How We Rank

Price: 15%

Price is a very important piece of the overall ranking. There are a wide variety of different pricing options with every company reviewed and they include certain benefits. We base our rating on each company’s premium package and its amenities and options. Companies offering the most affordable rates are scored higher than the higher priced packages. It’s important to note that we base this rating off factual evidence, data and statistics.

Identity Protection: 15%

We focus on a few different sub-categories for Identity Protection rating: Credit Monitoring, Internet Scanning and Legal Protection. In essence we’re looking to see how effective each company’s protection is when it comes to identity theft. Subcategories is weighed differently, which will help calculate the overall score of Identity Protection. If a company uses all three of these types of identity protection then they will have a higher score in this factor if another company only uses one form of protection.

Identity Recovery: 15%

This rating is based on how effective a company’s Identity Recovery really is. Identity Recovery covers what companies go through to full help the consumer restore their identity and how flexible they are in their help. We assess whether or not companies provide a fraud specialist to assist and guide the consumer in the direction they need to help recover their identity. We also want companies to help recover all types consumer identity theft and not just financial and credit. Other types of identity theft that is included are medical identity fraud, tax, criminal and more. Finally, we watch to see if a company is willing to fully help the consumer restore their identity even if they were not a customer at the time of being victimized. These are the building blocks that  create the score for our Identity Recovery rating.

Insurance Quality: 10%

Identity theft protection companies have always boasted that they have a $1 Million Insurance. Our main concern is what each $1 Million Insurance has in regards to their different policies and stipulations. The Velvet Protection team asses the insurance information and effectively pulls out the important parts so you, the consumer, can see clearly what you’re covered for as an identity theft victim. For our Insurance Quality rating, we specifically look for: the insurance provider, the insurance amount, amount of days to report a case and amount of lost wages/income.

Credit Monitoring: 5%

In the identity protection industry, credit monitoring is used to tell a consumer if they are at risk of being a victim of identity theft. We rate credit monitoring as its own variable (and within the subcategory of Identity Protection) to see if companies offer no, one or all three credit bureaus for credit monitoring. It’s very important to monitor not just one but all 3 credit bureaus. Credit monitoring is not necessarily the strongest form of identity protection, but it is useful and essential to track all 3 credit bureaus to prevent being an identity theft victim.

Antivirus Software: 10%

Antivirus software is yet another form of identity theft protection that can reduce the consumers’ risk of identity theft. Many types of identity fraud occur via the consumers’ computer, so we strive to find companies that offer an antivirus subscription as a part of their identity theft service to be of high value. Some companies offer one type of program (internet security, keystroke encryption software, etc) but we seek out companies that offer a whole antivirus subscription to install on a computer.

ID Theft Experience:4%

Identity theft companies that established themselves in the identity theft industry earlier than other provide stability and the trust customers are looking for. Since this is such a new and growing industry we accounted the overall weight lower than the other factors, but we wanted to show the companies who are built their credibility and reputation over time.

BBB Rating: 6%

A company’s BBB rating is not the perfect indicator for a healthy company, and it can be biased, but we still like to rank partially on BBB ratings as it can be a very important data point for consumers.  Please note that there are companies that have very low ratings on their BBB score that are based on the industry they are in, and not consumer feedback.

Consumer Reviews: 10%

Given our expertise in the Identity Theft industry, we understand and know that some of the most important opinions come from actual customers. We will take any feedback sent to us and use it in our consideration for our reviews.

User Review Moderation

In order to prevent fake and misleading user reviews, Velvet Protection has a review team that is specifically assigned to moderate all user reviews. Our team follows specific and strict moderation processes.

As you can probably tell, we take our user review moderation process very seriously. We believe accuracy and authenticity is critical when it comes to user reviews. Note that we do manually moderate each and every user review.

Expert Review: 10%

In addition to the criteria points mentioned above, we take into account a variety of other factors that help determine the trustworthiness and effectiveness of a company. As experts in the ID Theft industry, we conduct extensive research specifically made for the ID Theft industry that considers many additional factors including:

  • Financial Standing of the company
  • The number of industry experts on staff
  • The company’s scalability
  • Historical growth
  • Any lawsuits the company is undergoing
  • Customer service
  • Transparency
  • And much more.

We consider this Expert Review process a vital component of how we rank and review companies. As a result, the factors included are always changing, adapting, and updating. We also reserve the right to voice our expert opinions as a part of each review.