What You Need to Know About Identity Theft Insurance

With all talk about the growth of identity theft and the devastation it can reap on its victims, you may be wondering what you can do to protect the identities of yourself and your family members; and you may have considered identity theft insurance. If you have, you are not alone. Many Americans have opted for identity theft insurance, according to a recent article from the Equifax Finance blog.  For those who are concerned about losing their identity, identity theft insurance provides some peace of mind. If you are considering purchasing identity theft insurance, here’s what you should know, according to the article, “Do I Need Identity Theft Insurance?”

First, identity theft insurance does not keep you from falling victim to identity theft. What it does, is make it easier, if you ever do fall victim. Repairing your identity after theft can be costly. The insurance will help cover those costs, like phone bills, lost wages, cost for notarizing fraud affidavits or other documents, and certified mail costs, and it also may occasionally cover pre-approved attorney fees.

Investment Strategies must take Risks and Fees into Account

If you have money set aside and are ready for an investment strategy, you should be aware that in addition to the inherent risk of loss when investing money, there are costs that should be considered to make sure your money gets invested to the right place at the right time. These fees need to be accounted for when you are planning on saving for anything from retirement to a new Chicago home. The Equifax Finance Blog has an article explaining many of these fees and charges called "Breaking Down Investment Fees and Commissions."

Putting together a fund, like a mutual fund or IRA, takes money and the expertise of a financial professional, or if you are working with a large brokerage, it may require many professionals to make sure
everything goes smoothly when it is supposed to.  There is a general fee for this, called a "management fee," which is often expressed as a percentage. This percentage will charge on the amount invested, and is usually taken from the investment return. Generally, you want to look for the lower expense ratio, but some brokerages may charge higher for additional services so make sure you measure these costs and pick the financial group that is right for you.

Catch Errors in Your FICO Score Before Paying More

Check your FICO Score for errors which are
keeping you from being approved for loans.

If you are considering a big purchase, you should make sure your FICO score is ready to support you. Even if you have combed through your score for inaccuracies, there’s now a safety net in case you missed some. The Equifax Finance Blog explains in the article, “Are You Receiving the Best Interest Rates on Your Loans?”

Due to recent financial reforms, lenders have to give you a Risk-Based Pricing Notice when you don’t qualify for the best rates. This notice can highlight any problems which are causing you to be charged more for a loan. If you find these problems to be report inaccuracies, the path to a better FICO score and lower interest rate is clear. All you have to do is contact the reporting agencies and request a fix.