Why Choose a Fully Managed Recovery Plan?

Identity theft is a complex issue, with many companies advocating different approaches in dealing with it. These approaches fall into two categories: prevention and restoration. As identity theft is the fastest growing crime in America with no slow down in sight, prevention has proved only modestly effective. This is largely due to the trememdous amount of personal data held by companies, the vast number of places it's stored, and the sophistication and of identity theives. The number of identity theft victims is simply staggering. Accordingly, IDealerSafeSM focuses on the restoration category, helping victims restore their ID to pre-theft status quickly and painlessly.

It is very imporatant to understand the scope of ID theft related products commercially available as well as the resepctive beneftis and shortcomings. The products include: Fully Managed Identitiy Theft Recovery and Restoration, Identity Theft Assistance and Counseling, Credity Monitoring, and Identity Theft Insurance. Again, be cautious of any product that claims to "prevent" ID theft. While there are steps that can be taken to minimize the risk of identity theft, there is nothing that can assure absolute protection from becoming an ID Theft victim. Here are the products ranked from most effective to least effective:

  1. Fully Managed Identity Theft Recovery from IdealerSafeSM: the only viable option to ensure full recovery and restoration following ID Theft.
    • Complete recovery care by trained professionals (paralegals) who understand how to uncover damage, document facts, and reverse any fraudulent activity that has occurred, taking all of the legwork out of the process for the victim and saving him or her literally hundreds of hours and thouands of dollars
    • A limited power of attorney is required by the service provider to file recovery paperwork on behalf of the victim.
    • A police report is developed by the service provider and filed by the victim; the recovery is completed in full coordination with a National Law Enforcement Agency to turn over any and all evidence relating to the Identity Theft/Fraud to a designated investigating detective.
    • The recovery continues until the victim's identity is restored to pre-ID Theft status.
  2. Identity Theft Assistance or Counseling: these plans often mask themselves as "full-service" plans. They are as useful as giving a customer that is not a mechanic a repair manual to rebuild an engine themselves.

    • This is the predominant service offered as ID Theft protection by credit unions, banks, credit cards, and insurance companies.
    • Recovery services are limited to a kit sent via the mail and phone consultations-all of the filing is the responsibility of the victim.
  3. Credit Monitoring Services: this is the "service engine soon" light of ID Theft: it provides notification that there is a problem that requires attention but does nothing to fix it.

    • Credit monitoring is a useful service to alert individuals of financial identity theft, however, it does nothing towards recovery.
    • Credit Monitoring usually costs between $69 and $109 per year.
    • Most services only monitor one of the three credit bureaus and monitoring is not a 100% system.
    • Credit Monitoring is an important service to have, if it is continuous and reports inquiries, new accounts, late payments, new mortgages, new car loans, change of address, or derogatory comments, however, it only shows a portion of financial ID Theft problems that can occur and does not provide alerts related to ID Theft of Social Security numbers, passports, etc.
  4. Identity Theft Insurance Services: plans range between $5,000 and $25,000 in Identity Theft protection reimbursement, however, the fine print may be very restrictive and repayment windows may be quite lengthy.

    • Insurance is provided either as part of a homeowner's insurance policy, credit card benefit, etc. or purchased for a monthly or annual fee.
    • Enrollment must take place before the ID Theft occurs.
    • Policies may charge additional fees for certain services (e.g. Legal Services).
    • Policies may contain significant exclusions, such as non-financial related ID Theft such as liens, judgments, duplicate licenses, wrongful criminal records, medical insurance fraud, and social security fraud, etc.
    • Recovery services may be limited to a kit sent via the mail and phone consultations-all of the filing is the responsibility of the victim; other plans may provide access to assistance from attorneys to file paperwork on your generally are very restrictive in which circumstances and which law firms may provide services.