Credit Monitoring & Fraud Protection Services
Our credit protection services are a safe, smart investment to guard against identity theft & fraud that threaten your credit score. Partner with IDShield to stop cyber criminals in their tracks and keep your identity safe.
What is credit protection?
Preserve credit health with credit protection services. Data breaches, identity theft, and fraud can happen to anyone. In fact, the Consumer Sentinel Network took in over 3.2 million reports in 2019. A scary stat that leads to even more frightening repercussions to the individual’s personal finances and credit score.
The best credit monitoring services will monitor your consumer credit reports and credit files in order to track your applications for new credit, your payment history, and the amount of debt you have. These credit protection services will alert you if a company checks your credit history or if a new credit card account or loan is opened in your name.
Identity theft & your credit score
It can take months, sometimes even years, to clear your name after identity theft, not only that, it can cause major damage to your credit score, which can make it much more difficult to be approved by lenders for a federal or payday loan or a mortgage and increase your interest rates on credit cards.
Besides old-fashioned methods of identity theft such as stealing wallets, purses, and personnel records, identity thieves have created all sorts of innovative and creative ways to get your information.
Signs that your identity could be compromised:
• There are withdrawals from your bank account that you can’t explain.
• You stop getting bills or other mail. You get calls from debt collectors about debts that aren’t yours.
• You find unfamiliar accounts or charges on your credit report.
Credit card fraud
The most common type of identity theft is credit card fraud. Identity thieves can steal credit card information in one of three ways.
1. Through transactions such as online purchases that don’t require a physical card, called ‘card-not-present’ fraud.
2. Through an account takeover where they take control of a bank account or card number and make unauthorized transactions.
3. Through using your personal identifying information to obtain a new card in your name.
One of the biggest issues with credit card fraud is that it happens quickly and painfully, with the identity thief running up credit balances and wringing out as much as they can before you even have a clue it’s happening. This makes it essential to partner with a proven credit monitoring services provider to help you recognize identity theft and eliminate the threat.
Score calculation & point loss
Credit scores are determined by four main factors, when unknown fraud occurs you can take a hit on all four of these determinations, leading your score to drop hundreds of points before you’re even aware.