How we rate credit products and services
The truth about building credit is that, with some patience, most people can do it themselves. Therefore, we review most credit-building products through the lens of being optional: Are they providing more convenience, value, and impact than you would get building or repairing credit on your own? Then, how do they compare to other available products in terms of flexibility, affordability, and availability?
Business Insider's personal finance team also considers trustworthiness — lawsuits, scandals, and other issues that might make you feel unsafe giving that company your personal information — as a deciding factor in our ratings.
This framework does not apply to credit cards. For that, please see how we rate credit cards.
The most important factors in our rating are trustworthiness, the fee structure and affordability of the product, and features provided — specifically prioritizing the number of bureaus reported to.
Trustworthiness (30%)
Where applicable, we confirm that companies are appropriately accredited. If no applicable accreditation exists, we expect them to belong to the appropriate trade associations and organizations.
We also look at Better Business Bureau ratings, Trustpilot reviews from users, and whether there have been any lawsuits or scandals in recent years that potential customers should know about.
Fee structure and affordability (30%)
We look at who pays for the service, how much, and how often. We also focus on value: what customers get in return. What kind of startup costs does the company charge? Is there any sort of free evaluation before committing? Once your period of service is complete, is any of the money you laid out returned? How clearly are the fees disclosed?
We also look for money-back guarantees in cancellation policies.
Features (20%)
Must-have features (15%)
Must-have features vary by type of product, but one consistency across any type of credit-building product is that it must have tri-bureau reporting, meaning it reports credit activity to all three major credit bureaus. When you apply for credit, like a loan, you won't know which credit bureau a lender pulls your credit report from. If services like rent reporting or credit-building don't report to all three bureaus, you may not get the positive impact you need.
Note that there are technically more than three credit bureaus, but the others are not nearly as widely used or well-known. While reporting beyond the big three (which is still pretty uncommon) can only help users, we don't consider it to be a must-have.
Additional features (5%)
Companies typically offer additional features to distinguish themselves from the competition, like educational resources, credit counseling, or ID monitoring. Sometimes, these features add significant value to the offering; sometimes, they're more flashy than they are useful, either because you don't truly need the service or because you can get a cheaper, better alternative elsewhere.
We take the provided features into account, but we are more focused on the must-haves.
Flexibility (10%)
How easy is it to sign up — and to cancel? What level of commitment is a user expected to provide? How much is the company customizing its offerings based on a user's needs?
Availability (10%)
Who can use this product? Is it restricted by factors like location, income, or current credit score? Is it simply unaffordable for someone already in a difficult financial situation?
When a customer needs help, what type of customer service is provided? How easy is it to access? What do current and former customers say about the help they received?
How we rate identity theft protection services
Our system for rating identity theft protection services balances the price of the service with the features that the service provides. It also acknowledges that these services are businesses that must be responsive to customers.
While we can analyze these services on a tangible, quantifiable level, the best identity theft protection service is one that you'll actually use. A service may not have the most features, but if that service inspires you to be more proactive about protecting your information, that's a selling point. The next step is finding out how to get identity theft protection that works for you.
Included in our guide on the best identity theft protection services is our expert panel, consisting of experts in identity theft protection and credit. Eva Velasquez, CEO of the Identity Theft Resource Center and one of the members of our expert panel, recommends considering several questions about your specific situation. You should consider how many people you're covering, their ages, and how digitally engaged they are. "Make sure you purchase coverage that meets your individual needs," Velasquez says.
We rate services on a scale from one to five stars, with five being the highest. We apply these ratings to the overall service and the individual plans it offers.
Provided features (45%)
Most identity theft protection services will boast a long list of features that they provide. You will likely never notice some of these features running in the background, such as home title monitoring. Others, you'll be able to achieve for free elsewhere, such as credit freezes.
When we look at a service's features, we pay attention to particular features that make or break a protection service. We also look at any unique features that a service provides, making it stand out from other services.
Must-have features (35%)
Fraud resolution (20%)
Identity monitoring matters little if a service doesn't also provide tools to help you recover your identity. That's why it's so important that your identity theft protection service has some form of fraud resolution. Many services also offer lost wallet protection, which assists you in making all the necessary cancellations and replacements that come with losing your wallet or having it stolen.
Ideally, a service will provide a fraud resolution expert dedicated to your profile if dealing with a stolen identity. This person will help you navigate the process of recovering your identity and assets. They'll also help you contact the three major credit bureaus and any other involved parties to report identity theft.
It's also important to ensure that your identity theft protection service has some form of identity insurance that will help you cover any monetary losses due to fraud.
Dark web and court records monitoring (10%)
While some features that identity theft protection services perform can be done on your own or found in other services, dark web monitoring and court records monitoring are particularly hard to find elsewhere.
Dark web monitoring scans the dark web (which you likely do not know how to access) to see if anyone is selling your personal information. Court records monitoring scans public records for your information in case anyone has given your information in their criminal case.
Credit monitoring capabilities (5%)
Credit monitoring is a cornerstone of all identity theft protection services, alerting you of any changes to your credit report. Any unexpected updates in your credit report, like a new line of credit, are likely signs of identity theft.
While the presence of credit monitoring capabilities is important in securing your identity, we've deprioritized it in our ratings. This is because you can find free credit monitoring services that will provide you with the same monitoring and credit reports that you'd pay for with some of these services. You can also request a free credit report weekly from each of the three credit bureaus.
Read our list of the best credit monitoring services.
Unique features (10%)
The truth of identity protection is that most services are very similar to each other in what they offer. What distinguishes certain services are standouts that catch our eye.
For example, PrivacyGuard identity theft protection service includes a credit score simulator, which will give you a rough estimate of how your credit score will change with certain actions, such as a new loan. More cybersecurity-focused services, will include a VPN, secured document storage, and anti-malware protection.
Some services that offer family plans will also have parental features, such as social media monitoring. Some services will also monitor your children's online activity for cyberbullying or hate speech. Other plans, such as Identity Guard, feature an optimized mobile experience, providing users with peace of mind while on the go.
Price of service (45%)
Tiered plans (35%)
Ultimately, many identity theft protection services offer very similar features. Because so many services often perform very similar functions, the main distinguishing factor between these services is how much they cost. Many services will spread their array of features across different plans that get progressively more expensive the more protection it offers.
For example, many services will include credit monitoring for one bureau in their basic tier and reserve three-bureau monitoring for their premium tier. Other services may give you dark web monitoring in the basic tier but withhold court records monitoring for higher tiers.
We prefer services that include their entire catalog of features in one overarching plan, like Aura identity theft protection. However, this doesn't necessarily mean that tiered services are bad. If you only need to reduce the risk of identity theft to a certain level, there's no need to pay a premium price when the basic plan will suffice.
Group plans (10%)
Family plans and couples plans will give you and your loved ones the same level of protection for a discounted price. These services, such as those offered by IdentityIQ, also come with family-specific features tailored to monitoring your children's identity and online activity.
Customer support (10%)
While price and features are the two most important factors we use to judge an identity theft protection service, we also recognize these services as businesses that need to be responsive to their customers.
When we talk about customer support, we're looking aspects like cancellation policies, annual membership discounts, and free trials. We also look at a business's Better Business Bureau score to evaluate how they respond to customer complaints.
We also look to see if there are any necessary qualifications to enroll in a service. Some credit card companies have identity theft protection services that are only available to their cardholders, such as American Express CreditSecure. Another example is Complete ID, which is only available to Costco members.
