We’ve all seen the Lifelock commercials featuring CEO Todd Davis and his social security number. He claims that his company will protect you from identity theft and also remove you from junk mail lists. And if someone were to happen to still steal your identity, they have a $1,000,000 guarantee. It’s “so good” that topconsumerreviews.com states:
If you are concerned about identity theft, LifeLock will put your mind at ease. By taking the steps necessary to protect your identity, LifeLock provides a strong defense against identity thieves.
As part of their identity theft “prevention” they provide the following services:
- Send fraud alert notification to the credit bereaus- This places an Initial Security Alert on your credit report for 90 days. When potential creditors process a credit application to your name, they are required to verify your identification (usually by calling over a phone number) before approving your application. After that alert expires, they send in another alert to continue for another 90 days. This is something you can do entirely on your own for free.
- Opt-Out from junk mail lists and pre-approved credit card offers- This basically takes your name and address off of mailing lists that companies buy to send their advertisements to. This is something you can also do entirely on your own for free.
- Order free credit reports-Remember the bad lip syncing on the free credit report commercial? You can obtain your free credit report once every 12 months entirely on your own for free
- Notification of lost wallets-They will basically call every company that has a card in your wallet, call your bank for checks you have, and call the appropriate government office for replacement drivers licenses and social security cards to have what was in your wallet deactivated and to have new ones sent. This doesn’t include cash, photos or “other monies,” so really, you would be in the same situation you would have been in without the service. You can do all of this entirely on your own by calling the appropriate institution yourself. All you pay is whatever the independent institutions charge for such replacements, and you would have paid this had Lifelock assisted you with this too.
- Monitor “known criminal websites” that sell or trade personal information-Any idiot can accomplish this by searching entirely on your own for free
- Monitors national “address databases” for change of address requests-Too bad the USPS already thought of that one.
A little bit of independent research shows that this company is hell-bent on getting your money to do something you are easily capable of doing yourself. Oh, and the $1 million dollar guarantee? You don’t get any money back if someone steals your identity without your knowledge, they agree to spend up to $1 million dollars to “pay professionals to assist in restoring any such loss or recover such expenses, as required, provided however that the maximum limit of our Service Guarantee is $1 (one) million per lifetime for all incidents in the aggregate.” Yet another example of a conveniently worded advertising point that implys one thing, but really means another. You don’t actually get any money from them, you have to hope that their hired professionals, that they choose, will help you go through legal methods to get it back.
Congrats Todd! Your company helps supplant the lack of proactivity in the United States! Once again, we can pay someone else to take care of it, and even then it’s entirely something anybody could do themselves, mostly for free. And you don’t even give as thorough of a protection as you imply, you only “protect” against credit card fraud. I welcome you and your company to the Bullshit Corporation List!