Are Credit Bureaus really looking out for you? The answer varies depending on who you ask. A fraud alerter company named life lock does not think so. They strongly believe that Credit Bureaus like Experian are only in the business to enrich themselves at the consumers expense and as such are now facing a lawsuit from Experian who claim that LifeLock has been costing them millions of dollars annually. To give you more insight into the whole issue, here is how LifeLock works. Their services are designed to protect the consumer from ID theft especially as it relates to their Social Security Numbers. They put in place mechanisms that enforce the consumers’ right to control how their identity is used and who uses it. LifeLock is so confident in their service that they offer a $1,000,000 Service Guarantee. This means that if anything should go wrong while using their service, they will spend up to that amount of money to make everything right again.
There are six (6) steps that life lock follows in protecting the consumers’ good name, or identity if you may. These include getting credit bureaus to issue fraud alerts to consumers, getting the alerts automatically renewed every 90 days, requesting that consumers’ names be removed from pre-approved credit card and junk mail lists, ordering free credit reports, canceling and replacing lost vital documents and credit cards, and in case of identity theft spending up to $1,000,000 to recover the consumers’ good name. The extent of the services that they offer has not been rivaled by any other fraud alert organization. This makes them a powerful force to contend with and they have had relatively good success over the years. So where does Experian have a problem in all this? Experian alleges that “credit laws do not provide for a third party to place fraud alerts on behalf of a consumer.