Tuesday, January 15, 2008

Prevent identity theft with Lifelock

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I came across this unusual service that claims to protect your online identity, mainly credit card fraud. If you frequently use credit cards to pay your bills online or conduct any monetary transaction, then you should certainly look for such services as offered by Lifelock.

Even though identity theft can occur through various ways, the most common way of identity theft involves the illegal use of credit cards. Lifelock protects misuse of your credit card by a method they call Fraud alert.

When you signup for their services, Lifelock contacts the credit bureaus to set fraud alerts on your behalf. Once your fraud alerts is set creditors, lenders, or any prospective users of your consumer report has to take certain steps to verify your identity before they can:

• Issue new credit
• Increase credit lines
• Arrange loans
• Create new accounts

Verification of your identity usually takes place by directly contacting you over phone and taking other reasonable steps to verify your identity. Only when the creditors are absolutely sure that the person using your credit cards is you, will the transaction take place.

The fraud alert is usually set within an hour of your enrollment where alerts are sent on all of your credit reports at Equifax, Experian and TransUnion. Within a week or two these major credit bureaus sends you confirmation reports showing your alerts are in place.

Lifelock also requests the major credit bureaus to remove your name from the junk mail lists and you should see a drastic reduction in pre-approved credit offers and other junk mail. What a relief! According to statistics, this is one of the most common ways that thieves hijack identities.

Lifelock costs $10 per month or $110 per year per adult.

LifeLock - 30 Days Free & $21 Annual Discount: Enter promo code RD9 on the enrollment page to get 30 days FREE & an annual $21 discount!

Lifelock Official website

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