What Should You Know About LifeLock?

LifeLock is a business entity that provides protection for identity theft. It is established in the United States in 2005 and has become the leader in the industry. Identity theft has grown to be a great threat to all Americans, hence, protection services have also boomed.

Identity theft has proliferated with the availability of modern technology. Stealing of personal information became easier with the use of the internet. Thieves use stolen personal information to apply for loans, credit cards and other non-credit related applications like utilities, check orders and reorders and wireless services. Based on reports, the crime committed has increased by 22% in 2008 affecting 4.32% of Americans or 10 million of them. Total loss amounted to $48 billion.

The company has features that not only monitor credit activity but also all service account applications through its Advanced LifeLock Identity Alert system. It advises its members through email, postal mail and sometime by phone anytime the system finds any identity information of its members being used. This system is proactive as it locks down information before thieves can get it.

It assures its members it would repair theft outcomes of up to $1,000,000 should they become victim of identity theft while under membership.

Registration costs $15 a month. The system also includes the following features:

* eRecon. It monitors the internet for any illegal selling of information. It watches over 10,000 criminal websites.

* WalletLock. If a wallet is lost or stolen, a representative would help the member contact each bank, credit card or document issuing company to cancel the accounts and replace lost documents.

* TrueAddress. The company contacts its member concerning request for change of address if the request submitted does not match with various address databases nationwide.

* Free Annual Credit Report. Free annual credit reports will be sent to customers as requested by LifeLock. It would allow its members to review and check their credit transactions.

* Reduced Pre-Approved Credit Offers. Pre-approved credit offers would be minimized due to the removal of the name of its members from various mailing lists.

* 24-Hour Customer Service. The company has 24-hour customer service daily to facilitate reporting by its members. The members could also access its myLifeLock website anytime.

For all its advance features, the company was accused by the U.S. Federal Trade Commission and 35 state attorneys for false claims regarding its services. One of its marketing strategies backfired as it exposed to the public the social security number of Todd Davis, its founder and Chief Executive Officer, wherein somebody was able to use his identity to obtain a loan of $500. In 2008, a credit information company sued LifeLock for fraud and false advertising. The company claimed that LifeLock initiated false credit fraud alerts on its customers to impress them with the necessity of its services.

The company paid $12 million to settle all lawsuits. With the controversy, it is hard to rely only on the assistance of professionals. Awareness of what identity theft is all about and its repercussions may enable everyone to be more vigilant in safeguarding their personal information.

Everyone is familiar with identity theft. That is why they try to secure life lock just to protect them against these perpetrators. They want to feel safe and secure that these people do not touch their pertinent information like their SSS, credit cards and other vital documents. Try TrustedID