The Real Cost of Identity Theft Protection

CHARLESTON, S.C. - March 28, 2014 - PRLog -- Identity theft protection has been overcomplicated when in actuality it is a very simple process that individuals can accomplish themselves in less than 10 minutes.  Each day, more and more consumers are learning this fact and are leaving companies with rolling monthly fees to achieve the same results on their own by writing one letter and sending it to the "Big Three" credit bureaus (Experian, Equifax, Transunion). The FTC has a standard version of this letter available to all consumers on its website; however, if consumers decide that they would like someone to perform this service for them, there is no need to pay a recurring monthly fee when some companies offer this service for a single charge.  A recent class action suit, Federal Trade Commission, Plaintiff, v. LifeLock, Inc.(http://www.ftc.gov/enforcement/cases-proceedings/072-3069/lifelock-inc-corporation), has brought light to the fact that Identity Theft Protection isn't something that should be a monthly cost.  After doing our homework, we discovered that an individual typically pays $800 over 7 years for Identity Theft Protection at companies that charge monthly fees when they
could use a company that will do the same thing for a much lower, one-time cost.

In an interview explaining their services, Don Bailey, President of LifeCreditDebt.com said, "Identity theft is a serious issue and can undermine any individual's progress in life. Our website provides users with access to official letters that will place a fraud alert on their account lasting up to 7 years.  After the fraud alert is placed on your account, you will be contacted via phone to verify any changes on your credit report, preventing someone else from taking out credit in your name.  As a company, we would rather educate consumers on the best credit management practices rather than nickel and dime them for something that requires minimal maintenance on our part.  Not only is this better for the individual, but it is better for the economy as a whole." He furthers, “It is important that consumers learn their rights and use the power of social networks to share this knowledge with their peers”.

In the modern era, accessibility of credit is becoming more necessary but even more difficult to obtain.  This is why it is imperative for consumers to educate themselves on the best methods of protecting themselves and their credit score.