Lifelock or similar - anyone use one?

[Mitchell Andrus]

I received a robocall from my bank seeking confirmation of changes being made to my account, plus an email which I saw first. (McAffee had dumped it into the junk folder as 'phishing'...)

I called a number I trust (not the number in the email) and was told that someone had attempted to change the contact info on my account. After we were each satisfied that I was really me and he was really my bank we cleaned up the information on file before any real damage was done.

So, now I'm maybe I should have paid more attention to those ads on TV about protection services.

Anyone use one of them?
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[Ken Fitzgerald]

I have heard various stories about the results of such companies.

The LOML has been worried about this for some time.

Recently our insurance company provided a "rider" to our homeowner's policy to help resolve any issues with identity theft should it happen. It was relatively cheap.

[G. Brad Schmidt]

Those so called ID protectors are a HUGE ripoff. http://www.clicksmilies.com/s1106/sauer/angry-smiley-014.gif

A much less expensive route is to freeze your credit; then melt it as needed.
This method is much cheaper and bullet proof.

For instructions go here. (http://clarkhoward.com/topics/credit_freeze_states.html)

We've had ours frozen for over three years now.


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[Mitchell Andrus]

We've had ours frozen for over three years now.



I considered this and it's a good idea.

But, this doesn't keep someone from changing the mailing address for your driver's license, bank accounts, 401K reports, etc., or from creating a new identity and address for you in a different state. A whole lot of trouble can come from everything that doesn't involve applying for a credit card or mortgage. Driving drunk with my driver's license in his wallet for instance would suck.

A woman at my church was investigated for Medicare fraud even though she had not made a claim in years.

About a year ago, my credit card was used to charge $340.00 at Pizza hut and $300.00 at a KFC on the same day in different states.

Not being an alarmist, but my wife and I are a little older and have more to protect than we used to. Just a little nervous.
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[Tom Godley]

Many of the better insurance policies now include some level of coverage for this -- but like everything else at different levels. Some even provide the service for you.

[Mitchell Andrus]

Many of the better insurance policies now include some level of coverage for this -- but like everything else at different levels. Some even provide the service for you.

Coverage, I've got. I'm interested in catching the change as it happens so I can tell someone on the phone that I'm not opening a bank account in Peoria or that I'm not changing the contact number Visa uses to double check unusual purchases. BoA caught this one, ING may not catch the next one.
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[Ernie Nyvall]

Those so called ID protectors are a HUGE ripoff.

Do you have specific information on this for each company? I've been thinking about using one, so I'd like to read what you have on them. Thanks

[Scott Shepherd]

I have a family member that had her purse stolen with everything in it. They signed up for Lifelock and they have suffered no damage from that being stolen and all their info being in someone else's hands.

They have been happy with it. Also had a family member that had a call from a health insurance company saying that they had someone compromise their data and they offered 1 year of free services for a credit watch company, Equifax, I think.

The difference I see in the two, in talking at length with both parties, is that lifelock will stop the transaction BEFORE it happens. Equifax will allow it to happen and then call you to tell you it happened.

[Glenn Vaughn]

The method Lifelock uses to "protect" you is controversial and was declared illegal in California last year (I don't know what the status of tht is currently).

Excerpt from the text at http://www.wired.com/threatlevel/2009/05/lifelock/:

"

LifeLock, a controversial company (http://www.wired.com/threatlevel/2007/06/lifelock_founde_1/) that gained notoriety for publishing its CEO’s Social Security number in advertisements (http://www.lifelock.com/lifelock-for-people?oplisting=1), charges $120 a year to consumers to place fraud alerts on their credit profiles, among other services. The company also offers a $1 million guarantee (http://www.wired.com/science/discoveries/news/2006/02/70226) to reimburse the expenses of any customer who suffers losses from identity theft while subscribed to LifeLock.


Under the 2003 Fair and Accurate Credit Transactions Act, or FACTA, fraud alerts are available for free to any consumer who believes he may have been a victim of identity theft, or is at imminent risk of it. With a fraud alert on a consumer’s credit profile, banks and other businesses are required to make a reasonable effort to check with a consumer before opening a new line of credit in his or her name.


The consumer normally has to contact a credit reporting bureau directly to place the alert, and then repeat the process every 90 days for as long as the risk remains — a minor hassle that LifeLock and other companies have been happy to help consumers avoid, for a fee. On its face, the business model appeared consistent with FACTA, which allows fraud alerts to be placed by third parties acting on behalf of the consumer."

Another good place to read: http://lifelock-scam.com/lifelock-guarantee/

[Dave Lehnert]

I never investigated it but have been told that you can do yourself for free what Life Lock charges you to do. Kind like paying a company to order you a pizza from the place down the road.

[Stephen Tashiro]

If you want to be worried about identity theft and computer crime in general, read the book "The Fugitive Game: Online with Kevin Mitnick" by Jonathan Littman.

[Scott Shepherd]

Kind like paying a company to order you a pizza from the place down the road.

I think that's a little off. It should be more like ordering a pizza and having them deliver it or you go pick it up. One method, you'll have to tip the driver (paying more) and one means you'll take more of your time and gas to go get it.

I'm sure you can do it all yourself, but what's your time worth? Not having to deal with banks, payment institutions, collection agency's, credit monitoring companys, etc. sure seems like it's worth the $12-15 a month to me. Maybe not for you, but for me, it seems like a value.

[Randy Rizzo]

I use one and I think it's relatively inexpensive when you consider the consequences. Placing a fraud alert on your credit I believe is only good for 90 days and then you have to repeat the process, so that's an on going event if you choose that route. Prior to having this service the way we found out about a problem, we were re-financing our home mortgage. To our surprise, we were named in a civil lawsuit (wasn't us), a judgement against us for an unpaid bill. Couldn't proceed until we got that cleared up. My opinion of these credit agencies is they are pretty sloppy about what gets placed into your personal record, in the above case the individual had the same last name, other than that everything else was different. And we found many other problems, 3 other collection agencies filed actions against us for unpaid bills, bounced checks, incorrect prior addresses, etc. In each case the same last name, but the rest of the information was different. Problem is, the onus is on you to dis-prove once it's on your record. Now whenever credit is applied for, any change in legal standing, I get quarterly updates on credit score as part of the service. As someone stated, it's like paying a guy down the street to order a pizza for you, the difference is they do it 24/7 and unless you have a lot of free time on your hands to continually monitor your personal credit, it's a no-brainer.

[Mitchell Andrus]

I never investigated it but have been told that you can do yourself for free what Life Lock charges you to do.

Perhaps, if you've got the time and imagination. I can't think of a way to inform someone that I'm not changing the address on my driver's license, bank account, credit card bills..... Fraudulent applications for credit isn't the only way you can get screwed up.

As I understand it, most of these companies scan the credit bureaus for hits on your report and court documents, such as an apartment manager renting 'you' an apartment or an arrest on drug charges.

I can do a lot of stuff for free. Some things I prefer to have done for me.
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[Tom Godley]

The whole point to "locking" your report was to stop any of these inquires. The lock only stays for 90 day because you are only supposed to lock your report if you feel that a threat on your credit exists.

The reporting agencies are suing because obvious this is not the case with an automatic rollover.

You can get a free report every year -- it can be done on line/ phone or by mail -- if you split them up you will get a report every 4 months -- I just use a form letter and pop in in the mail.

Non of this stops someone from steeling your credit card information and using an existing account. In other situations the reporting time is slow enough for fraud to take place

[G. Brad Schmidt]

The Clark Howard link (http://clarkhoward.com/topics/credit_freeze_states.html) I previously posted answers most of the questions in this thread.

Once your credit is frozen (via the big 3) it is permanent. Only the credit holder can melt said frozen accounts (e.g. any and all credit inquiries are bounced back "Unavailable").

Also, with your credit frozen the need to check your credit report annually for integrity violations is an afterthought.


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[Mitchell Andrus]

The Clark Howard link (http://clarkhoward.com/topics/credit_freeze_states.html) I previously posted answers most of the questions in this thread.

Once your credit is frozen (via the big 3) it is permanent. Only the credit holder can melt said frozen accounts (e.g. any and all credit inquiries are bounced back "Unavailable").

Also, with your credit frozen the need to check your credit report annually for integrity violations is an afterthought.

http://www.clicksmilies.com/s1106/ernaehrung/food-smiley-005.gif

All well and good, but I received a call from my bank asking me to confirm a change of address, phone number, etc. Freezing a credit report has nothing to do with catching this kind of fraud.

Good for BoA... they checked and no damage was done.
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[Anthony Scira]

My wife and I have freecreditreport.com which is FAR from free. But we figure its cheap insurance.

If ANYTHING changes on our credit report we are text messaged and emailed a notification. And then we can dispute it online if we need to. Just kind of easy and a little peace of mind I guess.

[G. Brad Schmidt]

All well and good, but I received a call from my bank asking me to confirm a change of address, phone number, etc. Freezing a credit report has nothing to do with catching this kind of fraud.

Good for BoA... they checked and no damage was done.
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The products you're referring to, "found on TV Ads", ONLY protect your credit. Albeit, they state identity protection. I think their use of loose terminology is purposeful. Most identity thieves want your credit not your actual identity.

As for what you're actually looking for... diligence might be your only refuge.

This may help: Identity Theft Guide (http://clarkhoward.com/topics/identity_theft_guide.html)


B.