bureaus every 90 days.

• Medical Benefits Protection

One of the newest and most dangerous forms of identity theft is medical benefit fraud. TrustedID will help members review their medical benefit statements to nobody else is being treated with your medical benefits.

• Spyware Protection

You receive state-of-the-art anti-spyware software which you can install on up to three different computers. The anti-spyware technology blocks and removes malicious programs that hackers use to track your passwords and compromise your online accounts.

• $1,000,000 Warranty Protection

In the unlikely event an identity theft occurs under their protection, you can rest easy to know TrustedID will support you with their service warranty which includes a best-in-class lost wage limit.

• CreditLock

Although fraud alerts are helpful, credit freezes on your credit file will completely shut down access to your credit report. *Additional costs are involved.

Analysis

Price

At $14.17/month, TrustedID is affordably priced and significant savings are found in the TrustedID’s generous family pricing plans. TrustedID will cover a complete household for less than the price of two policies, $25/month. That means grandparents, children, and anyone else living with you can be covered under a single family plan.

Prevention

In addition to the internet and public database scanning TrustedID does, you also have the option of employing credit freezes, something no other service offers. The Identity Threat Score gives you an easy-to-understand way to gauge your current risk levels and allow you to take the necessary steps to reduce the chances of becoming an identity theft victim

Detection

With the introduction of IDEssentials, TrustedID not only scans public databases for your personal information but offers credit monitoring as well. You’ll also have instant access to your credit report and score as well. Unfortunately, while this is an improvement upon the service, the lack of court records, financial transactions, loan application, and sex offender registry monitoring is a concern.

Recovery

TrustedID offers the $1 Million Service Warranty and you can’t really appreciate the $1,000,000 Service Warranty unless you read the fine print. Not only does it offer the same amount of protection as Lifelock’s 1 Million Total Service Guarantee, but includes coverage for lost wages, a key point Lifelock does not cover. In fact, TrustedID offers more than twice the coverage as its nearest competitor in an area where the majority of identity theft victims say they incur loss.

Opinion

While TrustedID offers comprehensive identity theft protection, Equifax, the parent company that owns TrustedID has not kept the service up-to-date and some of the services TrustedID offers has unfortunately become dated. There are newer companies offering far more comprehensive protection at comparable prices. (Identity Force is one example) The lack of financial and public records monitoring is a significant gap in identity theft protection. It may be advisable to shop around and compare services.