San Francisco, CA -- (SBWIRE) -- 07/16/2014 -- BestIDTheftCompanys.com (BIDTC) took a poll of 1,000 random people and asked them how much they are willing to pay (per month) for a high-quality identity theft protection service. An overwhelming response of more than half the surveyors said they would pay no more than $9 each month.
The BIDTC research team also compiled data from all of the 88 companies reviewed on their website and found that the industry average for an identity protection costs $17.76 each month. This is nearly double the amount consumers are willing to pay for this type of service.
Also noted in the process were the two most affordable and expensive identity theft protection services currently offered. ID TheftSmart was found to be on the cheap end, only charging $7.95 each month with an Overall BIDTC Score of 3.0 (out of 10). LifeLock is another affordable company for only $9 per month, with an Overall BIDTC Score of 9.5.
“[LifeLock] has good customer service, [and] the price is cheap which is what I need,” said LifeLock customer Spencer K.
On the other end of the spectrum, the most expensive identity theft protection company was Check Credit Guard with a monthly price of $29.99 and an Overall BIDTC score of 3.3. LegalShield was the second most expensive company in the industry charging people $29.95 each month, and their Overall BIDTC score is a 5.7.
“We wanted to show the big gap in between what companies are charging their customers and what the people are willing to pay,” said website manager Amber Newby. “The need for an identity theft protection service is great, especially now, and we expect the companies in the industry to make the adjustments needed so consumers can afford the protection they need.”
Only 12 percent of consumers are willing to pay more than $20 each month for a service to protect their identity, and approximately half of the companies in the industry charge more than that.
The BestIDTheftCompanys.com research team concluded that if the companies in the identity theft industry lowered their prices across the market then more people would sign up for the protection service, therefore yielding to more customers (and revenue) than before.
“If the identity theft industry made this change, then we can foresee a big win-win situation for both identity theft protection companies and consumers across the country,” said Newby.
BestIDTheftCompanys.com researches, reviews and ranks all identity theft protection companies in the industry. The BIDTC team investigates the product and company before appropriately ranking them, making it easy for consumers to choose the best product for them and their families. BestIDTheftCompanys.com also encourages real customers to share their past or current experience with the company they signed up with.
Consumers can find more statistics and surveys on identity fraud, data breaches and more at BestIDTheftCompanys.com.