Identity theft is one of the fastest growing types of frauds. To cope up with this problem one should follow precautionary steps. Identity theft protection plan can be divided into six general categories.
1. Monitoring: Financial institutions or credit companies offer paid services to monitor your credit activity and inform you when there is activity in your account.
2. Fraud Alerts: The fraud alert requires any creditor that is asked to extend credit to contact the consumer by phone and verify that the credit application was not made by an identity thief.
3. Credit Freeze: A Credit Freeze allows you to control which companies may see your credit report.
4. Reimbursement: Typical reimbursement policies only reimburse actual expenses, such as mailing costs, phone costs, etc.
5. Resolution: Resolution is the solution that an identity theft product offers and every solution varies.
6. Restoration: Identity theft restoration is a service that assigns an agent to do the majority of the contact and investigative work for you.
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