Originally published February 26 2006
LifeLock promises $1 million reimbursement for identity theft victims
by Mike Adams, the Health Ranger, NaturalNews Editor
LifeLock charges $10 a month and offers a $1 million reimbursement for any damages suffered from identity theft. The company has many services, including 90-day fraud alerts with credit reporting agencies.
Years after victims' identities have been compromised they can still be managing the effects of a ruined credit history, which can cost them bank mortgages or jobs.
Victims can even face jail time for crimes committed in their name by doppelgangers.
An Arizona company called LifeLock promises to relieve those headaches by helping victims halt theft before it happens and clean up the mess after it does.
The company charges $10 a month for its services and offers an unusual guarantee -- a $1 million reimbursement for any damages or losses its subscribers incur from identity theft.
Davis says the company hasn't had to make good on its $1-million guarantee yet because it has been successful at halting identity theft losses of subscribers before they occur.
The company places 90-day fraud alerts with credit-reporting agencies on the subscriber's behalf, and automatically renews the alerts before they expire.
If LifeLock subscribers face difficulty in obtaining credit because of the alert on their file, the company will contact a landlord or credit issuer on the subscriber's behalf to clear up concerns about the alert.
LifeLock also monitors check systems to ensure thieves don't open new bank accounts in a subscriber's name, and it removes subscribers' names from mailing lists for pre-approved credit applications.
Beth Givens, director of the Privacy Rights Clearinghouse, said individuals can do most of what LifeLock offers on their own at no cost.
And LifeLock's money guarantee is a bit of false bravado because federal law protects victims of fraud from paying for financial losses incurred by impostors, she added.
This can be more effective than waiting for a quarterly statement to review activity or relying on a creditor to adhere to an alert and contact you before granting credit to someone in your name.
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