Can you protect your ID for free?

One of the great things about the Internet is free products. So why not protect your identity with a free product.

Actually, there are free methods available. The Internet can facilitate their use. Unfortunately, they have too many shortcomings. That's why I pay to use ProtectMyID.

One of the free methods offers too little protection, in my opinion. And the other, amazingly enough, offers too much.

The former is free credit reports at AnnualCreditReport.com. Each of the three credit agencies must provide a free report yearly. I take advantage of this service. I spread them out, looking at one report every four months. The three reports can differ, so it's a good idea to check each.

(Be sure you use AnnualCreditReport.com. Other sites offer "free" reports and other "free" benefits. You'll struggle to complete that process.)

To use this site, click the down arrow next to Select Your State. Make your selection and click Request Report. Fill out the form. On the next window, pick a credit agency.

Remember: This report is free. These agencies tend to throw the word "free" around with abandon. Don't buy a credit score or another product unless you really want it.

So, what's wrong with free credit reports? Well, nothing. But they're not enough to protect you.

You can spread them over a year. However, you'll have long periods when you're not checking. An identity thief could do a lot of damage in four months. I think you need something more.

The other free service is a credit freeze. This one goes to the other extreme. No new lenders can get a look at your credit report. Presumably, that means no new credit accounts can be opened.