See 10 Best Identity Theft Protection of 2018

4 Identity Monitor Plan Essentials

Carol N - Senior EditorMay 21, 2014

Identity protection services mainly function to inform us of any major changes in our personal information. This is why the Best Identification Theft services have a solid identity monitor plan in place to notify you of even the most subtle changes. This could be a clear indication that someone has gained access to our personal information and is about to use it for their personal gain. 

Identity monitor services provide protection against the creation of unauthorized/ fraud accounts. Identity monitor plans alert you when your personal information is used to open new financial accounts. It also notifies you of any changes in your public records such as your address. Without due diligence (proactively checking your financial accounts or public records) or the help of identity monitor services, new account fraud could be very difficult to detect since you are only made aware of the theft when credit bills are sent to your home.


Feature 1: Credit Score Monitoring

Your credit score reflects many aspects of your financial profile. Good credit scores are essential for planning to make financial loans (car, homes, salary). Personal identity theft does not only burry in a financial pit but also damages your credit scores.


Feature 2: Public Record Monitoring

With information being recorded electronically, it has become easier for criminals to access this. Part of this information includes our personal address and even criminal records. Identity monitoring services should have a public record monitoring feature that keeps track of any changes.


Feature 3: Timely Alerts

Having the right information is not the only key to preventing or minimizing financial exposure, this information should also come instantly. Whenever any changes are detected, this should immediately be sent to you for confirmation. When the identity monitor service detects a new loan or a change in your address, it should be able to send to you the information as it happens.

This is especially useful for Credit, ATM or Debit card holders. Since the amount of liability that a card holder plays may depend on how fast he could report that his account has been stolen. Credit cards carry a $50 liability but ATM and Debit card holders can be charged might higher depending on how fast they report the loss. When loss is reported within 2 days then you are only liable for $50 but those who report after two days but within 60 days are charged for up to $500 of the amount withdrawn.


Feature 4: One-Million Guarantee

It seems that “one-million” has become the standard for most identity monitor services. This should not be confused with financial coverage loss as this only deal with expenses incurred during the recovery process. But aside from giving the one-million guarantee they also promise to assist clients in recovering their personal identity.


What Identity Monitor Services DON’T Do

There’s a lot of information about the things that identity monitor services can do for you. Identity monitoring services are exactly what its name describes. It monitors and reports any changes in your credit or personal information but even it could not accurately detect if an identity theft has indeed been committed.


Existing Account Fraud

This describes any unauthorized transaction that uses your accounts (bank, credit, checking) to make purchases or acquire loans. Identity monitor services inform you of new transactions especially those that deal with major transactions that could seriously affect your credit score. Without the help of an identity monitor and their alerts this is only exposed when you discover unauthorized purchases in your bank reports or when a creditor calls.


Social Security Number Fraud

Social Security Numbers are one of the most coveted targets for personal identity thieves. Identity monitor features could not prevent this from being compromised but only report if this was used to open a new account or for tax reporting purposes. It could be used for employment purposes by an undocumented alien. In most cases fraud is only reported once the legal owner of the SSN files their income tax and discovers that it has been used for employment. 


Medical Identity Fraud

Another type of identity fraud is the use of your medical or insurance information to make unauthorized claims for medical goods or treatments. This could lead to false information being recorded in your medical record or used to open new records to access medical benefits.


Criminal Identity Fraud

This happens when another person hijacks your personal identity and uses it to commit a crime. Important information such as your driver’s license could be obtained from your lost wallet and later be submitted to a police officer after committing a crime. When crimes are committed and these actions are attributed to you, your criminal files are compiled by law enforcement agencies including the Department of Justice and the FBI.


The protection that an identity monitor service provides is not absolute. It could go only as far as notifying you that changes have been made in your personal information or you have opened a new account or incurred a new debt. The most accurate way to determine this still involves you since only you know your true financial history. Some may provide