Hello, viewers! Today we are going to talk about the identity theft protection company, LifeLock. Stay tuned for the advantages and disadvantages of this service and hopefully by the end of this overview you will know whether or not LifeLock is for you.
What is LifeLock?
LifeLock provides credit monitoring and personal information protection to prevent you from being the victim of identity theft or fraud. Besides monitoring your credit, it also scans criminal websites for illegal selling of your personal information, alerts you to any possible identity theft, and tracks your credit score.
In 2010, more than 8 million Americans were victims of identity theft. In today’s virtual world, it’s more important than ever to protect your identity from hackers who could steal your information and wreck your credit. That’s where LifeLock comes in…
What is so great about it?
Number 1: It lowers your chances of having your identity stolen. With constant monitoring, LifeLock can recognize when someone else is attempting to use your personal information. It will then notify you via email or phone so you can deal with the issue before it becomes a debacle.
Number 2: It will help you replace the contents of your wallet if it is lost or stolen. There are few things in life worse than losing your wallet then frantically trying to cancel all your cards and get a new license. LifeLock will help you cancel and/or replace the contents and stop fraudulent charges.
Lifelock covers your credit and debit cards, driver’s license, Social Security card — although this should NOT be in your wallet to begin with, insurance cards, and checkbooks. Obviously, it can’t replace cash for you.
Number 3: It watches the “black market”. LifeLock watches over 10,000 criminal websites to make sure your personal data isn’t being sold or traded . That black market is a shady place! Private data, harvested organs…I think I’ll do my shopping elsewhere.
Number 4: It has a $1 million service guarantee! Should you become a victim of identity theft, even after all of LifeLock’s precautions have been taken, it will spend up to $1 million to hire experts to help your recovery. Yes, $1 million! Silly LifeLock, I’m not worth that much! My identity will be promptly returned once the thief lays eyes on my debt load…
Number 5: It will reduce your credit card offers. You know all that junk mail you receive with pre-approved credit cards? Pro tip: these are not the best credit cards on the market, so don’t accept them! LifeLock will request that your name be removed from many of these mailing lists, leaving you with a less cluttered mailbox and the Earth with a few more trees.
Why isn’t it great?
Number 1: You can do a number of these things for free on your own! LifeLock asks the credit bureaus to set fraud alerts on your behalf. But you can actually do this yourself. Contact one of the three major credit bureaus and request this, it will notify the other two for you.
You can also easily get your name removed from pre-approved credit card lists. Just go to www.optoutprescreen.com and take your name off the lists for free. Likewise, you can order your own free credit reports, one free report from each of the three bureaus annually.
Number 2: Those black market sites aren’t getting shut down. While LifeLock does notify you if your information comes up on an illegal website, it doesn’t try to get the site shut down. It will give you tips on how to proceed, but LifeLock won’t actually interfere.
Number 3: A credit freeze would be easier. If you aren’t planning on applying for new credit in the near future, you can always just freeze it. Then absolutely no one can apply for new credit under your name. That was easy!
If you have ever filed a police report or a FTC complaint for identity theft, you can freeze and thaw your credit for free, for life. If you haven’t been a victim of identity theft, you will pay a small freeze fee which varies by state.
How much is it?
You have the option between LifeLock and LifeLock Ultimate:
LifeLock is $10 a month or $110 a year. It includes the $1 million guarantee and identity theft protection. LifeLock Ultimate is $25 a month or $275 a year. It includes extra features, such as: 24/7 online access to your monthly TransUnion credit score, daily monitoring of the three credit bureau reports, and checking and savings account application alerts.
Now that you know what LifeLock is all about, I hope that you can decide for yourself whether or not it is the best identity theft protection for you. Please let us know in the comments if you have ever used LifeLock or any other identity theft protection service and what you thought of it. Have a great day!