Identity theft insurance

once&4all

When changing my card details with my card protection insurers cpp I was offered identity theft insurance at £59.99 per year. What's the feeling on this?

James

IMHO not £59.99 well spent.

In theory if you're a victim of card fraud, unless you've been careless (in the card issuers view) with your PIN then the most you will be liable for is £50. If you were claiming from card protection and the transaction was disputed, your card protection insurance wouldn't pay out. Ask them.

ID theft Insurance.

Try this:

1. Obtain your Statutory Credit Reports for £2 each and free in some cases from:

Equifax.

Experian

CallCredit.

2. Check your Credit Files to make sure everything is in order and you don't have to use the Notice of Correction Facility to address anything in your file.

3. Next consider using the Notice of Correction facilty as your own tool to help you protect yourself from ID thieves.

Check this out (Click here).

Free (but be careful Credit Reports)

You can get your CallCredit report Free, and no need to enter card details by following the link (Click here) to Annual Credit Report.

Experian Free Trial (Click here), but remember to cancel your DD.

Equifax 30 Day Free Trial (Click here) remember to read the T&C's here too.

The_Puppet

The insurance offered by CPP and by PrivacyGuard (which I have), is for out of pocket expenses and is some case legal fees and loss of earnings. This insurance is not for any money lost on your card as a result of ID Theft and fraud. Lost money is the responisbility of the lenders if they have approved credit to a fraudulant party.

This is a poplular misconception which people have regarding ID theft insurance. The lenders will not cover your out of pocket expenses of reclaiming you identity.

Privacyguard is definately worth £69.99 a year in my book, mainly for the unlimited free credit reports and credit alert system alone.