We have all seen the LifeLock ads on TV with dire warnings about our credit identities being stolen, and the terrible consequences. They have even persuaded poor old Rudy Giuliani to do ads for them. For only $25 (and for the barebones plan-$10) a month, they will guard against us being violated. What a bunch of hooey!
The fact is it is almost impossible for your credit identity to be stolen. Everyone today asks for photo i.d. when committing to anything more than a basic purchase. Yes, someone can steal your credit card number and make purchases, but you would know the minute you get your credit card bill, or you mysteriously go over your limit. The bums at LifeLock do not offer to unravel the mess, they merely offer to email you every time something changes on your credit report. Then it is in your hands. And a few other unnecessary functions, like their $1 million guarantee. I bet they never paid that out yet, but it makes good advertising banter. A big waste of money.
In March 2010, LifeLock was fined $12 million by the FTC for deceptive advertising. The FTC called their prior marketing claims misleading to consumers by claiming to be a 100% guarantee against all forms of identity theft. LifeLock agreed to pay $12 million to settle charges, by the FTC and 35 states, that the company's identity theft prevention and data security claims were false.
Check your bank statement monthly, or on line weekly. Check your credit report often, although under the current system you can do so free only once a year, a government agency is trying to change that as I mention in a prior blog. LifeLock will not discover anything you cannot discover yourself. Despite their fancy TV ads. And Rudy Giuliani’s grave concern in their ads-he seems on the verge of tears.
Finally, it may be hard to unravel a stolen credit card or other credit report problem, should it happen to you. The three credit agencies that maintain these reports are very slow to correct such fraud and errors, because it costs them money, and they care more about their profits than your well being. If it happens to you, and it is very unlikely, then hit them between the eyes, and make them act quickly.
The Justizz site has a hard hitting function to force those big 3 agencies to listen to you quickly.