The Difference Between LifeLock and Credit Monitoring System
By admin • Aug 20th, 2007 • Category: Identity Theft, LifeLockTo distinguish the differences between LifeLock and typical credit monitoring services, we’ll begin by taking a look at what the credit monitoring services do for you. Every time you make application for credit, sign up for utility services such as electric or gas service, buy automobile insurance, and often when you submit an employment application, a copy of your credit history will be obtained from one of the credit reporting agencies. These files are maintained by the three major credit reporting agencies, Equifax, Experian, and TransUnion. There are other smaller credit reporting agencies, but the huge majority of requests for credit histories are made to one or more of those three.
Credit monitoring companies charge a monthly fee allowing you to view the information contained in your credit report files. As you may know, federal law permits you to receive copies of your credit report once every year for free. You may also get a free copy if you have been turned down for credit. It would seem prudent, however, to be able to check your report more often, in the event that erroneous information gets on your credit report, or the growing possibility of identity theft. It is a well documented fact that a majority of credit files maintained by the big three agencies contain erroneous information. With continuing credit monitoring you are more likely to catch and correct (or at least try to correct) the mistake. It’s worth noting that the most advertised and used credit monitoring services are affiliates of the big three.
What LifeLock does differently is to put a fraud alert on your account with all three credit reporting agencies. You can do this yourself, but will you remember to renew it every 90 days? LifeLock does it for you automatically and continuously. This fraud alert requires any prospective creditor to contact you by phone, at the number you choose, or take other reasonable measures to verify your identity and confirm that the credit application is not the result of a stolen identity. They also take steps to remove you from pre-approved credit lists in order to minimize the likelihood of identity theft by someone obtaining pre- approved credit mailers sent to you.
As you can imagine, LifeLocks’ proactive approach to prevent you from falling prey to identity thieves. In fact, LifeLock is so confident in their system that they guarantee that if you have your identity stolen while using their service, they will make sure that all information is made correct, no matter the effort or cost to them, and stunningly, guarantee to reimburse you for any monetary losses suffered due to identity theft, up to ONE MILLION dollars.
credit monitoring, identity theft, identity theft protection, lifelock, lifelock protection, LifeLock Review, LifeLocks One Million Dollar Guarantee
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I have to say, that I could not agree with you in 100% regarding ference Between LifeLock and Credit Monitoring System | Lifelock Blog, but it’s just my opinion, which could be wrong
Thanks for sharing this with us. I believe ‘Lifelock’ is new term may me more popular recently. Can we link it with web 2.0?
We know it’s difficult to take risk, but Life lock give us more security, good services and more about related life lock. Life Lock improve quality day by day they know they are responsible for our life so they give us good quality service and every day they improve security option to protect people life. Identity Theft Protection Lock
Thanks for the informative post.. and thanks for adding our comment to the blog
Thanks for sharing this with us. I believe ‘Lifelock’ is new term may me more popular recently.
Can someone tell me which credit card is best for booking rail tickets without extra charges?
I have tried online irctc site but no result..!
Let me get this straight:
LIFELOCK (1) renews your fraud alerts at the big three every 90 days, and (2) gets you off those annoying credit card offers so you don’t have to keep chucking them in the recycle bin.
For these admitedly convenient 2 services above and beyond credit monitoring, they are so convinced that (1) renewing fraud alerts and (2) stopping credit card offers is so effective, it’s worth ONE MILLION DOLLARS to anyone for whom these additional 2 services do NOT work!
That’s amazing. Let’s put on our thinking caps, people, to quip my third grade teacher, and THINK. Instituting no expiration date on fraud alerts by the big three, and outlawing unsolicited credit card offers, is worth ONE MILLION DOLLARS to the global economy! This is simple math, a “cold equation” that any educated college kid who squeaked by to get his diploma can extrapolate from this Lifelock Blog article.
Now, the question begs, if requiring fraud alerts and allowing them to expire in 90 days, and allowing unsolicited credit card offers, are worth a million dollars per consumer, they WHY hasn’t Congress acted? I know, I know, they’re dumber than rusty doornails! They don’t know diddly squat about how to protect taxpaying citizens from identity theft. That is why LIFELOCK comes to the rescue to consumers.
Therefore, using basic reasoning skills that many readers of this article and its comments (like this one) lack — perhaps they figured as I almost did, “I’ll get rich and cut to the chase, I don’t need no college pigskin on my resume!” — it stands to reason strictly from this article that:
(1) I can renew my fraud alerts myself every 90 days. I know, I have.
(2) I can simply tear in half and chuck credit card offers into the recycle bin. I know, I fill it up weekly.
Last but not least, if these methods are so powerful that Lifelock Corporation is willing to bet the farm on these methods (by insuring each member for $1 mil) then they’ve done actuary analysis, and confirmed what I believe, that the risk is so miniscule it’s like insuring your house for a meteorite strike!