Despite the general consensus that LifeLock’s fraud alert service works in consumers’ best interest, a California judge has determined that LifeLock and other identity theft service companies must stop helping consumers place fraud alert on their credit records.
The decision was reached in response to a recent lawsuit between LifeLock and Experian, in which Experian complained that LifeLock’s 1.5 million members’ fraud alerts put a ding in the credit bureau’s profit margin.
LifeLock’s response? Fine by us; we’ve developed a product better than Experian’s fraud alerts. The suit was initiated last spring.
LifeLock Identity Alerts is LifeLock’s newest exclusive service, added to their already powerful WalletLock™, eRecon™ and TrueAddress™. LifeLock Identity Alerts™
- Uses more sophisticated and scientific algorithms to spot identity fraud and help predict members’ future ID theft risks and vulnerabilities;
- LifeLock Identity Alerts™ also enables them to detect some of the most common fraudulent uses of personal information, like utilities, cell phone services, check orders and reorders and payday loans;
- Mines more data sources than the credit bureaus. For instance, LifeLock Identity Alerts™ accesses information from retailers, banks, mortgage lenders, utilities and auto lenders.
The new service is the product of long-term research that began when Experian initiated the lawsuit last spring, according to a YouTube video featuring LifeLock CEO Todd Davis. He also said the new service employs forensics that were heretofore unavailable and provides members with broader personal protection.
LifeLock Identity Alerts™ will be seamlessly implemented for current LifeLock members, Davis said.