ID MONITORING VS. CREDIT MONITORING
According to an independent study conducted by the Gartner Group, "Identity scoring and monitoring is more effective than credit report monitoring to watch for potentially fraudulent activity. That's to be expected." Credit monitoring and identity monitoring are not the same. Both offer protection, however identity monitoring, as SG IDENTITY offer it, is uniquely designed to alert consumers to unauthorized attempts to use their identity in the earliest stages of an identity assumption. This proactive approach helps customers avoid the devastating effects of financial and non-financial misuse of their identity.
Credit Monitoring limitations
Credit monitoring was developed to help consumers find errors in their credit report before applying for a loan. Studies show credit reports can have up to a 79% error rate. There are other differences between identity monitoring and credit monitoring. When protecting personal information, consumers need a secure, accurate, user friendly solution that doesn't increase the risk to their identity.
Identity Monitoring is Secure
Signing up for an identity monitoring service is simple and secure. You enroll with your name, address and telephone number and we begin the process. You are not required to provide a Social Security Number. Any time you release your Social Security Number there is a risk of it being abused. Credit monitoring firms require this information. The credit bureaus that offer credit monitoring services profit by reselling the sensitive personal information (including Social Security Numbers) they gather from consumers for use in credit marketing campaigns. Once this sensitive information has been sold, the bureaus can't guarantee its security.
Identity Monitoring is Accurate
The scope of credit monitoring is limited to financial activity. Twenty-two percent of identity theft victims report that their identity was used in some "non-financial" way such as commission of a crime or filing of false tax returns. Identity monitoring addresses both financial and nonfinancial misuse of personal information. According to the Public Interest Research Group, 79% of credit reports contain some type of error. This accuracy raises the issue of credit monitoring as a reliable solution for identity theft prevention. Identity monitoring with our solution, EarlyAlertTM
, has resulted in a claim rate of less than 1 per 100,000.
Identity Monitoring is User Friendly
Credit monitoring firms offer primarily web based customer service. On-line customer service can be a challenge to a certain segment of the population and offers limited comfort during what can be a trying experience. Identity monitoring, as SG IDENTITY offers, provides customers with live telephone support.
Postal service sold private data; Government warns public on fake e-mails; Payment processor reports records theft; ...etc. Credit monitoring firms provide customers with actual credit reports via the Internet which can be confusing and difficult to interpret. When there is an alert, our Customer Service Representatives call potential victims directly. They offer the necessary information and the appropriate steps required for the proper course of action.
Identity Monitoring - High Level Protection
Checking one's credit history prior to applying for a loan is important, but as a tool for protecting individuals from the costly, time consuming perils associated with identity theft in a secure, accurate user-friendly way, identity monitoring offers the highest level of protection.