ProtectMyID bills itself as a leading identity theft protection company, aiming to help customers secure their identities and avoid the financial losses associated with identity theft. ProtectMyID is a part of Experian, which is the world’s largest credit bureau.
This provider classifies its services into three main categories: detection, protection and resolution.
Detection is the first component. If ProtectMyID suspects your identity has been compromised, you will receive a surveillance alert notification. ProtectMyID has three levels of monitoring to detect whether your identity has been compromised:
- Credit monitoring
- Black market website surveillance
- National change of address monitoring
If Protect my ID does not detect any fraudulent activity for an entire month, you will receive an All Clear Surveillance Alert.
Protection is the second component. ProtectMyID offers lost wallet protection, which means that Identity Theft Resolution Agents will help you replace your credit and debit cards if you have lost them. You can also opt for the protection provided by ChildSecure, which is a service customers can add to their existing memberships. With ChildSecure, you will be notified if a credit report is opened under your child’s name.
Resolution is the final component of ProtectMyID’s services. If ProtectMyID suspects your identity has been compromised, an Experian agent will place a fraud alert on your credit file.
Like other leading companies in the industry, ProtectMyID has a $1 million identity theft insurance policy. The company agrees to cover certain costs in the event that your identity is stolen and you are a victim of identity fraud. For instance, you could be covered for costs like private investigator fees, legal fees and lost wages.
ProtectMyID costs $15.95 per month, which is slightly more expensive than comparable packages from other leading ID theft protection companies, including Identity Guard, TrustedID and LifeLock. If you have a little extra room in your budget, investing in this type of service is a good idea. You will be making a small investment now in order to reduce your risk of dealing with greater financial loss and stress down the road.
Before settling on a provider, you should spend some time researching how well ProtectMyID stacks up against the competition. It is a good idea to compare identity theft protection companies to make sure you select the company that offers the best fit for you.