A commercial on TV last night piqued my interest. Life Lock supposedly monitors your credit card use for illegitimate charges, but also actually helps you out if someone steals your identity. As much as I use my credit and debit cards, I figured it might be prudent to sign up for something like that. It's only $9.99 a month for their cheapest plan.
I was all set to sign up this morning but the wife walked in and complained Life Lock might well be a scam in itself, since you're giving them all the sensitive information about yourself. I'd thought of that, but it still seemed fairly legit. At her request, though, I tried to find some reviews of Life Lock from people that might have used them before. I tried Yelp but came up blank. Then I tried Google and came up with this site that seems pretty informative. They seem to think it's legit but question whether it's worth paying for. That's what I wanted to know.
They point out your chances of being a victim of identity theft are 1 in 15. They then go on to point out Life Lock has had its own share of trouble:
"Yet the company got in trouble about 5 years ago for deceptive advertising and having done, ironically enough, a poor job protecting the info they had on you. They entered into a settlement with the states and the feds and restitution followed.
Recently, they reached a settlement with the Federal Trade Commission that will see them pay up to $116 million in fines and penalties."
That doesn't look good. They point out you can also do a "credit freeze" which , "... will shut a criminal down cold when they try to apply for new lines of credit in your name." That sounds as if it could be useful. They also seem to recommend Credit Karma which also advertises on TV. I added their app to my cell phone some time ago but haven't used it yet. I think I'll go there now and see how that works and how lousy our credit is now.
Addendum: Just tried CreditKarma and it says my credit is excellent. Kinda strange, though, as they asked who I owed money to and the options I was given for answers weren't any business I was aware of.
Any of you had any experiences, good or bad, with these credit protection outfits?