ID Theft

Are credit protection packages offered by the credit card companies worth the money or are they a rip off?

Public Comments

1. They are all rip offs. You still end up paying off the debt as these types of "Insurance" only promise to make your minimum payments until you are able to go back to work. You are better off getting some kind of short/long term disability through your employer that will pay out much more in the event that you can't work.
2. rip off.........you are only liable for the first $50 of any loss due to theft of your credit card
3. They are a rip off if you pay for them. They are money in the bank if they pay you. I often get checks in the mail as an inticement to sign up for these services. If I don't have a balance on the account I cash the check and cancel the service 30 days later.
4. Actually, most of the advise that you have received thus far is quite wrong. The credit protection laws vary from state to state. Which explains why some states have certain coverage while others have a different coverage. Actually, in most states you have 96 hrs to notify a company of id fraud. After that you are fully responsible for the debt, unless that company has adopted a different policy. The bad thing about credit card protection policies are that they only protect the account or card you have with the company, all others are unprotected. Also there is typically a $100 to $500 deductable owed before they any coverage kicks in. I have never understood this concept, having to pay $500 for something you did not contribute to, that's just plain wrong!!! Also, please realize that identity theft is more that just financial... there are 5 areas of identity theft....Motor Vehicle, Criminal/Character, Health, Social Security and Financial ID theft. All of them are equally as scary!!! I've been there. The best thing to do is to look for a service that will protect you on all levels of ID theft, is cost effective/low cost and will restore your identity without having to pay a deductable. I have a suggestion for you...take a look at this website: www.prepaidlegal.com/hub/kvmclish or call 800-394-6919 to learn more about a service that can protect you and your family. Find out hoe to protect yourself! Please, e-mail me back @ k_mclish@yahoo.com to let me know what you think of the service. Thanks ~K.