Identity theft has certainly taken consumers by storm recently. You’ve seen commercials all over the web and on tv, right? They all make claims to protect your identity.

But the big question is - how necessary is Identity Theft protection service? Do you really need to pay a few dollars a month to have professionals protect your identity? Well, that all depends on how much time you have and to what extent you will go to in order to clean up any mess left behind should a criminal decide that it’s your turn to become a victim.

The truth is that these identity theft prevention plans can save you hours of frustration and worry if your identity is stolen. And, their service can actually save you money should you need to hire an Attorney, miss work, or incur other financial strains that are created when you become an identity theft victim.

But, is identity theft as likely to happen to you as some of these companies claim? According to the Federal Trade Commission, it’s the number one complaint among consumers. They also state that 50% of all consumers have had their identity theft stolen and used to open fraudulent credit cards.

So, the chances of it happening to you are 50/50. The best you could say is that it might, and it might not. That’s hardly a responsible way to protect your family and finances.

Most identity theft plans are similar in the way they work. They are also similar in how much they cost and the level of protection and prevention they give you.

Many people say that you can take the DIY approach to protecting your identity or clearing your name. Sure you can. The FTC has a 7 page complaint form for you to fill out as soon as you can. How long will it take you to fill out a 7 page Q&A form created by the Government? Who knows?

But before you do that, the FTC recommends you take 4 steps to minimize the damages.

  • 1.Call all 3 credit bureaus to place fraud alerts on your credit profiles.

  • 2. Call the accounts that you think may have been affected and close them. Then request the appropriate forms to fill out to file a fraud claim and mail them back. Yes, more forms to fill out - not to mention you now have to reopen any accounts you’d like to use again.

  • 3. File a complaint with the FTC. We aready went over that one. It’s a 7 page form, remember?

  • 4. File a complaint with your local Police Department. (Yet, even more forms!) You have to physically go to the Police station and take all of your supporting documents with you to prove that you didn’t just go on a spending spree and say it was a criminal.

Don’t you still have to lead a normal, productive life while all of this is taking place. No wonder it takes an average of over a year to get things situated and clear your good name.

So, is an identity theft protection service right for you? At only a few dollars a month - do you really need to ask?

Tom Boone is the service manager for a PrePaid Legal Service company called ValueLegalPlans. Tom has taken the time to review the many Identity Theft services available and believes that LifeLock offers the best service for him and his family.

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