Credit card accounts do need to be protected. Once an account is compromised, an enormous amount of trouble may arise. Unauthorized charges on a credit card account lead to a great many hassles for the person whose is the victim of fraud. Credit card companies have gone to great lengths to reduce the potential to theft. The development of credit cards with security chips is one example. Regardless, the chances of illicit charges being made do exist. Wells Fargo has come up with a means of protecting those worried about falling victim to fraud. A special credit monitoring service provides a level of protection for those in need.
Wells Fargo Protection Service
Wells Fargo offers a basic “Identity Theft Protection” plan that presents a decent amount of assistance. Wells Fargo is, primarily, a bank. Unlike firms that specialize in identity theft protection and credit monitoring, Wells Fargo does not provide a multitude of complex plans. Instead, there are just two protection service plans to choose from. Basic identity theft protection costs $12.99 per month. Expanded identity theft protections costs slightly more at $15.99 per month.
Basic Identity Theft Protection and Monitoring
Credit monitoring is the most pronounced component of this particular service. There are three major credit bureaus that log borrowing and other credit activity. Through paying Wells Fargo to monitor the activity, alerts are sent the minute something occurs. If unauthorized charges are made on a particular credit card, an alert is sent. Other activities, such as the opening of new credit card accounts, are reported as well.
The purpose of the monitoring is simple. Through learning about unauthorized actions, an identity theft or credit fraud victim may act.
A basic service subscription also comes with quarterly credit reports and PLUS score results. The PLUS score compares a subscriber’s credit score to the national average. Insights and tips are provided to help boost the rating and improve credit. While this has nothing to do with identity theft protection, the report can be deemed a nice added bonus.
The basic program also comes with three good service features. Access to fraud assistance is provided. This way, someone who finds him or herself a victim of fraud can speak with a Wells Fargo representative about addressing the situation.
A $10,000 insurance policy is in effect for subscribers as well. While the amount is nominal, the $10,000 can assist with some of the costs derived from fraud. Also, Wells Fargo will help with lost card recovery.
The expanded version of Wells Fargo’s service comes with all the features the basic plan has plus more. One major change is the frequency credit reports and PLUS scores are delivered. With the expanded plan, the reports are issued monthly as opposed to quarterly. Features associated with the PLUS score are also boosted. Alerts for PLUS score changes are included and more.
Overall, Wells Fargo has crafted a decent basic approach to identity theft and credit monitoring assistance. The price for the service is affordable, which many are sure to consider a positive.