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There are all kinds of survival kits offered today. If you live in Florida, you probably have a hurricane survival kit in your home. If you live in the northern states, you should have a winter storm survival kit in your car in case you get stuck. Due to the rising number of people in over their heads in debt, we decided it was time to assemble the supplies you'll need to survive an "attack" on your credit. Here's what we will put in our Credit Repair Survival Kit:
  • A rubber band-to wrap around your wrist to help you remember to pay your bills on time.
  • A piece of string-to help you tie up the loose ends of your finances.
  • A pen-to sign all the correspondence and dispute letters you'll be sending to your creditors.
  • Patience-because it will take time for your efforts to be reflected in an improved credit score.
  • A sense of humor-because you'll need it.
  • A rope-in case you get to the end of yours. (Just kidding!) No, there's no reason to learn the knot for making a noose. Everyone's credit can be repaired, and in many cases, you can do it yourself, for free.
    • The articles listed on this webpage are what you really need in your Credit Repair Survival Kit. For more details, read our Credit Repair Survival Kit listed on the right side of this page. Don't give up!

    Problems with Identity Theft Insurance

    The wolf is at the door. Identity theft is the fastest growing consumer crime in the country. The Federal Trade Commission estimates that 9 million Americans have their identities stolen each year. Yes, ID theft is serious business, and it may well touch your life at some point. But are you willing to trust the country's financial institutions and insurance companies to protect you from the ID theft wolf?

    Most lenders and insurance companies offer some form of protection from identity theft at a price. But, is it worth it? The problem with identity theft insurance is that it may well cost too much for what you get. True, it does not cost much. Insurance companies pitch their ID theft products by saying "it only costs a few dollars a month to buy piece of mind." If you add a rider to your basic homeowner's insurance policy, ID theft coverage typically costs from $20 to $100 a year.

    But check the policy carefully to see what you are buying. For example, some ID theft policies do not cover legal fees or lost wages due to time away from work that you may incur while attempting to erase the effects of the crime. The insurance may only cover some of the expenses you incur, such as the costs of making phone calls and copies, mailing documents, and possibly legal bills.

    Also pay close attention to the deductible on the identity theft insurance policy. If you are lucky it may range from $100 to $250, but some policies have a deductible as high at $1,000. Since the average victim spends less than $1,500 to recover from ID theft, a $1,000 deductible is not very helpful to you.

    Even if you find a policy with low rates, a low deductible, and few exclusions, remember that you may be able to get ID theft protection for free. Some credit card companies and financial institutions make identity theft assistance available to cardholders for free. American Express, for example, provides round-the-clock telephone access to representatives who will help you figure out if your identity has been stolen, lead you through the recovery process, and provide tips to protect yourself in the future.

    In summary, although the cost of identity theft insurance seems very reasonable, the benefits are usually very limited. The editors of a leading consumer magazine reported that ID theft policies are "typically not worth the money."

    It makes more sense to prevent identity theft, than to pay for insurance to help clean up the mess after the fact. There are many actions you can take right now to protect yourself. Lock up your personal identifying information, such as your social security card and birth certificate. Scan your bills every month for fraudulent charges. Shred bills and other documents with personal identifying information. Request a copy of all three of your credit reports, and examine them for accounts that a thief may have opened in your name. The Federal Trade Commission sums it up in three words, "Deter, Detect, and Defend."
    Note: This article was reprinted with either private license rights or permission from the author.
    Phillip Schein has been an author, consultant, and certified instructor in the IT industry for over 15 years. Previous to that, he spent many years working in areas of finance and accounting. He now specializes in website development and search engine optimized web content for small office/home office (SOHO) enterprises. He has taught corporate, retail, and college-level courses in creative writing, accounting, web design, and Internet business development. Please read our About Us page for more detailed information.

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