Wells Fargo Identity Theft Protection

When you think of Wells Fargo, you think of their services related to banking and finances. However, you may not know that they offer: Wells Fargo Identity Theft Protection as well. As we hear in the media and from friends and family, identity theft is a major concern and happens frequently. If you haven’t been a victim of identity theft yet, you may feel that it is inevitable. Perhaps Wells Fargo Identity Theft Protection is the service you need. It is a no frills approach, but according to the millions that use it, it has been very effective.

This service is available to non-Wells Fargo customers as well, so don’t worry.

There are two different products in the program: Identity Theft Protection and Enhanced Identity Theft Protection. The first one is the most basic and the second is the more involved product.

Identity Theft Protection

  • Daily credit monitoring with the three credit reporting agencies (Experian, TransUnion and Equifax).
  • You are notified of any charges that may be fraud – usually initially be a text, followed by an email and a phone call.
  • Quarterly reports for the credit bureaus, starting when you begin the program
  • Information that compares the credit reports from the three agencies – one time only
  • Theft Resolution specialist in Identity and Fraud Support who will be assigned to you and will be your contact throughout the process of combating the theft. You will be helped and given information on what to do, but you will need to do the actual work.
  • Credit information hotline for help with understanding your credit reports.
  • Up to $10,000 identity theft insurance with $100 deductible.
  • $12.99 monthly, renews automatically. No option to pay for an entire year at once.

Enhanced Identity Theft Protection

  • Daily credit monitoring with the three credit reporting services (Experian, TransUnion and Equifax).
  • Credit score tracker using Experian Score Plus for educational purposes
  • Credit score change alerts
  • Credit score simulator
  • Also offers credit monitoring tools with added fees to help you to improve your credit score
  • Full credit reports service every 30 days to allow added monitoring of your overall credit score and progress.
  • Notification of an possible fraudulent charges – via text, email and phone call.
  • Theft Resolution specialist in Identity and Fraud Support who will be ssigned to you and will be your contact throughout the process of combating the theft. You will be helped and given information on what to do, but you will need to do the actual work.
  • Credit information hotline for help with understanding your credit reports.
  • Up to $10,000 identity theft insurance with $100 deductible.
  • $15.99 monthly, renews automatically, no process to pay annually.

This service is available to both clients of Wells Fargo and non-customers. It would be wise to compare these services to other identity theft services as these may not be the best return for your investment in the sense of level of services and amount of protection. These services may be considered just basic protection as compared to some other options.

Things to consider when shopping around:

  • There are other services that provide tools to improve your credit score at no additional cost, where in Wells Fargo’s product these require additional fees.
  • The work required to repair the damage is entirely up to you, none is done by Wells Fargo.
  • Wells Fargo product is monitoring only. If you were to want services to reduce your risk of identity theft or provide information on the level of the risk, you would need to go elsewhere.
  • No internet scanning for risk
  • You cannot get information on the insurance until you have entered a contract with Wells Fargo, which demonstrates a lack of transparency that may be concerning.