LifeLock has had some struggles in recent years – they were sued by credit bureaus and competitors. They received lots of criticism for their services. It became like a feeding frenzy.
But there are errors and misconceptions that should be explored before you make your final call.
Credit bureaus must allow you to place a fraud alert on your credit report, according to the Fair and Accurate Credit Transactions Act. The alert is temporary and expires after 90 days. Several companies, including LifeLock, have emerged to help you make this permanent and monitor for fraudulent use of your sensitive information. These alerts place another hurdle on the path between you and a credit card. This did not sit well with credit bureaus, and the race was on.
Lawsuits were filed, alleging deceptive business practices by LifeLock, as well as fraudulent advertising. The most common claim is that LifeLock didn’t even protect Todd Davis, its own CEO.
But the fact is that Davis was protected. In a much publicized advertising campaign, Davis’ Social Security number was used in marketing materials throughout the country. That number has been used in several attempts to steal Davis’ identity. And each and every time, LifeLock did exactly what it was supposed to do – and Davis’ credit report remains spotless.
Some have claimed that fraud alerts are only for those who have been victims of identity theft. The law states that anyone “who asserts a good faith suspicion that the consumer has been or is about to become a victim of fraud or related crime” can request a fraud alert. That’s pretty much anyone who’s looking to protect themselves.
As for the claims of deceptive business practices and fraudulent advertising, it’s all just sour grapes.
The reality is that forcing credit card companies and other lenders to verify identity before issuing credit is just what the doctor ordered to fight identity theft. There are two ways to deal with identity theft: make personal information harder to steal and make stolen sensitive information harder to use. There’s just no way to make information completely impossible to steal, so we have to focus on the latter.
By monitoring for any fraudulent activity with your sensitive information, and alerting you immediately, LifeLock does just that. And if anything ever does happen, LifeLock will help you get things back to normal.
The fact is, no one is better than LifeLock at keeping your good name safe. Period.
