Experian, one of the three credit reporting companies in the United States is suing LifeLock over fees that it says are costing their company a great deal of money. LifeLock charges $10 per month for a person to have fraud alerts set on all three credit reporting companies including Experian. They provide other services too such as removing your name from pre-approved credit card lists, order free credit reports for you, provide a $1,000,000 guarantee if your identity is stolen, plus more.
LifeLock clearly states that most of their services are free but that they are time consuming and require a lot of paperwork to complete them. Experian’s claim is that LifeLock’s fraud alerts are being used improperly. They assert that fraud alerts are only for people who have reason to believe they are victims of fraud or may become victims.
Experian leaves out this important information – they also sell some of the same services as LifeLock. So is it that they are losing money over the high alerts set in place by Lifelock or is it that they are losing money by a company that has made identity theft and the way to stop it a household name?
Inquiring minds want to know.
I just recently enrolled in Lifelock. I think what they’re doing is phenomenal. I want credit card companies to stop sending me crap. I don’t want just anyone to be able to take over my credit. If I have to place a fraud alert on my account to do this, then so be it. I hope they make huge inroads that make it increasingly more difficult for the credit card companies to inundate consumers with their crap.
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