LifeLock Identity Theft Protection Opens Door To Identity Thieves…Despite Fierce Fight!

by Mike · 0 comments

LifeLock identity theft protection gives peace of mind to people fearing identity theft. Unfortunately, credit-reporting giant Experian recently clubbed LifeLock over the head, opening the door to identity thieves.

idtheftcase1-small1

Elizabeth Valquez absolutely did not want to get hit with ID Theft ever again.

Once was enough.

Elizabeth happily paid LifeLock for peace of mind…even though she knew she could give herself the same level of protection.

But now, Elizabeth might lose her protection.

A federal court in California has blocked Tempe, Ariz.-based LifeLock, one of the industry’s biggest players, from setting fraud alerts with Experian, one of the three main credit-reporting agencies that manage the fraud alerts.

idtheftcase2-small

Turns out, Experian is suing LifeLock, claiming that LifeLock’s automatic renewal of customers’ fraud alerts – which happens every 90 days when they expire – costs Experian millions of dollars in processing expenses.

Without LifeLock protection, how will Elizabeth prevent another bout of ID Theft? What choice does she have if she must give herself a little protection? Click Read More below to discover the truth about LifeLock & how you can protect yourself.

idtheftcase3-small

ELIZABETH FACES LIFE WITHOUT LIFELOCK!

For as much as about $100 per year, the main thing LifeLock and similar services do is set fraud alerts that force banks to call people before new lines of credit are opened in their (or your) names. The alerts can be useful – but you can set them yourself…for free.

In a ruling last week, a judge agreed with one of Experian’s central arguments, which is that LifeLock isn’t authorized to set alerts for consumers, and that federal law requires consumers to set alerts themselves by contacting credit bureaus directly.

For you, this means “identity theft protection” services could get more expensive – and less useful. The alternative: set fraud alerts yourself or pay for credit monitoring services at $180 a year.

Credit monitoring, however, will not detect a fraud before it happens. Yes, credit monitoring serves a purpose when babysitting credit reporting agencies and verifying the bureaus are handling your disputes according to the law.

In contrast, fraud alerts are supposed to make it much harder for identity theft to be pulled off in the first place.

When a bank or retailer runs a credit check on someone for a new account, if a fraud alert pops up, the bank or retailer is required to call that person or use any other “reasonable policies and procedures” to verify their identity. That is meant to stop a scammer who goes into a retail store and tries, for example, to get instant credit under your name and then walk out with a TV.

In reality, fraud alerts have weaknesses, because banks will sometimes ask “security questions” of credit applicants instead of calling a consumer before opening a new account. If criminals have enough personal information about their victims, the con artists might be able to answer those questions, and the consumer would never get a call.

The main thing services like LifeLock guard against is credit fraud. But there are other types of fraud, like using someone’s Social Security number to get a job or medical coverage or giving it to police to impersonate someone innocent. A fraud alert on a credit report is powerless against those crimes.

Was Elizabeth paying for (false) sense of security? Maybe. If Elizabeth feels more comfortable paying for this service, something she could do on her own, so be it.

Peace of mind knows no price tag.

If you prefer the do-it-yourself role, here’s what I suggest:

  1. Contact all 3 Credit Bureaus by phone to have your records fraud flagged with a 7-year flag.  Alert them that your identity has been stolen.  Tell them you will back it with written proof (the police report), and ask them to what address they want you to send proof of ID Theft. THIS IS A FREE SERVICE on the part of the Credit Bureaus and it’s the law.
    o Equifax – Fraud Dept. Number: 1-800-290-8749
    o Trans Union – Fraud Dept. Number: 1-800-680-7289
    o Experian – Fraud Dept. Number: 1-800-583-4080

Who protects you is not the question…or should not be the question. Bottom line: ID Theft crimes are EXPLODING! Family members, friends, employees at stores at which you shop, co-workers and others known to the victim commit a majority of ID theft crimes.

Shocking, isn’t it?

However, this is changing…and fast! Technology is making it easy to steal your identity and to get away before you know what hit you. Keep in mind, I’ve been hit two times…the first much more serious than the second. Nonetheless, I was lucky…compared to many others with whom I’ve talked and heard their stories. I still feel the chills.

LifeLock identity theft protection will not provide the same level of protection, forcing you to take a little more responsibility for your identity. What ID Theft horror story do you have? What did you learn from the experience? What tips do you have for people to help them avoid or deal with this crime? Elizabeth never wants to be a victim again, but she does not want to do any of this herself. Painful memories makes it easy for her to pay someone else to protect her.

photos: www.lifelock.com

SocialTwist Tell-a-Friend
Share and Enjoy:
  • Digg
  • del.icio.us
  • Facebook
  • NewsVine
  • Reddit
  • StumbleUpon
  • YahooMyWeb
  • Google Bookmarks
  • Yahoo! Buzz
  • TwitThis
  • Live
  • LinkedIn
  • Pownce
  • MySpace

Welcome back! Got a question for me...or an experience to share? Please go to the bottom of this article to ask a question or share an experience. :) Thank you!

Blog Traffic Exchange Related Posts Related Websites

Leave a Comment

Previous post:

Next post: