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July 22, 2009


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The LifeLock CEO did have his identity stolen:

And his response about what LifeLocks system guarantees was quoted in the above article:

“No one can stop all identity theft. We say that on our Web site. We even tell people some of the steps we do that they can do for free. But we also tell them they need to know their rights to put this front line of defense in place to minimize their risks.”

“What we guarantee is that if something happens, we’re going to do everything the law allows us to do to fix the problem for you."

I put a fraud alert on my credit reports at least 7 years ago (due to mysterious $4,000 cell phone bill that arrived one day) and it seems to still be in effect to this day - anytime I open a bank account, when I recently bought a car, I still get the security call for verification. I don't believe I have a credit freeze, because I have no PIN, they just call and ask 20 questions, then I can proceed with my transaction. I thought the fraud alert would fall off but it never did. Only down side is to get a copy of my credit reports, I have to send in some paperwork, I can't do it online.

Lifelock's CEO has had his identity stolen at least three times.

As soon as you notice a problem, call your credit card company. They are interested in keeping you as a customer so don’t wait until you’re in too deep. Talk to them and they will often work something out with you. Fixing problems early is a key to minimal damage to your fico score.

Wanted to comment on this: "The alert only lasts 90 days, but during that time lenders have to verify your identity before they can issue a credit card in your name." That isn't true. Lenders do not HAVE to verify your identity before they issue credit in your name - the alert is advisory - lenders are free to ignore the fraud alerts.

I know this, because I had my identity stolen, placed fraud alerts with all 3 bureaus, and verified that the alerts were on my credit report. Soon after, I was applying for an auto loan, and I shopped around a few different lenders. Out of the 6 or so that pulled my credit and offered me a loan, only one lender contacted me to verify my identity. The credit freeze is a more effective solution if someone is actively trying to use your information.

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