May 31 2008 07:01 pm
Experian Wants Lifelock Out
I wrote a post back on April 29 about LifeLock. My husband and I plan to join the service. It costs about $10 per month and offers Identity Theft Protection, Reduced Junk Mail and Reduced Credit Card Offers, and is backed by a $1 Million Service Guarantee.
Experian is one of the major credit reporting bureaus in the USA and they do not like that LifeLock places fraud alerts for Lifelock members. Experian is now suing lifelock, alleging “credit laws do not provide for a third party to place fraud alerts on behalf of a consumer.” Placing fraud alerts, preventing fraud losses, issuing credit reports and investigating identity theft are among the corporate charges of the credit-reporting bureau. However, they do not like using their resources to set alerts on behalf of Lifelock’s clients.
Lifelock also provides opt-out services for pre-approved junk mail, which is cutting into the very lucrative practice of selling your credit history to lenders so that they may send you those new credit card and balance transfer offers.
While credit bureaus do very well with giving out consumer information so that lenders may up-sell, cross-sell customers while managing risk, they actually do little to help you straighten out your credit or identity when it is stolen.
Posted by CyberCelt under Did You Know, Product Reviews, Trouble
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Jim on 01 Jun 2008 at 12:17 pm #
Hi ,
I know that folks like Experion are doing a good job , but one thing helps even more . Get rid of as many cards as possible ! Simplify your life and don’t put any information out in public , unless it’s absolutely necassary , people have in general have gotten so complacent that some low level clerk or apparent official asks for info and without a thought we give it out . In many instances it just is not required . I had a cashier at a local chain grocery decide I had to have one of their discount cards and wanted my phone , address , and if I had a checking or credit card . Was going to refuse me service if I didn’t comply , My response was there are lots of grocery stores .
A good place for information is a fellow by the name of Clark Howard , He has a syndicated radio show on economics credit and financial stability. His website is clarkhoward.com and is full of good info on preventing identitiy theft and responsible credit card use nad fraudlent charges you can avoid .
Hope this adds to your store of information , I enjoy your blog and have plans to head for the Great State of Texas in August . Maybe we’ll see each other , it’s not that big !
Jim
Jeremy Duffy on 02 Jun 2008 at 6:12 am #
Don’t get Lifelock unless you like insurance because, in the end, that’s all they are.
http://www.jeremyduffy.com/lifelock-sucks
Instead get a credit freeze which is far cheaper and much more secure
http://www.jeremyduffy.com/seminar/id-theft-module/
-Jeremy Duffy
Awareness Advocate
Seminar Speaker
Jeremy Duffy’s last blog post..TJX Fires Employee for Publicizing Their Weak Security
Charter Cable TV on 02 Jun 2008 at 3:25 pm #
I’m still torn on whether or not I should keep my version of this (capital one). It just doesn’t seem all that worth it (I do understand that this thought is common among people who have not had their identity stolen)
vrbo on 12 Jun 2008 at 5:40 am #
If the credit bureaus would work for the consumers instead of the creditors, we wouldn’t need companies like LifeLock. They are filling a void that the bureaus have created. I wish them luck.
Beth on 12 Jun 2008 at 3:58 pm #
I’m not against Lifelock, but I’m sick of seeing their commercials! It is pretty crazy how willing people are to give out personal information at stores. Not just to the sales people, but you never know what other customer is listening in when you say your information out loud.