Is Life Lock the cure for the identity theft protection epidemic? Is Life Lock the answer to providing you with peace of mind when it comes to preventing identity theft?
We are going to look at the benefits, features, pros and cons of Life Lock. We are going to review Life Lock and see if it is the solution to identity theft prevention or if you can do the same thing on your own as Life Lock does.
What can Life Lock do for you that you can’t do for yourself? Well, pretty much nothing.
The real question is, do you want to hassle with going through all the steps and processes yourself. Some people thrive on research, seeking out every detail and are just plain DIYers. Others just have so much going on in their lives that they don’t want the additional burden, they just want the security of knowing things are taken care of for them and they are protected, and that is where companies such as Life Lock come into play.
So let’s look at what Life Lock does and how you can do the same thing yourself.
Life Lock – Fraud Alert
First is the fraud alert. Life Lock will place a fraud alert on your credit profile at all three credit bureaus: Equifax, Experian and Transunion. A fraud alert will put your credit profile in lock down mode. No one will be able to open new accounts in your name without your being notified. Any potential credit grantors will be notified that they must verify your identification before extending credit in your name in case someone is using your identity without your knowledge.
DIY – Fraud Alert
Can you put a fraud alert on your credit profile yourself? Sure you can, you must notify all three credit bureaus every three months to put a fraud alert on your credit profile. Fraud alerts come in three flavors:
1. You can put a three month fraud alert if you suspect identity theft
2. A one year fraud alert can be obtained if you are an active military consumer
3. A seven year fraud alert will require you to show proof that your identity has been stolen by submitting a copy of a valid identity theft report to the credit bureaus that you have filed with a Federal, State or local law enforcement agency.
Equifax: 1-800-525-6285 P.O. Box 740241, Atlanta, GA 30374-0241
Experian:
1-888-EXPERIAN (397-3742)
P.O. Box 9532,
Allen, TX 75013
TransUnion:
1-800-680-7289
Fraud Victim Assistance Division, P.O. Box 6790,
Fullerton, CA 92834-6790
Life Lock – Opt Out
The next thing Life Lock will do is request that your name be removed from junk mail lists and pre-approved credit offers. This is one of the main methods identity thieves will use to get a hold of your identity.
DIY – Opt Out
Can you request your name be removed from junk lists and pre-approved credit offers? Once again, yes you can, but you may have to make the request multiple times before you are completely removed. As I am sure you know, advertising is a very lucrative business and companies don’t give up easily on potential prospects.
Listed below is information on the organizations you can contact to have your name removed from various mailing lists.
Credit Bureaus
Keep in mind that the credit bureaus may have different requirements for opting out. You can write a letter to request your personal information not be shared or used for promotional purposes.
The national credit bureaus offer a toll-free number that enables consumers to opt-out of all pre-approved credit offers with just one phone call. You can call 1-888-5-OPTOUT (1-888-567-8688) or you can go to the OptOutScreen website.
Department of Motor Vehicles
State departments of motor vehicles (DMVs) keep a lot of personal information about you. (Take a look at your driver’s license, for example.) The Drivers Protection Act offers you privacy rights concerning your information maintained by DMVs. The law sets limits on how your information can be used. A DMV agency can give out your personal information for things such as law enforcement, driver safety, insurance underwriting, etc.
Recently, an amendment was made to the law which now prohibits DMV from giving out your personal information for other types of uses, including for direct marketing, unless you give them permission.
You should contact the DMV in your state for more specific information.
Direct Marketers
The Direct Marketing Association’s (DMA) Mail Preference Service allows you to opt out of receiving unsolicited commercial mail from various national companies for five years. When you sign up for this service (a $1 fee), your name will be put in a ‘delete’ file and made available to direct-mail marketers. This will only help you for mailings from organizations who use the DMA’s Mail Preference Service. Your registration won’t stop mailings from organizations that don’t use this service. To register with DMA’s Mail Preference Service, go to the DMAChoice org website.
The FTC also publishes a free brochure on Shopping by Phone or Mail. For a complete list of publications, write for Best Sellers, Consumer Response Center, Federal Trade Commission, Washington, DC 20580; or call toll-free, 1-877-FTC-HELP (382-4357), TDD (202) 326-2502.
Life Lock – Free Credit Reports
Life Lock will also order your credit report from all three credit bureaus which are sent directly to you.
DIY – Free Credit Reports
You can also do this yourself. Each credit bureau allows you to obtain one free credit report each year. That will give you your credit report every four months, each time from a different credit bureau. Keep in mind that each credit bureau does not always keep the same account information on file.
Getting your credit report every four months is all well and good to get an overview of your credit score and where you stand. But it is not going to be very helpful in the event your identity is stolen, unless you happen to get your credit report just as an identity thief is going on a shopping spree in your name.
Do it yourselfer’s can go to annualcreditreport.com to get your free credit report.
Life Lock – Replacing Lost Information
Life Lock has a feature they call WalletLock™. In the event your wallet is stolen you call Life Lock anytime and they will match you up with a WalletLock specialist who will help you contact your credit card, bank or document issuing company, cancel your affected accounts and complete any paperwork and steps necessary to replace your lost documents, such as your credit/debit cards, driver’s license, social security card, insurance cards, checkbook, even travelers checks.
DIY – Replacing Lost Information
Can you do all this yourself? You should know by now that the answer is yes. As long as you remember all the cards you have to replace. And you will also have to hunt down all the contact information for each organization you hold cards with.
I don’t know about you, but this feature alone is worth the price to me. Just thinking of going through all that hassle makes my head spin and gives me a migraine. Yes I admit it, I am lazy and I don’t want to go through all that hassle by myself! I want someone holding my hand, walking me through it and making sure I don’t forget anything cause I can guarantee you I won’t be thinking with a clear head.
But that is just me, maybe you have plenty of time on your hands, aren’t bothered by the hassle, are great at research and getting a hold of the right people (and not an answering system), and having all your information stolen just wouldn’t bother you enough to get your head spinning. So if you are a ‘do it yourselfer’ then have at it.
Life Lock – Identity Theft Monitoring Service
Life Lock offers two new identity theft monitoring services that helps you locate any threats to your identity.
eRecon™ spiders websites known for criminal activity associated with illegal selling or trading of your personal information (this includes your Social Security number, credit card number, driver’s license and email address, if you provided it) and alerts you if, or when they find something.
TrueAddress™ keeps tabs on nationwide address databases and Life Lock will notify you if any new address information associated with your name is detected in this database. This alert will help you if a criminal has changed your address to send your new mail to a different location where they can steal your mail easier and get your financial information.
DIY – Identity Theft Monitoring Service
Can you monitor your identity yourself? Maybe, possibly, if you are extremely web savvy, have the right software and tools…but highly unlikely.
Life Lock – $1,000,000 Guarantee
And the last feature offered by Life Lock is the famous Life Lock million dollar guarantee. Life Lock claims if your Identity is ever stolen while you are a member of the Life Lock identity theft protection service they will do whatever it takes to reclaim your good name. Life Lock states they will hire the best lawyers on your behalf. They will get you investigators, accountants, case managers, whatever else you might need to recover your identity. Life Lock also states they will give you back any money you have lost due to the theft of your identity.
Life Lock claims they do whatever it takes and will spend up to $1,000,000 to help you recover your good name.
DIY – $1,000,000 Guarantee
Can you offer yourself a million dollar guarantee? Ah, well, only you know the answer to that one.
DIY vs Life Lock Review Conclusion
Most of the features offered by Life Lock can be had by any energetic DIYer (except possibly the $1,000,000 Guarantee). It just depends on whether you want to deal with all the hassle yourself or not. If your a typical DIYer and don’t mind the hassle, then by all means, have at it.
If you are like many people, don’t have the extra time to deal with the hassle and would prefer some guidance along the way, then you might want to think about using the Life Lock Identity Theft Protection Service, or even another similar service.
We hope this Life Lock Review has been helpful to you. If you are still trying to decide on whether to use an identity theft protection service or if your just not sure which monitoring service to choose, you might want to take a look at our comparison page to get the pros and cons to some of the top identity theft protection service providers that are out there.
Brenda Mohney is founder of Identity Theft Security. Identity Theft Security is a site dedicated to providing identity theft tips tools and resources to help consumers find quality information about identity theft protection.
Identity Theft Security offers reviews of identity theft insurance services, comparisons of identity theft plans and we offer identity theft videos, brochures and free software.