As college moves into full swing we have been asked if students (or their parents) should invest in a identity protection service like Debix or LifeLock. Our answer is a resounding ‘Yes’, especially at the current rates of under $10 per month (see IdentityTheftLabs discount on the left).
College students are a prime target for those that steal identities. Nearly all students today have at least one credit card. Issuers are very tuned to the student market. Students have, for the most part, clean credit records. In addition, statistics indicate a strong allegiance, in future years, to the companies that issued them cards at the beginning of a student’s credit history. So students are inundated with pre-approved credit offers. And remember, credit problems and the related expenses are yours to clean up whether it’s your fault or not.
Most students have cards and sometimes a number of them, so far so good. The reason college age people are likely credit theft targets is pretty logical, lack of experience. Young people are more prone than their older brothers and sisters to not balance checkbooks and have usually not come up against the realities of credit responsibility. Things that are second nature to those of us who are older are often foreign to first time credit card holders. Like leaving your statement around for others to steal information or not thoroughly destroying pre-approved offers. Thieves can take those offers and obtain credit in the student’s name. If that happens, you will be responsible to clean up the mess, which can go on for years, and cost a small fortune.
This is a classic situation where an ounce of prevention is better than a pound of cure. See about taking a financial responsibility class. Most colleges and universities offer courses that show you how to win the credit game. Also consider talking to your parents about joining one of the best identity protection companies like LifeLock or Debix to secure your identity. Identity protection services are subscription based and designed to protect you from identity theft. Unfortunately, in today’s world, these services are almost a requirement if you have credit.