Identity Theft Protection

[Anonymous]

What is the best way to protect yourself from identity theft?  

I saw a commercial about a service recently (http://www.lifelock.com/) and not sure whether or not this is a good investment or if simple monitoring of credit reports on a regular basis is all you need.

I am inquiring about this on behalf of my mom.  She is not looking to obtain any new credit in the short or long term. She opted out of offers in December.

I also don't know what is the best way for her to obtain her credit reports as she will not provide her ss # over the internet or telephone.

I would appreciate any feedback/suggestions/recommendations you have.

[braznyc]

Oh my goodness it's like you read my mind. I was going to come and post a similar topic about Lifelock, saw a commercial while watching Lifetime (yes I watch "that" channel lol).

I googled them a bit and read a very interesting article on tech crunch

Tech Crunch article

Anyways they seem to do more than just monitor, but I'm still doing my research, I'm sure someone else knows all about them or has used them.

[Anonymous]

Oh my ................. I should have googled this co prior to posting.

Thank you !

[SmartCookie]

I had seen a 30 day trial for LifeLock about 2 months back, so I decided to see what the company and commercials were all about.

They don't do anything or renew anything that you can do for yourself or your kids.  And for the $120 savings, you can even have a nice fancy dinner out with a friend.  Wine and gratuity included.

It's a Fraud Alert, or Freeze if your state allows it.

Opting out of pre-approved/screened credit offers.

Opting out of Direct Mail promo marketing.

Annual credit reports (I am betting FACTAs)

They do offer a Wallet Lock service, but if you have AMEX you have that anyway... and there are other cards and services that do this for you.  This is where you make 1 phone call if you have lost or stolen cards, and that services contacts any or all of the companies to advise them.

The 1 million dollar service guarantee is so legally well stipulated, no one will ever collect on it.

Now, the funny part.  Do your own googling, there is always urban legend and rumor out there...

The CEO, Todd Davis, has already been a victim of ID theft since posting his SSN on the commercials.  Among other things, someone apparently used his info to get a check cashing loan in Ft. Worth.  I believe he has recently stepped down.  Another of the company's founders, Robert Maynard, is a suspected ID thief with a shady financial and criminal past.

I don't think I'll be giving their company my SSN!

The idea for the company is great though and I wish I thought of it.  At the very least, it is making people who were not aware of their own personal ID safety now curious about it.  I think they are getting 3k new subscribers a month.  I'd rather some 75 year old grandma toss $120 a year for this type of service (not knowing she could do it herself) then wind up being an ID theft victim.

Message Edited by SmartCookie on 01-06-2008 08:23 PM

[Anonymous]

Thanks Smart Cookie !

I read through the articles and agree that there is no way I would give such a company my hard earned money.

Any advice about the most secure way to request Credit Reports?     My Mom will not enter her SS # on line or over the phone.     What other option does she have to obtain her reports?

[SmartCookie]

She can fill out the appropriate forms for each CRA and get them thru the mail.

In my opinion the safest way would be by phone, followed by internet, ending with mail.

I know it's hard sometimes to deal with parents who are a little 'old world'.  Trust me... I know this!   My best success has been to start slowly with them as sometimes they become more comfortable with things. 

Have her get her free annuals here https://www.annualcreditreport.com/cra/order?mail

Message Edited by SmartCookie on 01-06-2008 10:02 PM

[Anonymous]

Thank you.

I agree, baby steps are best.

At least I had her "opt out" in December. Even this was a bit of a struggle but her mailbox is full of offers that she doesn't need.  You can opt out without your ss #. It just takes a little bit longer.

I'll work my way up to the ss # over the phone for the credit reports....... She insists that she got her annuals last year without her ss #. Not sure how she did it but it's a new year so we are going through this again.

[Anonymous]

from what i read over at cb the founder used his fathers identity to rack up over 100k worth of debt and left dad holding the bag. funny an id thief selling an id theft protection service.

warning, second hand info so please don't quote me.

[Anonymous]

---

SmartCookie wrote:

It's a Fraud Alert, or Freeze if your state allows it.

Opting out of pre-approved/screened credit offers.

Opting out of Direct Mail promo marketing.

Annual credit reports (I am betting FACTAs)

They do offer a Wallet Lock service, but if you have AMEX you have that anyway... and there are other cards and services that do this for you.  This is where you make 1 phone call if you have lost or stolen cards, and that services contacts any or all of the companies to advise them.

---

Cost of Fraud Alert:  $0

Cost of Security Freezes (if available in your state):  $30

Cost of www.optoutprescreen.com:  $0

Cost of opting out of Direct Mail Marketing Assn lists: $1

Cost of opting out of telemarketing lists (Do Not Call Registry): $0

Cost of getting annual credit reports: $0 (can get a second set free in some states)
Cost of writing down account numbers and phone numbers to call if lost/stolen and storing in a safe place: $0

[jaramill]

Guess I wasted my money then based on these posts!  Should've come to these forums first.   I just paid for the service for 1yr with automatic renewal.  I'll keep it for a year and perhaps cancel.

Gio