Credit monitioring/identity theft companies

[gh4chiefs]

All this talk about the Conficker virus and identity theft, and horror stories of a co-worker, has made me want to take a more proactive approach to identity theft. While I think I do a good job of protecting myself, you still can't be 100% safe. And I realize that one of these services won't be 100% either, but I figure every little bit helps.

So my question is, has anybody here had experience with Lifelock or Experian? I'm sure we've all seen the Lifelock ads but our IT director here said they really aren't that good. He was recommending Experian but he said there are probably knocks against it too.

So what does anybody know about either of these (or other identity theft services)?

Thanks!

 

[John Picard]

They're a sham. They can't do anything that you cannot do yourself. If you're big into worrying about your credit score and all that, get a copy of your credit report every year and verify nothing is out of the ordinary. Put freezes on accounts, inquiries, and all that. I read an article where the CEO of LifeLock has had is SSN stolen *at least* 11 times since he started blabbering it all over the airwaves.

Also, destroy old statements, checks, and the like that have account numbers on them by either shredding or burning. Don't fill out the questionnaire portion of warranty cards, because that information is sold to companies that inundate your mailbox with offers.

 

[gh4chiefs]

Yeah I had heard that about Lifelock which is why our IT manager suggested Experian. I'm not terribly concerned about my credit score per se, but I just don't want to go through what a co-worker is going through if I can avoid it.

Long story short, somebody in FL stole his SSN and he's had all kinds of trouble with the IRS trying to get his tax refunds, etc. It's gotten so bad the IRS has told him to go to Social Security and try to get another number. I'm not sure if that's even possible and what kind of other issues that will cause him.

I actually do shred everything and I feel pretty good about what I do on my end, however, you never know when a legitimate company you deal with is going to be compromised. For example, I recently got a new debit card from my bank because their database had been compromised on their end. So even if I do things "right" I still can get hammered, which is why I'm looking for even more protection.

 

[John Picard]

Yeah I had heard that about Lifelock which is why our IT manager suggested Experian. I'm not terribly concerned about my credit score per se, but I just don't want to go through what a co-worker is going through if I can avoid it.

Long story short, somebody in FL stole his SSN and he's had all kinds of trouble with the IRS trying to get his tax refunds, etc. It's gotten so bad the IRS has told him to go to Social Security and try to get another number. I'm not sure if that's even possible and what kind of other issues that will cause him.

I actually do shred everything and I feel pretty good about what I do on my end, however, you never know when a legitimate company you deal with is going to be compromised. For example, I recently got a new debit card from my bank because their database had been compromised on their end. So even if I do things "right" I still can get hammered, which is why I'm looking for even more protection.

I just went through that with my Credit Union. Somehow, my debit card info was "compromised" and they sent me a new card with a new PIN. I am very wary in how I used it and always safeguard my info. IMHO, until the Government starts cracking down on how these companies store personal information (i.e. The Social Security Number is *not* supposed to be used for identification purposes), you're basically pissing up a rope. No amount of "protection" is going to help if an employee steals a database, the network is open to hacking, or their document destruction program is lacking.

 

[gh4chiefs]

One of the things I'm running into in researching this on the net is a lot of "He said/she said" stuff. For example this article http://www.wired.com/politics/security/commentary/securitymatters/2008/06/securitymatters_0612

has an opposite take from what some people say about Lifelock, but the problem is, who is the guy writing this and what's in it for him?

What I was hoping to find in this thread was somebody that actually used one of these services and could say "Hey it worked, they stopped some my fraud on my account" or "Hey it doesn't work, I still got my identity stolen."

We can all have opinions about these things, but I like to talk to people who've actually used them, if I can find such a person out here who's willing to share their experiences.

 

[John Picard]

^^ Understood; however, I just view these companies as an entity that preys on people's fears.

 

[gh4chiefs]

And you may be 100% correct. I'm just trying to sort through everything to see if any of them, not just the two I mentioned, actually DO anything at all to protect someone.

I look at this way. It's like car insurance, health insurance, and home insurance. All of those are a complete waste of money . . . until the day you have an accident, get sick, or have a house fire. If any one of these services actually DO provide protection, it's simply another insurance policy that I'm buying. Yeah I'm throwing my money away UNLESS I get compromised. Then I"ll be glad I had it.

But on the other hand, if they don't actually do anything other than take your money, then yeah I'd like to know that too so I can pass them on by.

 

[Robert Maxwell]

Companies that claim to protect you from identity theft really do no such thing. They put fraud alerts on your credit report, which is something you can do yourself. It requires anyone running a credit check on you to confirm your identity, I believe. That's so Joe Identity Thief who has only your SSN can't just walk in somewhere, pretend to be you, and get a loan, financing, whatever.

But, like I said, you can do this yourself and don't need to pay some company to do it for you.

 

[gh4chiefs]

But, like I said, you can do this yourself and don't need to pay some company to do it for you.

As I understand it, when you do so, it's only good for 90 days and you have to renew it. So I guess it boils down to whether or not it's worth paying someone to do this.

 

[John Picard]

But, like I said, you can do this yourself and don't need to pay some company to do it for you.

As I understand it, when you do so, it's only good for 90 days and you have to renew it. So I guess it boils down to whether or not it's worth paying someone to do this.

I don't believe that is true. As I understand it, you can flag your credit report permanently and then ask that the flag be removed.

 

[gh4chiefs]

In the article I linked above it states this:

In December 2003, as part of the Fair and Accurate Credit Transactions Act, or Facta (.pdf), credit bureaus were forced to allow you to put a fraud alert on their credit reports, requiring lenders to verify your identity before issuing a credit card in your name. This alert is temporary, and expires after 90 days. Several companies have sprung up -- LifeLock, Debix, LoudSiren, TrustedID -- that automatically renew these alerts and effectively make them permanent.

Incidentally, this link tells about the author that wrote this article. http://www.schneier.com/

 

[John Picard]

In the article I linked above it states this:

In December 2003, as part of the Fair and Accurate Credit Transactions Act, or Facta (.pdf), credit bureaus were forced to allow you to put a fraud alert on their credit reports, requiring lenders to verify your identity before issuing a credit card in your name. This alert is temporary, and expires after 90 days. Several companies have sprung up -- LifeLock, Debix, LoudSiren, TrustedID -- that automatically renew these alerts and effectively make them permanent.

Incidentally, this link tells about the author that wrote this article. http://www.schneier.com/

If I were you, I'd call the credit bureau directly and ask. You can even go to the appropriate website and find out for yourself. Here's something I found an Experian's Site.

 

[gh4chiefs]

That appears to confirm the 90 day aspect of the fraud alert. I guess the question becomes does the fraud alert actually do anything, and if so, is it worth paying a company to automatically renewing this for me.

Isn't technology grand folks? It makes parts of our lives a lot more convenient, but in the process it brings on a whole new set of headaches.

 

[jefferiestubes8]

Lifelock or Experian? I'm sure we've all seen the Lifelock ads but our IT director here said they really aren't that good.

I haven't purchased any ID theft insurance myself but the guy that Catch Me If You Can (2002) the film was based on Frank W. Abagnale, wrote in his book "Stealing Your Life" (c) 2007 that identity theft insurance is a joke.
He only endorses PrivacyGuard/Frank
https://www.privacyguard.com/global/scripts/promo.asp?ref=pgFRANKAplat01

 

[Luckyflux]

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