Is Identity Theft Protection Worth It? (The Answer: Yes!)

You hear about business data breaches all of the time. But is identity theft protection worth it? Click here and find out why it’s important.

Every year, about 9 million Americans fall victim to identity theft. That’s more than the population of Oregon, Nevada, and Maine combined!

Clearly it’s a common problem, but is identity theft protection worth it? After all, it’s easy to cancel a credit card, right?

Unfortunately, identity theft can have far worse consequences than waiting a few days to use your new credit card. That’s why identity theft protection is a must-have.

What Is Identity Theft Protection?

There are many ways to lower your identity theft risk. Credit monitoring is a service that shows you changes in your credit accounts so you can address any changes you didn’t make.

Identity theft protection, on the other hand, is a more comprehensive option. On top of credit monitoring, it often looks for non-financial identity theft as well. In some cases, identity theft protection services help you report and repair fraudulent activity if it appears.

Why Is Identity Theft Protection Worth It?

Here’s why identity theft protection is worth your investment:

Minimizing the Effects of Identity Theft

While identity theft isn’t 100% preventable, it’s a problem that’s easier to fix the sooner you find it. It’s easier to contest a week of fraudulent activity than a year’s worth.

Unfortunately, certain types of identity theft (like stealing your social security number) are much harder to fight than replacing your social security card or canceling a credit card. Having someone in your corner before the battle begins can make a strong difference.

Protecting Your Professional Standing

One of the less commonly known issues with identity theft is that a thief can steal your identity to access your employer’s restricted systems.

Hiring a company that offers identity as a service can help, but if your systems are not secure enough, identity thieves can still gain access. This could cost you your reputation, job, or career.

Keeping Your Criminal Record Clean

Another lesser-known but all too real effect of identity theft is that criminals can give your information when they get arrested. If the error isn’t discovered, those criminal charges will stay on your record.

Helping Your Improve Your Credit

As an added perk, most identity monitoring and identity theft protection services show you the positive and negative factors affecting your credit score. Not only can you fight fraudulent activity that’s hurting your credit, but you can find out how to improve your authentic credit.

This is particularly important when you’re preparing for a major credit use like buying a home or funding your startup business with a business loan.

Keeping and Raising Your Credit with Identity Theft Protection

Considering everything you’ve just learned, is identity theft protection worth it? To protect your reputation, your finances, your criminal record, and your career, we think it is.

Of course, it depends on the cost. There’s no shortage of identity theft protection providers, so shopping around is key. Regardless, you’ll find that most of these services have nominal costs that could save you far more money in the long run than they’ll cost you.

For more ways to save money and protect your finances, check out our money-making tips.