The Pros and Cons of LifeLock

[Capper]

LifeLock, one of the companies that offers identity-theft protection in the United States, has been taking quite a beating recently. They're being sued by credit bureaus, competitors and lawyers in several states that are launching class action lawsuits. And the stories in the media ... it's like a piranha feeding frenzy.
There are also a lot of errors and misconceptions. With its aggressive advertising campaign and a CEO who publishes his Social Security number and dares people to steal his identity -- Todd Davis, 457-55-5462 -- LifeLock is a company that's easy to hate. But the company's story has some interesting security lessons, and it's worth understanding in some detail.
In December 2003, as part of the Fair and Accurate Credit Transactions Act, or Facta (.pdf), credit bureaus were forced to allow you to put a fraud alert on their credit reports, requiring lenders to verify your identity before issuing a credit card in your name. This alert is temporary, and expires after 90 days. Several companies have sprung up -- LifeLock, Debix, LoudSiren, TrustedID -- that automatically renew these alerts and effectively make them permanent.

The Pros and Cons of LifeLock

[screwballl]

They are all scams... if the criminals have the information, there are way for them to get what they want... these companies are a false hope of protection.
The real problem is the credit bureaus themselves and the story made the perfect point and solution:

In reality, forcing lenders to verify identity before issuing credit is exactly the sort of thing we need to do to fight identity theft.

[dttuner]

Anything and everything that a company like LifeLock provides for you, you can do by yourself... FREE.

I did the same thing with my credit history about 2 years ago.
Simply google "Credit Freeze {name of credit bureau}" for all three bureaus.
Each one has a slightly different procedure, but essentially all the same:

-You mail them a letter requesting they freeze your credit.
-They do so, and respond with their own letter, which contains your unique PIN.
-You can then open your credit history temporarily, anytime you want.

To unfreeze your credit you need all your personal info., plus that unique pin number, plus (in some states) you need to pay a fee. Plus, it takes 3-5 days for the unfreeze to take effect!
At the very least it's P.I.T.A. to do, and most scum won't waste their time trying.

Some states require a small fee to freeze ($15). Some states require a small fee to temporarily unfreeze ($5).
NJ - Freeze free, $5 each time ti temporary lift it.

Personally, I would NEVER advertise my social security number... but I feel quite secure in knowing no one, not even myself, can easily open credit cards, take loans, etc.
Heck... I had trouble unfreezing my credit for a week the last time I wanted to get a new cell phone plan!

You can also remove yourself from getting those credit card offers in the mail, stop all "preapproved" credit checks, put yourself on the no-call list, etc... everything Lifelock and similar companies offer. All free.
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Take a look at this article for more details:
(this particular article is specific to NJ, but I believe you can do it in any state)
How to Freeze Your Credit Files

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EDIT - May I also add, that the reason I chose to do this myself is not only the fact that comapnies charge you $15 per month for a free service... but also that fact that the point of the credit freeze is to protect you from identity theft. So... why go through Lifelock, in effect adding another middle man to the mix, and the possibility of some disgruntled employee selling off my info, with PIN, to criminals?
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[Phosphorous]

I read something a couple of weeks ago that the Lifelock jackass actually got his identity stolen.

[dttuner]

Originally Posted by Phosphorous

I read something a couple of weeks ago that the Lifelock jackass actually got his identity stolen.

Read the article. Someone posed as him, and got a $500 loan from a small loans office who never even did a background check.
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[Capper]

Originally Posted by dttuner

Read the article. Someone posed as him, and got a $500 loan from a small loans office who never even did a background check.
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that person would be fired, probably immediately......With a Wife that been working in a banking environment for years, its unfathomable that there was no check done.

[oldman_gamer]

My CC comp. has called me a few times in the past and asked me if I made such and such a purchase....I said no.They froze my acct.for free,issued me a new card in a couple days with new pin sent a day or 2 later, and end of discussion. I have never had a problem and have spent tens of thousands using plastic over many years. I don't need to buy security for it when it's already built in,and I don't need the aggrivation that comes with it. Anyone can check their credit online for free,one time per year......alot of good that does,if you get hacked just after that...IMO.

Watch your "bills" and be stealthy when using your accounts in stores and at the pump etc.Better yet,pay the bill in full when it comes (when possible) or don't even use or have a CC.Pay cash and have virtually no problems.

[Boy'nBlack]

This guy's a shame, just on principle. I don't see that they protect your ID, but lock that alert. That's bogus because we don't all check yearly even though it's free. I guess it would work if you paid the guy and then paid for the regular reports on a quarterly basis or something. But who does that!? The foot work is still up to the consumer and feel they misrepresent what they actually do for the money paid in.

It's not enough to be simply alerted of fraud. Getting things off there takes an act of congress it seems. I regularly have the same exact person showing up on my credit report each time I check. Now that's insane to have the same pair of folks getting mixed up with you for well over 10 years. From the looks of it, neither can pay bills...so probably getting loans based on MY history. It takes a month of calls, maybe some legal filing, and a lot of headache to prove this stuff isn't yours. Ya'll that check your credit know what a pain it is. To do the initial dispute, they give you like a max of 10 letters to state why it's not yours. Have just enough room to say "not mine". Then they look at the same things that got it on there and it remains. Anyway, they alert you that you've been jacked...so what!? That's beans in the aspect of things that comes after that.

[Capper]

People feed on fear and misinformation. Right after the terrorist attacks of 9/11, there were people profiting off the fear by selling gas masks, parachutes (to jump from burning skyscrapers), and survival gear.

The last year has seen a huge rise in identity theft, scams, phishing, etc.......and like always, there are people there looking to profit off the misinformation and paranoia.