Privacy Guard Credit Reporting

Identity theft is becoming more common. Once a thief gets personal information such as your Social Security number, credit card numbers and bank account information, he can quickly drain your accounts and open new ones using your identity. Even if you are able to recover some of the losses, it can take a lot of time and effort to undo the damage to your credit report. Because of this, services such as PrivacyGuard are becoming more common to prevent identity theft.

Definition

PrivacyGuard is a credit monitoring service that helps protect subscribers against identity theft. Users pay a monthly fee, and PrivacyGuard continually monitors their credit reports and provides a credit score, composite report and other helpful information. This monitoring is designed to quickly detect signs of fraud so it can be stopped before significant damage is done to your finances and credit score.

Features

In addition to credit report monitoring, PrivacyGuard provides other services. Members can get Social Security benefit estimates and their Medical Information Bureau file. It offers various loan calculators and information on disputing incorrect credit bureau items. A PrivacyGuard membership also includes identity theft insurance to help recoup the costs associated with identity theft and special support services to make the recovery process easier.

Scope

PrivacyGuard monitors your credit report at all three of the major credit bureaus (Equifax, Transunion and Experian). Items can different between each bureau, so a composite report lets you catch suspicious items that may only be appearing on one report.

Cost

PrivacyGuard offers a trial offer of one dollar for a 30-day subscription. Consumers who sign up for this trial must provide payment information. If they do not cancel the service after 30 days, their PrivacyGuard subscription will continue and the credit card they signed up with will be billed for the monthly $16.99 fee. They can cancel the subscription at any time to stop further charges.

Alternatives

There are several free or lower-cost alternatives to PrivacyGuard. Each major credit bureau is required to provide a free copy of your credit report annual upon your request. You can use these copies to monitor them yourself. If you have reason to believe that you are a fraud victim, you can get a free copy at any time. You can also choose to freeze your credit for a cost ranging from free to $10, depending on your state of residence. This prevents any new accounts from being opened without a password or PIN.

Warning

If you sign up for the PrivacyGuard trial and decide that you don't want to keep it but forget to cancel, you will continue to be charged for the service. The deduction will only stop when you finally do your cancellation.