Very often when you read a blog post where someone is reviewing LifeLock there is always at least one comment that goes along the lines of: “I am well aware that it is possible to carry out the identity theft prevention measures myself, thank you very much, but as LifeLock only costs me a few dollars a week, why should I?”
Some would say the main reason is that you are not getting the service you think you are paying for. There are those who say that $10 a month, or $120 a year, is paying too much for something you can do yourself, particularly in today’s economic climate.
But let’s take a look at exactly what you do get.
LifeLock will request on your behalf your free credit report. You are entitled to one free copy a year from each of the three major credit bureaus and if you prefer, you can get immediate access to your file online, at no cost from www.annualcreditreport.com.
LifeLock places a fraud alert on your credit file so that if someone tries to take out a line of credit in your name, the credit company would have to verify your identity before they grant the credit. Unfortunately, not all credit companies act on the fraud alert, as it slows dow the whole process of making money.
Slowing down the loan process is one of the reasons Experian is currently suing LifeLock. They claim a fraud alert should only be placed if a person can show they are at risk from identity theft, like they’ve lost their wallet or purse.
To place your own fraud alert, you can call:
TransUnion: 1-800-680-7289, Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790
Equifax: 1-800-525-6285, P.O. Bo 740241, Atlanta, GA 30374-0241
Experian: 1-888-EXPERIAN (397-3742), P.O. Box 9352, Allen, TX 75013
You are also entitled to a free copy of your credit report when you place a fraud alert, so if you haven’t already, request one at the same time.
Your fraud alert lasts for 90 days and this is where the value of LifeLock can be seen: LifeLock will renew it for you once the 90 days is up.
If you have been a victim of identity theft and have a police report to prove it, you can place an extended fraud alert, which will stay on your file for seven years. It requires that credit issuers contact you before opening any line of credit.