Wells Fargo offers credit monitoring through its Identity Theft Protection plan. How does this plan stack up against the competition? Read on to find out.
The Wells Fargo Identity Theft Protection costs $12.99 per month. When you have this plan, Wells Fargo provides automatic daily monitoring of your information with all three credit reporting bureaus, which are Experian, Equifax and TransUnion. You’re able to obtain your credit report through all three bureaus with this plan, although you can also do that on your own every year if you request it.
If Wells Fargo detects any changes that could indicate identity theft, such as a new credit application, a new account or a change of address, it notifies you immediately via email. In the event of identity theft, Wells Fargo provides you with a personalized support contact from its team of Resolution Specialists who can assist you with solving the issue.
Through this plan, Wells Fargo also provides identity theft insurance coverage for any out-of-pocket expenses you incur as a victim of identity theft. The coverage is up to $10,000. Keep in mind that this insurance coverage only applies to identity theft that occurs while you have the plan, and it doesn’t cover you for prior cases.
The most significant benefit of the Wells Fargo Identity Theft Protection plan is the comprehensive coverage it offers. You will be immediately aware of any changes to your credit reports when you have this plan, and you can expect the information to be accurate, since Wells Fargo is a major bank that has a strong relationship with all three credit reporting bureaus. A newer financial institution that doesn’t have that kind of relationship with each bureau may not be able to provide the same level of service.
There are several key areas where Wells Fargo’s credit monitoring falls short of the competition.
While Wells Fargo’s plan offers credit monitoring, that’s also basically all that it offers. There is very little in the way of additional features. Many other companies that offer credit monitoring also include internet surveillance to check if your information has been compromised and identity theft protection for your children included in their plans. There are many ways that criminals can obtain your personal information, and Wells Fargo’s plan provides a limited degree of protection that only alerts you after the fact.
The identity theft insurance that Wells Fargo offers is much smaller than some of its competitors. There are other companies that have coverage up to $1 million. The up to $10,000 in coverage that Wells Fargo provides may be enough, but identity theft often ends up costing more than that.
While Wells Fargo’s Resolution Specialists are helpful, you can only reach them Monday through Friday from 8 a.m. to 9 p.m. Central Time. If you discover you’re the victim of identity theft in the evening or on the weekend, you’ll need to wait until the next business day to reach a Resolution Specialist, which can be frustrating and stressful. Considering how time sensitive identity theft can be, this is a major issue.
Customer reviews for the Wells Fargo Identity Theft Protection plan are mixed. There are plenty of satisfied customers, but there are also a large number of complaints. Specific issues include people having difficulty accessing credit reports, customers that had trouble canceling the service and Wells Fargo missing possibly indications of identity theft.
The biggest issue with Wells Fargo’s plan is the price tag and what you get for your $12.99 per month. The plan may not be expensive, but there are other companies who offer stronger credit monitoring plans for the same price or less than Wells Fargo.
The Wells Fargo Identity Theft Protection plan may work out well for you, but there are better options available. If you shop around, you can likely find plans that cost less and have more comprehensive protection. If you’re already a Wells Fargo customer, you may want to add this plan since it’s a convenient option. Even then, you could get a better deal elsewhere if you spend a bit of time looking around.