20 Jun

The Lifelock “Guarantee”: Talking Out of Both Sides of Their Mouth

Here and on WalletPop.com (AOL’s personal finance site), I’ve been discussing a company called LifeLock. They purport to help people prevent identity theft. They’re slick marketers and they’ve really capitalized on people’s fears of identity theft. But I don’t like the company or its services.

One of the reasons I don’t like the LifeLock service is because I don’t think it’s worth the money. Consumers can do more for free on their own, than they get from LifeLock. (Their main service involves placing a “fraud alert” on your credit report, which is not worth much to a consumer. They need a “credit freeze” to have a reasonable chance of protecting themselves, and LifeLock doesn’t offer that.)

And the other reason I don’t like LifeLock is because of their “$1 million guarantee.” I don’t think that guarantee is worth a darn thing. Read More