Friday, June 13, 2008

Member questions on LifeLock

There have been a few member inquiries about LifeLock and media reports of pending litigation. The litigation cases had been reviewed prior to offering the discounted service to the membership. One of the three credit reporting agencies, Experian, filed a lawsuit in February 2008. I have included a link below that has information about the Experian suit. In my opinion, the Experian lawsuit is more about Experian losing money from a larger number of consumer credit files being blocked by the LifeLock service. Members are encouraged to read the linked article and formulate their own opinions about the service.

I view LifeLock as a beneficial service. Yes, some of the services provided by LifeLock can be obtained for free directly with the credit reporting agencies but they would also require continuous manual updates every 90 days by the consumer with each of the three credit reporting agencies. LifeLock manages these multiple steps for the consumer. Credit reports are used as a tool in decisions involving extension of credit, employment, new accounts, rental agreements, and insurance products. If someone applied for an apartment rental in another state with your name and social security number, would you know about it? With LifeLock, you would.

Click HERE for the link to an article about the Experian lawsuit.

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