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ID Theft Resource
ProtectMyID Review
Introduction
ProtectMyID is a product of Experian, based in Dublin, Ireland. Experian claims it is “the leading global information services company” and is one of the three major credit reporting companies in the United States.
ProtectMyID offers individuals the ability to monitor their credit reports, monitor the Internet for misuse of personal information, monitor for address theft, quickly and easily cancel and replace lost wallet documents, protect the identity of children and enjoy the peace of mind that comes from knowing you are covered by a $1 million identity theft insurance policy.
Three Kinds of Monitoring
When you sign up for ProtectMyID you provide credit card numbers, drivers license, address, social security, dates of birth and more. This information forms a database that ProtectMyID uses for monitoring purposes. They scan sites on the Internet known for trading identity information, address change databases, and your credit reports at the three top credit reporting agencies, Experian, Equifax and TransUnion.
If your information shows up where it doesn’t belong, or if an issue crops up in your credit report, you are notified immediately and the processes of limiting the damage and restoration of any losses begins. You should make contact with ProtectMyID to verify the steps in the process and to make sure you are doing your part to resolve any problems.
ChildSecureSM – It may come as a surprise to you that your child’s identity may be at risk. According to some sources, a child’s identity documents, social security number, date of birth, etc., are actually quite valuable. Monitoring for your child’s ID data online and their credit bureau records might be as important as monitoring your own. For example, if your child is very young and suddenly has a credit report, that is a very strong indication that someone has stolen your child’s social security number.
$1 Million Identity Theft Insurance – As part of its service, ProtectMyID includes identity theft insurance, which is underwritten by insurance company subsidiaries or affiliates of Chartis Inc., formerly a wholly-owned subsidiary of AIG. This insurance will reimburse you for losses occurring while you were enrolled in the ProtectMyID service. As with any insurance policy, you should read what is and is not covered, and under what circumstances coverage may or may not apply.
Wallet Contents – Replacing the contents of your wallet can be a frustrating, time consuming process. What’s worse, while you are trying to make contact with all the various companies and agencies to cancel cards and get replacement documents, thieves could be actually using the stolen documents to wreak havoc with your financial and medical records.
If someone uses your name, address and insurance ID to receive medical services you are liable for subsequent charges. Even worse, if someone actually is treated using your identifying information, you can wind up with erroneous records in your medical file. This could be hazardous to your health in an emergency situation. That is why medical ID theft is something to be concerned about, especially if your wallet is stolen.
ProtectMyID will handle the process of closing credit cards and requesting re-issuance of your stolen documents. If you suffer a loss due to the theft, you are covered by ProtectMyID.
It is important to note that only one person is covered by a ProtectMyID subscription. Spouses and other family members are not covered unless specifically added by the purchase of a subscription in their name.