Credit Score Basics > How Experian ProtectMyId works

How Experian ProtectMyId works

Experian ProtectMyID is an identity theft protection service Experian offers in the US.

ProtectMyID comes with identity theft alerts, ongoing monitoring of credit data, "dark web" surveillance, and up to $1 million in identity theft insurance Coverage.

In the UK, this service is called Identity Plus, and it offers a similar range of features, minus the identity theft insurance:

• You can lock your Experian Credit Report, so fraudsters can't take out loans in your name.
• Experian will scan the dark web every day for signs of leaked personal information and alert you if anything looks suspicious.
• Experian will also do the same for your credit report—it will scan it daily for signs of fraud and email you if it finds anything odd.

Experian Identity Plus costs £10.99 a month. You must also have a free Experian account, as Identity Plus is technically an add-on.

However, if you purchase the £14.99 Experian CreditExpert subscription, you'll get access to Identity Plus for free as part of the package.

Should I use a service like this to protect myself?

Identity protection services are very useful. If fraudsters gain access to your personal details, they can do things like:

• take money from your bank account;
• take money from your family and friends (by pretending to be you or by sending them malware);
• or apply for loans in your name (which will hurt your credit score even if the loan application is rejected)

If a fraudster's loan application is successful, you're responsible for the debt unless you can prove it resulted from fraud.

Identity Plus is one of many such products available in the UK. Here are a few more identity theft protection services:

• Equifax Credit Report & Score offers identity protection as part of its subscription. The price is similar to Experian's premium package: £14.95.
• ClearScore provides a free service called Protect, and a premium one called Protect Plus which offers very similar features to Experian Identity Plus. It also includes identity theft insurance, up to £7,500.
• CIFAS, the UK's leading fraud prevention service, offers CIFAS protective registration, which allows £30 to place a warning flag against your name and credit report for two years. This tells any lender to pay special attention and carry out extra checks to make sure it's really you applying and not a fraudster.

How does identity fraud work?

Identity fraud occurs when someone steals your personal details and uses them for financial gain, often by applying for credit in your name.

Here are some common ways in which you can fall victim to identity theft:

• Common theft: for example, if someone steals your wallet and gets your ID.
• Phishing: when a fraudster sends a text message that appears to be from a trusted company, getting you to click a link to download an app that actually comes with a virus which gives them access to your mobile phone.
• Cold-calling (also known as Vishing or voice phishing): for example, a fraudster can call you to pretend they're from your bank. They might even fake background noises so you believe it's a call centre.
• Malvertising: A fraudster might show you an ad that looks legitimate, but clicking on it might download a software virus to your computer.
• Data breach. A fraudster might also take your personal details from companies you're a customer of. Even CRAs like Equifax have had data breaches.

What should I do if I suspect identity fraud?

If you think you've been a victim of fraud, it's essential to act fast.

1. Contact your bank as soon as possible to ensure your accounts are safe.
2. If you receive any bills or statements for accounts you didn't open, contact that bank or company to let them know you didn't open the account.
3. Report your case to Action Fraud, the UK police branch fighting fraud and internet crime. They'll tell you what to do next.

You should also get a copy of your credit report and check the information carefully. Contact the respective banks or lenders directly if you see new searches or accounts you didn't apply for.

If you need to learn how to get your credit report, check out our guide on how to get it for free.

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