How to Use LifeLock

Guide Note

If you find yourself overwhelmed by terms such as "credit reports," "fraud alerts" and "identity theft," a third-party security service may be right for you. In How to Use LifeLock, learn about how one company helps clients guard against the pitfalls of the Information Age.

Introduction
Enrolling in LifeLock
Basic LifeLock Services
Services Unique to LifeLock
Conclusion
References

Identity Theft Protection Tips

Give your Social Security number only when absolutely necessary, and ask to use other types of identifiers.
Shred your charge receipts, checks and bank statements, expired charge cards that you're discarding and credit offers you get in the mail.
Place a “Fraud Alert” on your credit reports, and review those reports carefully.
Visit OnGuard Online, a partnership between the Federal Trade Commission, Department of Justice, Homeland Security and IRS, designed to inform consumers of how best to protect their personal information online.

Disclaimer

This page's content is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

by Joy Alger

Introduction

The words "identity theft" are enough to strike fear in the heart of any American. The Information Age, despite all its advantages, has brought with it ample opportunities for criminals to take advantage of unsuspecting consumers. Through both the Fighting Back Against Identity Theft and OnGuard Online websites, the Federal Trade Commission trains consumers on how best to protect themselves from identity theft. If, however, you are not the kind of person who will remember to check your credit reports periodically or call to have yourself removed from junk mail lists, a third-party service, like LifeLock, can help.

IMPORTANT: Be aware that no service can offer complete protection against identity theft. Even LifeLock's pitchman was a victim.¹

What Is LifeLock?

(Photo by Steve Woods)

LifeLock is an identity theft protection agency with nearly one million subscribers.² ³ Though many of the services LifeLock offers its subscribers are things you can do yourself for free, like checking your credit report, setting fraud alerts or calling your credit card company if your wallet is stolen, you can pay LifeLock for the convenience of having these things handled by one company. LifeLock does offer other services that you would have to pay for elsewhere, like scouring databases for the illegal use of your name or having your personal information removed from pre-approved credit card mailers.

Similar Services

LifeLock isn't your only identity theft protection alternative. Take the time to compare the services offered by LifeLock's competitors, or minimize your risk by following the advice offered by the Federal Trade Commission, which has set up a special website devoted to fighting back against identity theft.⁴ ⁵

Companies which offer services to similar to LifeLock's include:

Enrolling in LifeLock

If you do decide to sign up with LifeLock, you'll need to subscribe to the service via the company's secure online enrollment form.⁹ You can sign up for either a monthly or annual plan:

The cost of a monthly membership is $10 per month for adults and $2.50 for children.⁹
The cost of an annual membership is $110 for adults and $25 for children.⁹

What You Get

Your coverage begins as soon as your enrollment form is submitted. At that point, you are entitled to all the benefits of any LifeLock subscriber, including services such as WalletLock and the others outlined below.¹⁰

Dissatisfied customers may cancel their LifeLock subscriptions at any time by calling 877-543-3562.¹¹

Basic LifeLock Services

(Photo by sanja gjenero)

The following section outlines those services which you can do for yourself, but which LifeLock consolidates and manages for subscribers. If you would like to learn how to activate fraud alerts, eliminate junk mail, procure credit reports and account for the contents of a stolen wallet or purse on your own, visit the Federal Trade Commission's Fighting Back Against Identity Theft site or Mahalo's pages on How to Get a Free Credit Report and How to Recover from Identity Theft.

Activate Fraud Alerts

Upon signing on as a LifeLock client, one of the first things the company does is set up fraud alerts on your credit report for you.² The basic function of a fraud alert is to ensure that potential creditors go the extra mile to make sure that whoever applies for credit in your name is, in fact, you.³

Approximately every 90 days, LifeLock will renew a request to credit bureaus to set fraud alerts so that they don't expire.² Requesting fraud alerts is free for any consumer; you are essentially paying LifeLock to do it for you as a convenience.¹²

Limit Junk Mail and Credit Card Offers

Many experts suggest shredding junk mail, including credit card applications, because thieves can use discarded mail to steal one's identity.¹³ LifeLock will have clients' names and addresses removed from junk mail and pre-approved credit card lists.¹⁴

Obtain Credit Reports

Yet another service provided to Lifelock subscribers is the regular procurement of credit reports. Free credit reports from agencies such as TransUnion, Experian and Equifax can be issued to anyone at no cost, but it's done for you through LifeLock.¹⁵ ¹⁶ ¹⁷

A credit report will tell you what activity, such as loan applications, has taken place in your credit history.¹⁸ If there is a discrepancy or evidence of identity theft, you'll know right away.

Account for Lost Wallet or Purse Contents

Reporting and trying to recover items from a lost or stolen wallet can add more stress to an already stressful situation. In the event of a lost or stolen wallet, LifeLock customers have the help of a customer service specialist to report missing credit cards to their respective companies.

This feature, called WalletLock, also manages the paperwork for obtaining replacements for your driver's license, Social Security card and checkbook so you don't have to.¹⁰

Services Unique to LifeLock