In this article:
Identity theft and fraud protection for your finances, personal info, and devices.
How Do You Protect Your Credit From Fraudsters?
While you might think that your bank or credit card company has enough safety measures in place to protect your finances, the unfortunate truth is that scammers are constantly finding new ways to target your finances.
According to the latest data from the Federal Trade Commission (FTC) and Nasdaq [* *]:
Credit card, loan, and bank fraud were three of the top four most-reported scams by Americans in 2023 — with global losses of $485.6 billion.
In many cases, fraudsters only need a small amount of your personal information to take out loans or open new credit accounts in your name.
Credit protection services provide some of the only tools available to defend yourself against these and other scams. In this guide, we’ll explain how credit protection services work, the options available to you, and the best ways to safeguard your financial accounts today.
What Is Credit Protection? The Four Types of Protection You Need
Credit protection tools include a range of services that help keep your financial information secure, warn you of potential fraud, and shield your credit against unauthorized purchases.
Many credit protection services are provided by banks and financial institutions — but you can also find them offered by identity theft protection companies that bundle credit protection with identity monitoring, digital security tools, and identity theft insurance policies.
Here are a few examples of the different types of credit protection products you may need:
- Three-bureau credit monitoring and alerts.These tools monitor your credit report and fluctuations in your credit score with the three major bureaus — Experian, Equifax, and TransUnion. You’ll get alerted in near real-time if someone opens new accounts in your name or tries to change your personal information.
- Identity theft protection. Identity thieves are almost always financially motivated. These tools alert you when someone uses your personally identifiable information (PII) to make a purchase or file legal documents. This type of protection is vital for catching scammers who are using your Social Security Number (SSN) to apply for new accounts, file fraudulent tax returns, or take out payday loans.
- Purchase protection. These services guarantee you the ability to repair, replace, or be reimbursed for damaged or stolen property. Most payment processors offer some form of purchase protection to their customers, but each one has unique policies for making claims.
- Credit insurance. This is an insurance policy that protects you if you’re unable to pay your creditors when facing a major life event, such as becoming disabled or losing your job. These policies can prevent creditors from damaging your credit score in the event that you temporarily stop making payments.
The 7 Best Credit Protection Services in 2024
Credit protection services come in many different forms — but the best ones take a holistic approach toward your finances, identity, and digital safety.
Here’s our quick guide to the best credit protection services in 2024:
Now, let’s take a closer look at these services and why you should choose them.
1. Identity Guard
Identity Guard was one of the first consumer security providers to offer comprehensive identity theft and credit protection. Over the past 25 years, Identity Guard has become a leader in the credit protection industry, safeguarding over 38 million customers.
Identity Guard’s Ultra plan includes three-bureau credit monitoring, as well as credit and debit card monitoring, 401(k) and investment account protection, and Experian CreditLock.
Identity Guard will even scan your personal data across billions of data points on the Dark Web and public records to alert you if sensitive information is leaked — including your Social Security number (SSN) and bank account details.
How much does Identity Guard cost?
Identity Guard offers three different pricing tiers depending on the type and level of protection you require. It also offers family plans that cover up to five adults and unlimited children.
Here are Identity Guard’s plans and pricing as of March 2024 using this special discount link:
- Value Plan (no credit monitoring): $6.67/month (individual) and $10/month (family)
- Total Plan: $13.33/month (individual) and $19.99/month (family)
- Ultra Plan: $19.99/month (individual) and $26.67/month (family)
Final verdict: Identity Guard’s Ultra plan provides the tools necessary to protect your credit.
Identity Guard Ultra subscribers have access to comprehensive credit protection services, White Glove Fraud Resolution support, and a $1 million insurance policy against identity theft. Identity Guard is an excellent option for keeping your identity safe from fraudsters and cybercriminals.
2. Aura
Aura and Identity Guard take similar approaches to identity and credit protection. However, with Aura, you get all-in-one protection against identity theft, fraud, hacking, and scams.
All Aura plans include award-winning identity theft protection and credit monitoring services alongside powerful online security tools — this includes a military-grade virtual private network (VPN), powerful antivirus software, secure password manager, AI-powered scam call protection, and more.
How much does Aura cost?
All Aura plans include almost all of the same features, and the price you pay doesn’t change after your first year.
Here are Aura’s plans and pricing as of March 2024:
- Individual Plan: $12/month
- Couple Plan (two members): $22/month
- Family Plan (five adults and unlimited children): $37/month
Aura’s Family plan also includes parental controls, AI spam call and text protection, and up to $5 million in identity theft insurance. Family plan members can reside in different households, such as grandparents or kids away at college.
Final Verdict: Aura is an excellent choice for large families and people who want comprehensive online security.
Both Aura and Identity Guard provide comprehensive identity theft protection, credit report monitoring with all three major bureaus, and generous insurance policies to cover eligible losses due to identity theft.
3. Experian IdentityWorks
Experian is one of the three major credit reporting bureaus, and it operates its own credit protection service called IdentityWorks.
While there’s a free version of IdentityWorks that offers basic Experian credit monitoring, the paid plans include more industry-standard features, such as three-bureau monitoring and one-click Experian CreditLock.
How much does Experian IdentityWorks cost?
Experian offers free credit protection and identity theft monitoring services, but offers its most valuable features on its Premium plan.
Here are IdentityWorks’ plans and pricing as of March 2024:
- IdentityWorks Basic (Experian credit monitoring only): free
- IdentityWorks Premium (individual): $24.99/month
- IdentityWorks Premium (family): $34.99/month
Final Verdict: Experian IdentityWorks offers standard features at a premium price.
Despite having a higher price than other entrants on this list, Experian IdentityWorks Premium doesn’t offer many of the same security features. In fact, it offers significantly less.
4. myFICO
myFICO offers you instant access to your FICO® credit score. This isn’t the same thing as the VantageScore 3.0 model that most other apps use, but it’s based on much of the same data. myFICO’s Advanced and Premier plans also include three-bureau credit protection coverage and grant visibility into your credit profile.
How much does myFICO cost?
myFICO offers a three-tiered plan, with the most useful features reserved for its Advanced and Premier customers.
Here are myFICO’s plans and pricing as of March 2024:
- Free: No identity monitoring or identity restoration services, and coverage only for your Equifax credit report.
- Advanced: Starts at $29.95/month — includes three-bureau coverage with credit reports every three months.
- Premier: Starts at $39.95/month — includes three-bureau coverage with monthly credit reports.
Final Verdict: Useful for credit monitoring, but not enough for secure credit protection.
If scammers steal your identity, myFICO has resources available to help you — but it doesn’t do enough to prevent identity thieves from targeting you in the first place.
💡 Related: Do Credit Repair Companies Work? What You Need To Know →
5. LifeLock
LifeLock is a popular identity theft protection service that also includes credit monitoring and financial account protection. In 2017, the company was acquired by Symantec (the makers of Norton) and transformed into an all-in-one digital security provider.
How much does LifeLock cost?
LifeLock has a complicated subscription structure, with three different tiers at different prices for individuals, couples, and families. It offers a wide range of extra features and add-ons that can change the price significantly.
Here are some of LifeLock’s plans and pricing as of March 2024:
- LifeLock Standard/Select: $7.50/month (renews at $11.99/month)
- LifeLock Ultimate Plus Individual: $19.99/month (renews at $34.99/month)
- LifeLock Ultimate Plus for Two Adults: $32.99/month (renews at $69.99/month)
Final Verdict: Lifelock offers a decent combination of features, but its expensive pricing structure and damaged reputation make it hard to recommend.
This is especially true if you purchase monthly instead of opting for its annual plans. You can subscribe to an identity theft protection plan that includes Norton 360 anti-malware and anti-phishing services, but you’ll end up paying much more than you’d pay with competitors.
💡 Related: Identity Guard vs. LifeLock 2024 Comparison and Review →
6. Credit Karma
Credit Karma offers free credit monitoring and credit score tracking to users through its app. It also lets users open online checking and savings accounts and connects people to personalized credit and loan offers.
The company was acquired by Intuit in 2020, giving it access to the resources of a multi-billion dollar financial technology company [*]. This explains how it can afford to operate without charging for its services.
How much does Credit Karma cost?
Credit Karma is free. The company supports its costs with ads and product recommendations, which it blends with its educational content.
Final Verdict: Credit Karma may not be aligned with its users’ interests.
Free credit monitoring seems great at first glance, but Credit Karma has serious reputation problems. It also lacks some of the basic features that a leading credit protection service should provide, like insurance against identity theft.
💡 Related: Is Discover Identity Theft Protection Worth It? →
7. IdentityForce
IdentityForce is a TransUnion brand, giving it a reputational boost over competitors that aren’t backed by a major credit bureau. Like many premium services on this list, IdentityForce includes three-bureau credit monitoring, but only for premium subscribers.
How much does IdentityForce cost?
IdentityForce offers two subscription plans, but only its premium plan provides three-bureau credit monitoring.
Here are IdentityForce’s plans and pricing as of March 2024:
- UltraSecure: $19.90/month per member
- UltraSecure Family: $24.90/month (covers two adults and up to 10 children)
- UltraSecure+Credit: $34.90/month per member
- UltraSecure+Credit Family: $39.90/month (covers two adults and up to 10 children)
Final Verdict: IdentityForce offers a decent range of credit protection tools and security features, but at a higher price than many of its competitors.
💡 Related: Identity Guard vs. IdentityForce: Which Option Is Best In 2024? →
Is Credit Protection Worth Paying For?
Most financial institutions extend some form of credit protection to all their customers. However, these are typically limited in scope and come with strict stolen funds reimbursement requirements. That means you may still be on the hook if you get scammed.
The best identity theft protection services include comprehensive credit protection that goes beyond the standard policies offered by banks and credit card issuers.
Some of the most important benefits of subscribing to a complete ID theft protection service include:
- 24/7 monitoring of all of your credit reports with near real-time fraud alerts. Not every lender or company reports to all three bureaus — meaning you could miss critical warning signs of fraud if you only monitor one or two of the bureaus. Unlike paid services, free credit monitoring tools will almost never monitor your credit at all three bureaus.
- Bank account monitoring (including investment and retirement accounts). If identity thieves successfully break into your accounts, they can spend your money however they like. Dedicated credit protection services put one more obstacle between scammers and their goals by triggering alerts when your accounts exhibit unusual behavior.
- One-click credit lock to protect your credit file from fraudsters. A credit lock is the easiest and fastest way to protect your credit file from fraudsters. While each bureau offers its own locking service, many all-in-one providers allow you to lock one or more of your credit files directly from their app or website.
- Public record and Dark Web monitoring to warn you if you’re at risk. Add-on services like Dark Web monitoring give you early warning when your data is discovered on illicit forums and marketplaces. Some services can also warn you if your name shows up in public records — such as court records or even sex offender lists.
- White Glove Fraud Resolution support. If scammers steal your identity, the recovery process will require support and guidance. Banks and credit card issuers aren’t equipped to help you get your identity back. In fact, after you lose your identity, those institutions may no longer trust you at all.
- Up to $1 million in identity theft insurance. Because identity theft recovery is such a complex process, you’ll need ample financial support to make it through. Dedicated credit protection services offer insurance plans that pay for your legal fees, lost wages, and other costs.
Who Needs Credit Protection?
Everyone should regularly monitor their credit and protect themselves against fraud. However, some people are at higher risk of fraud and ID theft than others.
If you are part of one of these groups, you should consider paying for premium credit protection services that can keep your personal data safe:
- Previous victims of identity theft or fraud. If scammers tried to use your personal data against you in the past, it’s almost certain they will try again in the future. Almost 70% of identity theft victims report being targeted more than once [*].
- Anyone who has had personal information leaked in a data breach. Large-scale data breaches happen all the time, often putting millions of records in the hands of cybercriminals. If you’ve entrusted your data to a company or government agency that has been hacked, your data may be at risk. You can scan the Dark Web for free to see if your data has been leaked.
- Elderly people — especially those with retirement accounts. Many identity theft scams target the elderly, who are less likely to notice technologically sophisticated scams. Elderly fraud has been on the rise for years, with romance and investment scams among the most popular methods [*].
- Children and adolescents who are active online. Many fraudsters lurk in online gaming and social media platforms, hoping to trick young people into giving up sensitive information about themselves or their families. Identity theft against minors can go unnoticed for years before victims realize what happened.
💡 Related: The 10 Best Credit Monitoring Services of 2024 →
How To Protect Your Credit From Fraudsters
Preparation is key to keeping your personal and financial records safe. Here are some steps you can take to secure your credit file from scammers the moment you suspect something is wrong:
- Freeze your credit with all three bureaus. A credit freeze prevents anyone from accessing your credit file and taking out loans or opening new accounts in your name. To freeze your credit, you’ll need to contact each of the three bureaus individually: Experian, Equifax, and TransUnion.
- Regularly check your credit reports at AnnualCreditReport.com. You can check your credit report for free and dispute unusual activity in order to keep your records safe. Make sure you know how to inspect a credit report for suspicious records so that you know what to look for.
- Sign up for fraud alerts with your bank. Most financial institutions provide customers with extra features to improve account security. However, these features are generally not automatically enabled. Talk to your bank and ask what kind of alerts and security features you can activate on your account.
These methods may help you block scammers trying to use your identity to commit fraud. However, you can’t assume you’ll catch every single one on your own.
An all-in-one solution like Identity Guard can help safeguard your identity and credit file with three-bureau credit monitoring, award-winning identity theft protection, and a $1 million insurance policy for every adult on your plan to cover eligible losses and expenses, such as stolen fund reimbursement and legal fees.
