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Options are insurance, credit freeze, checking free copies of reports
By Betty Lin-Fisher
Beacon Journal business writer
Published on Sunday, Dec 23, 2007
I've had a few readers inquire lately about identity theft insurance and whether it's something that people should consider.
So I did some research and also thought this would be a good opportunity to give updates on identity-theft issues I've reported on earlier this year.
Insurance
Identity theft insurance is like any other insurance — it's a personal decision. You might someday need to use it, you might never need it, or you might just feel better having it.
The first thing to do is find out whether you might already be covered under some type of identity theft insurance through other programs. Some homeowners insurance policies might have identity theft coverage, or you can add special riders. There's also coverage available from credit-card issuers and separate policies you can purchase.
Find out what is covered. The coverage can range from helping you place fraud alerts and credit freezes — things you can do yourself for free — to compensating you for your time or helping you with legal expenses when you deal with the aftermath of identity theft.
When considering identity-theft insurance, look at the deductible and what's covered, said Jay Foley, co-director of the Identity Theft Resource Center in San Diego.
''If you have a $1,000 deductible, odds are, the policy is not worth it,'' Foley said. ''In fact, any policy with a deductible over $250 isn't worth it.''
Foley said victims of a security breach — which means their financial or personal information has been exposed, which might lead to actual identity theft — should first place a free fraud alert on their credit reports and keep the alerts on.
You can place fraud reports by contacting the credit bureaus directly. A fraud alert puts lenders and creditors on notice that your information has been breached. But it also means that you'll have to jump through more hoops if you want to apply for credit. To avoid delays, it's suggested you provide your cell phone so you can be reached easily.
Fraud alerts last for 90 days and can be renewed. Foley suggests they be renewed for one to two years after the breach.
The bureaus are:
• Equifax: http://www.equifax.com or 800-525-6285.
• Experian: http://www.experian.com (alert can be placed online) or 888-397-3742.
• TransUnion: http://www.transunion.com or 800-680-7289.
Credit freeze
This fall, I reported that TransUnion became the first of the three credit bureaus to announce it will allow consumers nationally to place credit freezes on their credit reports for $10 or lift the freeze for $10. The other two credit bureaus, Experian and Equifax, followed suit and said they'd be offering the services later in the fall. They now offer the same services — $10 to place a credit freeze and $10 to lift a freeze — unless you live in a state with a law requiring lower fees.
Ohio is not yet among those states.
A credit freeze is a tool for victims or potential victims of identity theft to ''freeze'' out
inquiries into their credit report for new accounts. Consumers would then have the ability to temporarily lift, or ''thaw,'' access if they're seeking new credit; that allows the potential creditor to get information.
State legislators have been working on a bill that would give Ohioans the ability to freeze their credit reports for $5 and to temporarily lift the freeze for $5. Consumer groups have called on all three credit bureaus to offer the freezes and thaws for $5 instead of $10 and to offer the thaw option by mail, phone and online. The House and Senate passed different versions of credit-freeze legislation, but they have not moved much since this fall.
AARP Ohio spokeswoman Kathy Keller said the consumer group is optimistic that a compromise might be reached early next year.
''There are some real differences in the House and Senate. We think we're going to be able to work with them to come up with solutions,'' Keller said. ''It has to be easy to do and affordable.''
Allowing only a $5 fee to place the credit freeze would mean couples would have to pay only $30 to freeze both of their credit reports at all three bureaus, instead of the $60 total under the $10 fees.
Like identity theft insurance, placing a credit freeze is also a personal decision.
Some advocates said a freeze is a good tool for consumers to keep identity thieves out of their credit information. Essentially, you keep the gate closed until you want to open it for potential creditors to look inside.
Other advocates said people shouldn't be overzealous in placing credit freezes on their reports. They suggest freezes be used by victims of identity theft, active members of the military who are out of the country or senior citizens who might have issues with dementia.
Free credit reports
If you haven't taken advantage of the law that provides every consumer with one free copy of his or her credit report from each bureau each year, I'd encourage you to do so.
Even if you're not looking for new credit anytime soon, it's important to take a look at your report periodically to make sure the information is accurate. That's because more decisions — such as insurance rates and job worthiness — can be based on your credit report.
There's only one official place to get your truly ''free'' reports: That's either online at http://www.annualcreditreport.com, or at 877-322-8228. You will have to share your Social Security number, which I know is always a red flag for people, but the credit bureaus need to be able to confirm your identity to get you the correct report. The site listed above will send you an appropriate link on the credit bureau's site to get your free report.
Be wary of Web sites or other offers of ''free'' reports that are not using the address or phone number I have provided. Usually, those ''free'' reports come with a catch to sign up for a program that you'll eventually pay for. Also, if you go directly to the Web sites of the credit bureaus, you will not get a free report — you will get charged for one.
If you're planning a major purchase soon for which you'll need credit, you might order all three of your reports at the same time; otherwise spread them out every few months. Also, if you're married, make sure you get reports for both spouses. Only the credit reports are free; you'll have to pay if you want to see your credit score.
Betty Lin-Fisher can be reached at
330-996-3724 or blinfisher@
thebeaconjournal.com.
I've had a few readers inquire lately about identity theft insurance and whether it's something that people should consider.
Get the full article here.
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