Experian Accuses LifeLock - LifeLock Has A Good Chance To Win The Case!
I recently saw the news on CNN regarding lifelock facing lawsuit by Experian. In case you don’t know any of them, Experian plc (LSE:EXPN), formerly known as CCN Systems, is a global credit information group, with operations in 36 countries and LifeLock, founded in 2005, is a personal fraud protection company.
Experian is accusing lifelock of deceiving consumers about the breadth of its protection and abusing the system for attaching fraud alerts to credit reports. Experian has picked a fight with LifeLock, alleging “credit laws do not provide for a third party to place fraud alerts on behalf of a consumer.” In essence, Experian is mad that LifeLock is costing them money by placing fraud alerts for members (it costs them money to set alerts). LifeLock also opt-out members of pre-approved junk mail, etc., limiting the credit bureaus ability to sell customers’ information. From what I saw from the interview with CEO of LifeLock, LifeLock is offering free such extra alert services while Experian charges extra fee. Now Experian seems to be facing hard time getting new customers/subscribers and thus accusing LifeLock. LifeLock charges only $10/month for fraud protection and the fee also include guarantee up to $1,000,000 usage for protection per cient, fraud alerts, and addiitonal services. In fact LifeLock has helped those rare unfortunate customers of theirs who had identitiy stolen. In case of fraud, LifeLock takes care of the settlement fees, investigation fees, lawyer fees, and court fees out of their own pocket and all you have to pay is $10/month for it. Funny thing is even the subscribers accusing LifeLock by taking side with Experian are still subscribed to LifeLock services (even though cancellation is as easy as 1,2,3 and very fast), which means they still enjoy LifeLock’s service.
lifelock services are designed to protect the consumer, at the expense of Credit Reporting Agencies profits, and they are doing their job. CEO even publicly advertise about the company along with his social security number, and have defended successfully for any fraud cases.
By: Kaung
One other thing to note on this subject; the CEO of Lifelock had someone use his identity to get $500.00 at one of these payday loan shark places recently. The CEO said the system still worked because he was immediately notified. Still, it goes to show no one is really safe from identity theft. Best advice, shred everything you don’t need and only give out your SSN when absolutely warranted. But, I am also a Lifelock customer. I would rather have them than not have them on my side.
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