They say sex sells, and I’m sure they’re right. But I doubt it outsells fear. From burglar alarms to bomb shelters, Americans shell out billions annually to protect against all manner of evil: some real, much greatly exaggerated. But wherever fear can be churned up, you can bet there’s someone not far behind making a buck.
Such is the case with credit monitoring.
Credit monitoring is a billion-dollar business, with more than 12 million Americans paying for “protection” against ID theft.
Why you don’t need credit monitoring
These services are more sizzle than steak for at least three reasons…
1. You’re not liable if someone opens credit in your name.
If someone forges your signature on a credit application, check, or anywhere else, you’re generally not responsible for the charges. As with anyone stealing anything, the thief is liable. And if the thief isn’t caught or can’t make restitution, it’s a problem for the institution that accepted the fraudulent charge, not you.
2. Credit monitoring doesn’t prevent ID theft.
By definition, credit monitoring can only monitor transactions that have already occurred. What you want is to prevent them from happening in the first place.
According to Experian, “Fraud alert messages notify potential credit grantors to verify your identification before extending credit in your name in case someone is using your information without your consent.”
Because ID theft is so highly publicized and so frightening, a crop of companies now offer to help – for a fee, of course. Pay them every month and they’ll help protect your identity…But here’s something the ads don’t say: The technique many services use is something you can do yourself in less than five minutes absolutely free.
Score Well Credit can help !!
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