July 28, 2008

Hardly a day goes by without hearing about someone becoming a victim of identity theft or learning about another data breach. The exposure of Social Security numbers (SSNs) and other personal information can increase consumers’ risk of identity theft. The Privacy Rights Clearinghouse’s Chronology of Data Breaches documents over 230 million records that have been compromised due to security breaches since January 2005. http://www.privacyrights.org/ar/ChronDataBreaches.htm

Faced with these alarming statistics, many consumers have turned to credit monitoring services for protection. Identity theft monitoring services may sound like a good way to protect your good credit and your good name. However, many of these services are overpriced and are not worth the money that they cost.

How effective are these services in protecting consumers from identity theft? Do their costs justify the protection provided? Are there effective alternatives available to consumers at lower cost?

The Privacy Rights Clearinghouse has issued a new guide to these services entitled “Straight Talk about Identity Theft Monitoring Services.” This Fact Sheet examines these issues and more. The guide is available online at: www.privacyrights.org/fs/fs33-CreditMonitoring.htm

Copyright © 2008. Privacy Rights Clearinghouse/UCAN. This copyrighted document may be copied and distributed for nonprofit, educational purposes only. For distribution of this fact sheet, see our copyright and reprint guidelines. The text of this document may not be altered without express authorization of the Privacy Rights Clearinghouse. This fact sheet should be used as an information source and not as legal advice. PRC fact sheets contain information about federal laws as well as some California-specific information. Laws in other states may vary. Overall, our fact sheets are applicable to consumers nationwide. This publication was originally developed under the auspices of the University of San Diego.

Privacy Rights Clearinghouse, 3100 - 5th Ave., Suite B, San Diego, CA 92103. Web: www.privacyrights.org