What are the benefits of having an Online Identity Record?
Aside from being an important part of your estate plan, having an online ID record can help you with the following items:
Credit card and banking changes: Over time, your credit card number ends up on many different ecommerce and web services/subscription sites. Several of these sites use automated payment systems that automatically charge your credit card on a monthly or annual basis.
If you ever switch to a new credit card or need to change your existing card number, it’s a huge chore to remember all of the sites you need to update your credit information on to keep your automated payments from being interrupted. Your online ID record will make this task much easier.
Internet security outbreaks: When an online security breach happens, it’s usually limited to one company or institution. This type of event may only require you to reset your password on a single company website or a certain mobile app.
However, some internet security threats can have a much greater impact. The Heartbleed security exploit of 2014 and the Cloudflare bug of 2017 are two examples of large-scale threats that prompted many users to change their online passwords to avoid possible identity theft or online credit fraud. Your online ID record is the perfect reference guide for every site you need to visit if a wholesale change of your online account passwords is necessary.
Review/cancel unwanted services: The Internet is the perfect delivery system for a wealth of entertainment services. Movies, television shows, streaming music, e-books, videogames, and live sports are all available through different subscription services.
There are also paid services such as cloud storage, productivity suite subscriptions like Microsoft’s Office 365, premium webmail accounts, and many others.
It is easy to end up subscribed to a half-dozen or more online services. And, because many of them are either free or have a low monthly cost, it’s easy to overlook which services you are subscribed to, or how much you are spending on them.
Creating and regularly updating an online ID record gives you the opportunity to occasionally review all of your current subscription services, and decide which services to keep and which ones you are no longer interested in.