LifeLock Review

Led by its CEO, Todd Davis, who proudly displays his social security number on the company's website, national TV, media ads, and more, LifeLock is company that specializes in Identity theft prevention.

The word here is prevention. This means stopping identity theft before as opposed to after the fact. LifeLock, by all appearances, appears to be the leader in this field.

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Why Do You Need Identity Theft Prevention?

Identity theft is the fastest growing crime in America. The reason is simple; it pays and it's relatively simple to perpetrate. For just a few dollars, someone can buy your name, social security number, credit card number(s), bank account number(s) and other critical information about you and wreck your life.

Some crooks open up new credit lines in your name and then go on spending sprees, of course, without paying a dime. Soon bill collectors will be calling you.

There is also a new breed of identity theft known as synthetic identity theft. This one involves getting bits and pieces of personal information from several victims and then creating a whole new identity. This is the most difficult one to detect.

It is extremely difficult to get back your good name and credit once it has been ruined. People who have been victims of ID theft are almost unanimous to one fact, identity recovery is excruciatingly difficult. It could mean many years of agony.

Does LifeLock Work and How Does It Work?

LifeLock places, through an automated system, a fraud alert on your behalf with all the major credit bureaus. This takes about an hour. The fraud alert is good for three months, and LifeLock will renew it for you before it runs out (unless you inform them not to).

The fraud alert causes the credit bureaus to flag your credit report and include your phone number. From that point you will be contacted each time someone (including yourself) attempts to access your credit file.

LifeLock also places a stop to pre-approved credit card offers that come via junk mail. These offers have been known to be used by identity theft crooks.

They also order free credit reports from each of the three major credit bureaus to mailed directly to you each year.

Among other services, LifeLock also has WalletLock™ that will cancel all your debit/credit cards, traveler's checks, and other documents as well as help you fill out paperwork needed to get new ones. You just need to make one call from anywhere anytime.

Can't I Do All These Myself?

LifeLock is honest enough to tell you that this is something you can do yourself. So, why do you need their service? What's the difference, from doing it yourself?

Well, the difference is that no system is fool-proof. A savvy criminal could still find ways to by-pass or get through the system.

LifeLock guarantees to do all it takes to clean your name, including hiring lawyers, cleaning up your credit file, helping you get new documents including Social Security card, checks, credit and debit cards; paying you moneys lost through the theft, and more. LifeLock guarantees up to $1,000,000.

Comparing LifeLock with Other Services

All the three major credit bureaus do offer credit monitoring, at a charge. Even Freecreditreport.com is owned by one of the bureaus. It is a credit bureau trying to sell you credit monitoring service. Some credit card companies, as well as other companies too offer the credit monitoring. What's the difference?

The difference is that they alert you after transactions have been made on your report, which may be too late. LifeLock contacts you before it happens, therefore stopping the criminals dead on their trucks.

LifeLock is so far (as of this writing) the only service that offers protection for children. Yes, children's identities are prime target as crooks figure that it won't be discovered till they reach 18 years of age.

Are There Any Drawbacks to Using LifeLock?

Well, there are some minor drawbacks. One is that the process for getting new credit gets slowed down somewhat, because of the raised security requirements. The other is that if you're seeking easy-to-get credit so as to build or restore your credit, you will not be able to take advantage of pre-approved offers.

How Much Does It Cost?

With the LifeLock monthly discount plan, the cost is $9 per month per adult and $2.25 per child. The annual plan costs $99 per year per adult and $22.50 per child.

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