Identity Theft Insurance

[JHZR2]

Hi,

I seem to have misplaced my credit card. No liability and I reported it to the company, sure...

But still, dont want others using my information in a wrong way.

Ive only ever had one bad transaction. Nothing else, knock on wood. Still, they say that ID theft is one of the most prevalent crimes.

Anyone carry such insurance? Seems that it is about $140/yr for a family. Anyone have to use it?

 

[MNgopher]

Check your homeowners policy. Mine already covers this without an additional rider.

 

[AdRock]

I plan on getting the Zander ins. sometime soon. My time is worth well more than the $140 I'd pay them to take care of everything for me.

 

[JHZR2]

$140/yr though... And how many years do you go through before getting this happen to you bad? Put away in savings for this reason, you'd have how much stashed up?

 

[tinmanSC]

Credit card theft is not identity theft. If someone takes an account that you already have (and got legitimately) and uses it then that's not identity theft. If someone else makes an account in your name, then that IS identity theft. I have this rider on my home owners insurance policy with State Farm. It costs something like $3.50/month for me and my partner.

 

[hate2work]

Originally Posted By: JHZR2
$140/yr though... Put away in savings for this reason, you'd have how much stashed up?



If you had your ID stolen and the perp screwed things bad for you, the answer would be..."not enough".

 

[JimPghPA]

Be sure to put the warning to the credit card company in writing, keep a copy, and send one to them by registered mail that they have to sign for. And be sure to keep the proof of delivery. Verbally telling the credit card company is NOT enough to protect you from any charges. There is a time limit, and after that the credit card company can come after you for any charges if you only verbally told them about the loss. They will wait until after the time limit to come after you to recoup there loss, and after the time limit it is too late to then send them written notice.

Regarding a low cost way to to protect your credit. You can contact all three of the credit reporting agencies, and have them put a lock on you credit history. With a lock, if someone tries to open an account in your name, they will not be able to. The cost of a lock varies according to what state you live in. You will have to record a pass word for each of the groups so you can unlock your credit if you ever have to. There is a charge to unlock it. You may have to unlock at least one of them every two years when your credit card comes up for renewal.

 

[JHZR2]

Originally Posted By: tinmanSC
Credit card theft is not identity theft. If someone takes an account that you already have (and got legitimately) and uses it then that's not identity theft. If someone else makes an account in your name, then that IS identity theft. I have this rider on my home owners insurance policy with State Farm. It costs something like $3.50/month for me and my partner.


Not saying it is. That is a nice rider... Wonder if it covers as much as the dedicated stuff?

I got hit with the "pay $5 to unlock your credit" bogus thing the other day... If a CC company is gong to make me pay, I may just tell them to cancel the card. They know my history is spotless. Wonder how that would work.

ID theft is much more than credit, which I have little use/care for as I move toward financial independence Dave Ramsey Style...

 

[JHZR2]

Originally Posted By: JimPghPA
Be sure to put the warning to the credit card company in writing, keep a copy, and send one to them by registered mail that they have to sign for. And be sure to keep the proof of delivery. Verbally telling the credit card company is NOT enough to protect you from any charges. There is a time limit, and after that the credit card company can come after you for any charges if you only verbally told them about the loss. They will wait until after the time limit to come after you to recoup there loss, and after the time limit it is too late to then send them written notice.



This is great info. When I called them they stated that I would not be liable for anything, but I sure dont trust them...

 

[Schmoe]

I locked up all my credit. For about 30 bucks, you go to the three credit score companies and request that a lock be put on your credit scores, no one, I mean no one, can look at your credit or take out a loan. They give you a PIN number that only you have and you can open it for a certain company, like Honda Finance, or have it open for X amount of hours. Works great. I also have ID theft protection with Bank of America. 12 bucks a month and they monitor any card I put on there and tell you how was trying to look at your credit ratings. So far, so good.

 

[rjundi]

What information can they use from a misplaced credit besides the number of a now defunct card?

Given its does not contain your address, social and license the risk beyond low.

The risk is the same as any restaurant or other place you visit that can take a digital photo or other method of noting the information.