LifeLock is the service that offers protection against identity theft. The CEO of LifeLock is a person called Todd Davis.
What is LifeLock is in essence is provide you with a few services and guarantees. It automatically orders your three free credit reports from AnnualCreditReport.com every year. It automatically opts you’re from free credit card offers prevents mail thieves from stealing information from your mailbox. This also reduces the amount of mail that you receive in your mailbox.
LifeLock is a fraud alert on your credit report as long as you are enrolled in the program. It renews this fraud alert every 90 days when it expires. LifeLock can no longer send a fraud alert to Experian owing to a lawsuit that experience filed against LifeLock. Experian claimed in their lawsuit that this repeated filing of a fraud alert for every single customer of their own is time-consuming and cost them money. They also claims that the facility of racing a fraud alert is meant for consumers who genuinely are facing the threat of identity theft or who have been made a victim of identity theft and should not be abused by a Corporation sending these requests in bulk. According to Experian the fraud alert service is meant to be used by a consumer on an individual basis and not for a commercial purpose.
LifeLock’s other services include helping retrieve the contents of a stolen or lost wallet, change of address alerts to prevent mail identity theft, online patrolling to catch the sale of your personal information and $1 million guarantee to offset the cost of identity theft if you become a victim while you’re enrolled in LifeLock program and the theft is due to a defect or failure in their service.
Advantages of the LifeLock program are that it orders your credit reports automatically and renews a fraud alert so that you do not have to do these yourself. It makes sure that there is a fraud alert on your credit report in case you forget to renew the alert in time.
There are, however, several drawbacks of the LifeLock service as well.
Placing constant fraud alerts on your credit report may be detrimental to your credit approval assess. Creditors and banks will need to go through an additional verification process for your credit information that might delay or even deny your credit application.
You may be unable to access certain online management services due to the presence of fraud alert.
LifeLock orders the free annual credit reports from the three credit bureaus all at once. This means that you will be able to check your credit reports from the three credit bureaus only once a year. The usual advice is to stagger checking your credit report once every quarter so that you can be more up to date with the information being reported on your credit file to three different credit bureaus.
The most important point to note about LifeLock services is that, most of the services that they offer to do for you, you can do it yourself a free. You can place a fraud alert on your credit report at no cost as sell as excess your personal free credit report from www.annualcreditreport.com for free from each of the three national credit bureaus.
Is there is a cost involved in using LifeLock which is either $10 per month or $110 per year which you can pay either through a credit card or PayPal.
You can sign up online but cannot discontinue your subscription online. In other cancel your subscription you will need to call the customer service on 1-800-LIFELOCK.
Using the LifeLock services may or may not make sense for you. If you’re contemplating a credit monitoring service or a LifeLock service, then you need to look at two basic things. LifeLock offers prevention of identity theft rather than post-identity theft alerts watches what a credit monitoring service does. However you can always place the security alert on your credit files yourself for free as long as you can remember to update the request every 90 days. Secondly, a credit monitoring service will allow you to view your credit reports as frequently as you wish whereas the LifeLock services will get you your credit report only once a year from the three national credit bureaus. These credit reports are available to you for free anyway and you can excess yourself from www.annualcreditreport.com. In case you are repairing your credit and need to monitor your credit report or have been a victim of identity theft and is need to check your credit report frequently for fraudulent transactions, a credit monitoring service makes much more sense since it will allow you constant credit report monitoring as well as alerts to unusual activity on your credit file.