My Thoughts On Life Lock and Identity Theft Protection

I remember when Life Lock first started out — they used to take out big ads in the WSJ (circa 2007).  Their CEO was a bold man — Todd Davis.  He would put his full social security number in those ads and say — go ahead and try me.     I remember there were some years after that when  people sued Life Lock, said they were a scam.  Then the credit bureaus stopped wanting to partner with Life Lock.   Life Lock did not give up but they evolved (several years back).  They ended up buying into one of the largest credit card processing companies so they could see all the transactions flowing through and this would give them a mechanism to protect you.   However, you have to give them all your credit card #’s and bank account #’s — so they can protect you.  I don’t think that’s a bad thing — for people who really want the service.  My bullet points on them are

-Life Lock is legit – despite some of their past controversies. 

-But customers should not be fooled by their $7.99 a month price they have on lifelock.com right now.  If you look at the cost of the REAL membership with the $1 million protection “Option 3”   — its $42 a month for a husband and wife ($35 / month paid annually)  and $25 / $30 a month if for individuals.  Those are just the first year introductory prices for year 1.  The “true price” for the 2nd year kicks in and is much higher.  I think someone has to really want the protection to want to pay that kind of $$ and you have to want the Norton services, which cannot be separated out.

-Again, you have to give them all account #’s for the protection to work.

-They are now partnered with Norton Anti-Virus — one and the same company and say that this is one of their key benefits.  It might be a great for a Windows computer — but in my personal experience with Mac clients — Norton is awful.  so this isn’t much of a selling point. 

What I do instead…

– I get free copies of my 3 credit reports each  year by the only site authorized by the federal government per a law that was passed about 15+ years ago.   https://www.annualcreditreport.com/   (During this Covid 19 era– they are actually allowing for free WEEKLY credit reports)

– I regularly keep all 3 of my credit reports frozen — and this can be done for free on each of the 3 bureau’s websites.  If i need to apply for credit — I go in and unfreeze the report the bank wants unfrozen.     (By comparison Life Lock only offers locking for one bureau)

-With my approach, I don’t have an “insurance” policy protecting me or monitoring of all my credit card purchases.  I check all of my banks online regularly. 

So bottom line — I think Life Lock can be great if you want all the hand holding or if you think you need all of the hand holding.  However, it can be very expensive.  Check around for other identity theft insurance without all the software if you think you need this.   More affordable options are Zander Insurance and Identity Guard.  These two companies and Life Lock offer US based phone support when needed.