Identity theft is a huge problem, especially where credit is relatively easy to obtain. Instead of stealing your credit card number, the thief steals your identity—your personal information—and then applies for a credit card or loan in your name. A few weeks later, after the thief maxes out the line of credit, the bank sends you the bill—and insists you pay it.
Although the U.S. has laws saying you don’t have to pay for transactions as a result of identity theft, the burden is on you to prove that you weren’t the person who applied for the line of credit. This guilty-until-proven-innocent process requires spending hours on hold, getting notarized letters, and filing a police report—which can take dozens of hours and cost hundreds of dollars of your real money.
LifeLock is the solution to the problem. They work with credit reporting agencies to track who is applying for credit in your name. They force banks to go through extra steps to verify your identity and they even offer you insurance in case something gets through their security—if they don’t prevent the fraud, their specialists will do all of the calling and paperwork for you for free.
Below is the personal experience of one of our editors, David
Several years ago, my employer hired a summer intern for our human resources department. The intern downloaded the company personnel database and disappeared. That database had all of our social security numbers, addresses, birthdates, and other personal information. The company—a non-profit hospital—realized that the intern was probably going to sell the information, so they bought subscriptions to LifeLock for over 5,000 current and former employees—including me.
Activating my subscription was an easy one-time process. I had to give LifeLock my social security number and other information. They ordered credit reports for me and then put a security lock on my credit report accounts with the three big credit report agencies. Whenever somebody tried to give me a line of credit, they had to inform LifeLock and LifeLock would inform me.
The affect was immediate and noticeable—the number of credit card offers I received in the mail dropped to zero as nobody wanted to deal with LifeLock just to send me junk mail. But after awhile I grew used to the empty inbox and forgot I had LifeLock. It didn’t change how I did everything day to day, and all of my current credit cards and bank accounts continued to work just fine. But then, one day, I went to the bank to apply for a new checking account. I went through all of the usual steps until the clerk stopped and asked, “do you know you have a credit lock on your account?”
I was surprised—but then I remembered LifeLock. I told her yes, I knew, and she called LifeLock to get their permission to give me an account. After they asked her a few questions, the process then returned to normal, but I know that LifeLock would’ve stopped an impersonator from opening an account in my name.
Although I got LifeLock for free, I highly recommend it to anyone who wants to keep their identity safe and their credit rating clear.
The truth about the "$1M Total Service Guarantee"
Don't read it in the wrong way, they will not pay you 1 million dollars. They will spend up to $1 million to hire experts, lawyers, investigators, consultants and whoever else it takes to help your recovery, if you become a victim of identity theft. And there are some other restrictions apply, Click here to learn more about their policy.
So, if you’re serious about protecting your identify, LifeLock is the service you need.