Approximately 18 million United States residents have had their identities used fraudulently last year alone. That’s 7% of the population of the country. But what can you do to avoid being a part of this statistic? You could start spending only cash and abandon your bank account, but an alternative (and easier) solution may be to subscribe to an identity protection service.
Identity Guard was created nearly two decades ago by Intersections, Inc., which is one of the most trusted identity protection corporations in the business. Here is an overview of Identity Guard’s Platinum protection service to help you decide if it’s worth $22.99 per month.
The Good
- Daily Credit Monitoring with Monthly Score Updates*: Monthly credit reports are one of the best ways to keep track of any changes that may have occurred to your credit. If a new credit account opens in your name, your score will immediately drop. Identity Guard monitors your credit files at the three major credit bureaus and will promptly alert you of certain changes to your account, such as new credit card applications in your name.
- $1 Million Theft ID Insurance: If you ever are a victim of id theft, Identity Guard helps you cancel every card and also provides $1 million** in finances to help you with covered costs you must spend to recover your identity.
- kID Sure: One in 10 kids are victims of id theft, so it’s important to protect your children any possible way you can. Identity Guard provides identity protection for your kids through kID Sure. This service is an additional $5.00 per child per month but it comes with many of the same benefits of Identity Guard Platinum.
- PC Keyboard Encryption and Antivirus: Keylogging programs and other malicious software can be installed on your computer without your knowledge. Then, it can store any information you’ve typed including bank information and social security numbers. Identity Guard helps protect against these programs with its encryption and antivirus software.
- Lost Wallet Emergency Cash: When your wallet is stolen, you need to cancel your cards immediately, but you may find yourself without any money. Identity Guard is the only service that gives you $2,000 from your own account so that you’ll have finances until the issue is resolved.
The Bad
- Expensive Family Plan: Identity Guard also offers couple and family plans, but they’re a little pricey. If you want to better protect your entire family, you’ll have to pay $27.99. With this, you’ll also be subscribing to the Total Protection plan, rather than Platinum.
- No 24/7 Live Support for Regular Customer Service: Although 24/7 support is available for lost wallet and ID theft victim assistance, regular customer support (password locks, reviewing items on your report, etc.) is not available 24/7.
- No Mail List Removal: One of the biggest risk factors of id theft is the amount of junk we receive in the mail, such as pre-approved credit card offers. Identity Guard doesn’t offer any options for reducing the number of offers you get in the mail, unlike LifeLock and IdentityForce.
- On the Pricey Side: Compared to competitors, Identity Guard is on the pricey side at $22.99. It can be difficult to buy the Platinum service when the Total Protection plan offers all of the same services except the monthly credit reports -- Total Protection provides quarterly credit score reports instead.
- Not FICO Score: There is a difference between the credit score reported by Identity Guard and your FICO credit score. Identity Guard uses its own model to determine your credit score, which can be an issue for some people. You still need to keep track of your FICO credit score on your own with Identity Guard.
The Verdict
We can all agree that protecting your personal information is incredibly important, and Identity Guard makes it easier to ensure what’s yours stays yours. For $22.99, Identity Guard will help protect you from criminals using your personal information to create accounts in your identity. The monthly credit reports, even if the score does not reflect the FICO score, is still an excellent way of determining if someone has opened an account in your name or if your personal information has been stolen.
While Identity Guard doesn’t have live 24/7 support for regular activities, around the clock support is available if you ever lose your wallet, or need ID theft victim assistance. Additionally, it’s possible to remove yourself from mailing lists without assistance by using OptOutPrescreen.
The family plan Identity Guard offers is great for someone wanting to better protect more than one member of the family, but unfortunately, you’ll be subscribing to the Total Protection plan rather than Platinum. If you want to know more about this plan, you can read our review about it here.
*The scores you receive with Identity Guard are provided for educational purposes to help you understand your credit. They are calculated using the information contained in your Equifax, Experian, and TransUnion credit files. Lenders use many different credit scoring systems, and the scores you receive with Identity Guard are not the same scores used by lenders to evaluate your credit. Credit scores are provided by CreditXpert based on date from the credit reporting bureaus.
**ID Theft Insurance underwritten by insurance company subsidiaries or affiliates of American International Group, Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions, and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.
