Identity Theft Protection: Is Credit Monitoring Worth Paying As Much As 15 Dollars per Month?
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Identity Theft Protection is undoubtedly important. However, many consumers have wondered whether Credit Monitoring services offered by Third Parties are worth the cost. Most times, such cost varies anywhere between $8 and $15 per month, depending on provider, and type of service. One-Bureau Credit Monitoring is typically under $10 per month, while Three-Bureau Credit Monitoring is typically between $12 and $15.
Consumers often decide that the odds of becoming an Identity Theft victim are too small (such assumption is wrong as there is a likelihood of as much as 3% or more of becoming an Identity Theft victim in a given year), and do not justify the cost. Others decide that examining one free annual Credit Report suffices. In this article, we attempt to calculate the risk-adjusted cost of becoming an Identity Theft victim, and compare such cost to the cost of Credit Monitoring. …More…
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