Why ID theft insurance might not be worth it
With so many people worried about identity theft, this insurance is hot right now. But although the cost often seems reasonable, the benefits are usually very limited and "typically not worth the money," according to editors of Consumer Reports magazine.
Keep in mind that nobody is really sure how many people are victimized by ID theft each year. The Federal Trade Commission puts the figure at about 9.3 million individuals. A recent report by the Justice Department estimates that 3.6 million households were victimized. The majority of these cases involve a stolen credit card number, not the more serious crime of trying to steal someone’s identity by opening accounts and getting fake ID in their name. Is ID theft insurance worthwhile? - Ask The ConsumerMan - MSNBC.com
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