Why Pay for Lifelock when you can Prevent & Monitor Identity Theft for Free?
CC photo by: killrbeez
You may know Lifelock CEO, Todd Davis’s social security number, 457-55-5462. Most people have seen it, as Lifelock has plastered it everywhere as a symbol of their flawless identity theft protection service.
However, before you give in to fear that ‘credit protection’ or ‘identity theft prevention’ agencies want you to have, you should know that there are plenty of solid ways to protect yourself from identity theft that are absolutely, 100% free and legit. In many ways these free identity protection measures go above and beyond the paid services, such as Lifelock (hate to give them free pub), that are out there. Let’s take a look at what Lifelock will do for you (for $10 per month), and how you can achieve the same results for free on your own:
First, we ask the credit bureaus to set free fraud alerts on your behalf. Usually, this is done through our automated systems and the alerts are set within an hour. From time to time there may be a hitch and we have to do the first one manually, usually because they have a different address on file for you. If this happens, we’ll tell you right away and do what needs to be done to get the alerts set. (In case you’re wondering, we don’t charge anything more for this and our Total Service Guarantee is still in effect from day one.)
Free Option #1: Go to any of the three credit bureaus and request this on your own. You only have to do this with one bureau and they will notify the rest. And guess what? No ‘hitches’. Here’s the link to Experian’s fraud alert.
Second, unless your circumstances change and you tell us not to, every 90 days or so we ask the credit bureaus to do it again. You can do this for free if you’d prefer, but we make sure it gets done and that it gets done right. That’s where the oil change analogy we were talking about kicks in.
Free Option #2: In this case, the ‘oil change’ is simply putting four dates on your yearly calendar to renew after 90 days.
Third, we request that your name be removed from pre-approved credit card and junk mail lists and we keep making the requests as they expire. Statistics show that this is one of the many ways that thieves hijack identities. Plus, all that mail is just so irritating. Many of our members tell us that this alone is worth the price. If you are a do-it-yourselfer, you can do this for free, but why not let us do it for you?
Free Option #3: Do you see the recurring theme in even their own benefits - ‘you can do this for free’? In this case, you can do this for free at optoutprescreen.com.
Fourth, we order your free credit reports on your behalf from the major credit bureaus and they are sent directly to you. We do this every year. You can also do this yourself for free (Pennzoil anyone?).
Free Option #4: You can do this on your own for free at annualcreditreport.com. See my post on how to take advantage of this - ‘Smart Planning will get you 3 Free Credit Reports Per Year’.
Fifth, hassling with lost or stolen wallets is no longer a problem with WalletLockâ„¢. If ever your wallet goes missing, just give us a call - anytime, anywhere - and a WalletLock specialist will help you contact each credit card, bank or document issuing company, cancel your affected accounts and complete the paperwork and steps necessary to replace your lost documents*, including your credit/debit cards, driver’s license, social security card, insurance cards, checkbook - even travelers checks - at no additional cost.
Free Option #5: It’s not really clear how much work the Walletlock ’specialist’ will do, but again, these are all things you can do on your own with a few phone calls. The disclaimer goes on to state that they don’t cover document fees, cash, or anything else.
Last, but certainly not least: If your Identity is stolen while you are a member of LifeLock, we’re going to do whatever it takes to recover your good name. If you need lawyers, we’re going to hire the best we can find. If you need investigators, accountants, case managers, whatever, they’re yours. If you lose money as a result of the theft, we’re going to give it back to you.
We will do whatever it takes to help you recover your good name and we will spend up to $1,000,000 to do it.
We don’t think you will see a guarantee like this anywhere else from any other company. If you do, let us know because we’d like to do business with them. There isn’t much fine print in our Guarantee. To see the details, click here.
If you have a reason to think that you will become a victim of Identity Theft, we can help you stop looking over your shoulder, because we’ve got your back.
No free alternative to this one, but the bottom line is that it may be a guarantee that they don’t back up. According to Rob Carey, a lawyer representing consumers in a class action lawsuit against Lifelock:
“The fine print in this $1 million guarantee is so limiting, we think it is almost worthless,” said Rob Carey, partner in the law firm Hagens Berman Sobol Shapiro, who is representing consumers. “LifeLock buries the truth beneath a pile of inconsistencies and disclaimers so deep that we believe the intent is to mislead consumers so they don’t make claims.”
So, are you willing to pay $10 per month for free services for the right to give your social security number to a company that you may not be able to trust?
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Another great post, G.E! The Pre-approved credit junk mail tip alone made it worth the time to read.
Hey Michael, it definitely cuts down on time wasted sifting through as well as it saves a few trees over your lifetime, I’m sure.
Save a few trees? Tree hugger!
Good post, nice site. I will definitely be back to read more.
I couldn’t agree with you more with regards to LifeLock which incidentally is being sued for misleading customers. However, identity theft cannot be prevented. What LifeLock, Transunion, Experian and the rest neglect to tell you is that financial id theft accounts for less than 30%. None of these protect against Social Security, Medical, Criminal or Motor Vehicle identity theft and none of them offer restoration which is by far the most critical and costly component for a victim.
@ Trevor - all in good conscience, my friend.
@ Duane - The fraud alert feature that you can activate does make it so if someone attempts to create a new credit account with your SS #, you must first be contacted by phone - but you are correct, there’s a lot of theft out there that you sometimes cannot prevent.
Now that I’m a subscriber G.E., I look forward to more postings with regards to identity theft. All the best.
I am really surprised that in the 21st century many people don’t really know what identity theft is. Rather, they get tiny clusters of information and piece it together to come up with something truly strange. Most of my 20 something friends don’t even know that they can obtain a free credit report at http://www.annualcreditreport.com or when they are denied for credit.
Great info!
We know it’s difficult to take risk, but Life lock give us more security, good services and more about related life lock. Life Lock improve quality day by day they know they are responsible for our life so they give us good quality service and every day they improve security option to protect people life.
Everyone has been told they can do what lifelock is offering for a monthly fee for themselves but the risk is doing it right. I used http://www.optoutdetectives.com because for 40.00 they gave me all the letters I needed and links to various opt out websites (even the ones lifelock charges for and more) They even have a checklist on how to do it. I no longer have a monthly payment and I’m actually protected better because I have a credit freeze. The company was designed by police officers. Think about who you call when you become a victim. I think they have some inside knowledge.
Here is another resource on identity theft. Make use of it too. I have been a victim of this identity theft, Please dont be the next victim.
raymond- good info on opt out detectives. i used them. i actually called them and asked to talk to one of the officers. i wasn’t sure on all the terms and ways to protect your identity but found them to know their stuff and anwsered my questions. i now agree anyone can protect themselves but they just made the paper process and weblinks easier to complete without worry it was being done right.
[...] Why Pay for Lifelock when you can Prevent & Monitor Identity Theft for Free? [...]
i am one of those 20 something girls who doesnt know how to completely protect myself for free on my own because was never taught what my options were and how to find them. i think alot of people who are in their 20 somethings and take this opportunity to sign up for something such as lifelock are doing it because lifelock already claims to know how to go about it and they know the steps to take. i dont even know what i would look for if doing this by myself. now im not saying lifelock is a good idea im glad i didnt sign up for it. but now that i have not is there anyone out there who DOES know ALL the steps in doing it for themselves and how to get it done. im only 28 and i have been a victim twice and the first time i was only 9 mos old. in 1981 someone wrote a bad check to toys r us using my social security number to open a bank account and i was only born in 1981 im pretty sure i didnt write that check.
@Amber - I just highlighted all of the steps in this post - did you read it? =)
[...] Why Pay for Lifelock when you can Prevent and Monitor Identity Theft for Free? Free Google Docs and Excel Personal Budget Planner Spreadsheets! Leave a comment! [...]
Thanks for the post. I was just considering signing up for the annual plan with a 10% discount, but now it looks pretty useless. I’ll spread the word not to sign up.
I have to say I know more than I would like to know about the world of Identity theft. To date though the most complete work on getting the word out on the epidemic possibilities of Identity theft is the book: The Silent Crime by Michael McCoy. A must read for anyone who knows the warnings of these posts and want to take responsible possitive steps to protecting themselves from all 5 areas of Identity theft!
Wow, great resource. I’ve been a victim of identity fraud in the past and will most certainly bookmark this page.
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