The Elements of an ID Theft Service
Lanny Britnell
February 17, 2008
While Be Franklin said, "An ounce of prevention is worth more than a pound of cure", it is important to know that all Identity Theft Services are not created equally. The Identity Theft Prevention and Recovery Industry is an unregulated industry, which means companies can say what exactly they want and it is up to you to decide right or wrong, good or bad. So let´s take a look at several key components available to mange the problem of identity theft:
Recovery -- This is the most important component of any identity theft solution! Sometimes it is called restoration or resolution; it is the process of returning all records that have been fraudulently affected by an id thief´s action to the way they were before the fraud was committed. These records could be credit reports, financial records, wage and earning reports, driving records, medical record or criminal records. There are basically 4 kinds of recovery;
o Limited recovery which covers only an account or credit card – other forms of identity theft are not covered and provides generic educational advice.
o Assisted recovery which provides a forms packet for you the victim to do the recovery work and provides generic educational advice.
o Semi-Managed recovery – is when an ID Recovery specialist provides more detailed advise and you the victim must take your time to do three-way calling in the recovery process.
o Fully managed recovery -- is when an ID Recovery Specialist is assigned to you to handle your problem, a personalized recovery plan is developed to address your issues. This service will have a limited power of attorney enabling the ID Recovery Specialist to do all the legwork to recover your identity so you do not have to spend you time. And finally this service assures complete recovery.
Credit Report Monitoring -- This is an important part of a total protection strategy. But, it is not and identity theft solution, as it is sometimes portrayed by certain companies. It will not prevent identity theft, nor will it resolve any issues for you if you fall victim. It is only an early warning system that to tell you a thief is working behind the scenes, which can save time and prevent further damage to your good name. Without some type of credit monitoring, you may not be aware that a criminal is operating in the shadow for months, perhaps years. But, credit monitoring is not 100% foolproof.
Identity Scoring -- Such as our IDAlert involves scanning on a regular basis over national databases to look for anomalies in the use of a person´s name, social security number and address, alone or in any combination with other personal data. Each month the system provides an identity score that will indicate whether or not a person is likely being set up for identity theft activity. With this system, it may be possible to stop identity theft before the damage is done! According, this service is becoming one of the key components in the fight against identity theft damage.
Expense Reimbursement -- Sometimes call Identity Theft Insurance is sold with various coverage limits from $1500 to $20,000 or more. While this is a valuable part of the overall strategy, it is not a solution. The insurance benefit only reimburses you for expenses that you pay in the course of recovering your identity. It does not cover losses incurred as a result of the thief´s activities. With a fully managed recovery your out of pocket expenses are greatly reduced.
Education -- Law enforcement says being informed and taking responsibility for safeguarding your personal information is the best prevention you can practice. Look for programs that provide you with current information, receive newsletters or alerts.
Recovery -- This is the most important component of any identity theft solution! Sometimes it is called restoration or resolution; it is the process of returning all records that have been fraudulently affected by an id thief´s action to the way they were before the fraud was committed. These records could be credit reports, financial records, wage and earning reports, driving records, medical record or criminal records. There are basically 4 kinds of recovery;
o Limited recovery which covers only an account or credit card – other forms of identity theft are not covered and provides generic educational advice.
o Assisted recovery which provides a forms packet for you the victim to do the recovery work and provides generic educational advice.
o Semi-Managed recovery – is when an ID Recovery specialist provides more detailed advise and you the victim must take your time to do three-way calling in the recovery process.
o Fully managed recovery -- is when an ID Recovery Specialist is assigned to you to handle your problem, a personalized recovery plan is developed to address your issues. This service will have a limited power of attorney enabling the ID Recovery Specialist to do all the legwork to recover your identity so you do not have to spend you time. And finally this service assures complete recovery.
Credit Report Monitoring -- This is an important part of a total protection strategy. But, it is not and identity theft solution, as it is sometimes portrayed by certain companies. It will not prevent identity theft, nor will it resolve any issues for you if you fall victim. It is only an early warning system that to tell you a thief is working behind the scenes, which can save time and prevent further damage to your good name. Without some type of credit monitoring, you may not be aware that a criminal is operating in the shadow for months, perhaps years. But, credit monitoring is not 100% foolproof.
Identity Scoring -- Such as our IDAlert involves scanning on a regular basis over national databases to look for anomalies in the use of a person´s name, social security number and address, alone or in any combination with other personal data. Each month the system provides an identity score that will indicate whether or not a person is likely being set up for identity theft activity. With this system, it may be possible to stop identity theft before the damage is done! According, this service is becoming one of the key components in the fight against identity theft damage.
Expense Reimbursement -- Sometimes call Identity Theft Insurance is sold with various coverage limits from $1500 to $20,000 or more. While this is a valuable part of the overall strategy, it is not a solution. The insurance benefit only reimburses you for expenses that you pay in the course of recovering your identity. It does not cover losses incurred as a result of the thief´s activities. With a fully managed recovery your out of pocket expenses are greatly reduced.
Education -- Law enforcement says being informed and taking responsibility for safeguarding your personal information is the best prevention you can practice. Look for programs that provide you with current information, receive newsletters or alerts.
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