ProtectMyID Review
Introduction
A service of Experian, ProtectMyID focuses on identity protection and fraud resolution. It provides comprehensive, proactive protection programs, as well as a full array of services to assist in case your identity is compromised. Unlike some other credit protection services that offer financial advising or other non-identity related benefits, ProtectMyID concerns itself exclusively with identity security.
This being said, ProtectMyID is widely regarded as one of top identity protection companies online. Its focused approach allows for fewer benefits, but the service also costs less than many other credit monitoring agencies. In addition, its $1 million comprehensive fraud warranty may be the best available anywhere, in terms of covering unauthorized fund transfers and credit card transactions, in addition to expenses incurred during a fraud investigation.
ProtectMyID’s offerings fall into three categories: detection, protection, and resolution.
Detection:
- Daily three-bureau credit monitoring, with alerts for suspicious activity. Unfortunately, this monitoring does not include access to all three of your credit reports; only your Experian report will be available for you to view.
- Comprehensive Internet scanning for customer Social Security numbers, credit card numbers, and other financial information.
Protection:
- Change of address monitoring just in case an identity thief tries to steal your mail by having it forwarded somewhere else.
- Lost Wallet, stolen wallet protection complete with a guarantee: ProtectMyID will reimburse you for funds stolen as a result of your wallet being taken.
- ChildSecure protects all the children of a household for an additional $6.95 per month. The service notifies parents if a credit account or identity is created in any of the children’s names. (Experian also offers a service similar to ProtectMyID called Family Secure; at $19.95 per month, it is comparable in price and offerings to ProtectMyID.)
Resolution:
- In case of an identity breach, ProtectMyID offers dedicated fraud resolution agents to help solve identity theft problems and act as an advocate if need be.
- The $1 million Identity Theft Insurance policy won’t “make you whole” in the way a traditional insurance policy will, but it will cover lost wages, legal fees, unauthorized transfers and costs of investigation, making it one of the credit protection industry’s most comprehensive warranties.
Monthly cost for ProtectMyID is $11.65. And again, there are some benefits (e.g., financial advising, placing fraud alerts and credit freezes on customer accounts) that the service does not provide. By and large, however, ProtectMyID offers all the fundamentals of identity protection at a lower monthly rate than many other agencies charge for similar services.