Visit CreditReporting.com for your 3 Bureau report  

Home  Top Stories  Sports  Entertainment  Health News  Business  Personal Finance 
Real Estate  Business Finance  Insurance  Consulting 
Tax News  Forum


 

Writers






 


Featured Articles







BUSINESS



 



 
 
Free Report on Understanding Your FICO

 

 


Identity Stolen? Credit Reports are Least of Your Worries.

July 27th 2005

 

Phoenix, AZ –  It seems that every other day another company issues a press release stating that they have lost the financial or health records of thousands or tens of thousands or hundreds of thousands, even millions of Americans.  In many cases, these records contain all of the information a thief would need to completely assume someone’s identity.  After all, it was all of the information they needed to confirm the consumer’s identity in the first place.

 

Most stories provide the same advice:  Get a copy of your credit reports from each of the three credit bureaus once a year.  Check your banking and credit card statements for unusual transactions.  File a police report. Shred your mail.  But credit industry leaders admit that these efforts are too little, too late.

 

That doesn't protect consumers. It's not going to help and the public is starting to learn that," says Thomas Chapman, CEO of Equifax, one of the “big three” credit reporting agencies in the US.

 

Due to ever stronger consumer protection laws, Americans are financially protected from most losses when it comes to damage to credit reports and credit cards caused by a thief.  It’s the other ways a thief can use someone else’s identity that can cause serious damage to a victim’s life.
 

 

 

Take, for instance, the reporter whose twenty-year old checkbook wound up in the wrong hands.  “The thief was bouncing checks all over the place. The problem was, he was using my name and check fraud is a felony.” 

 

Or the Phoenix man whose identity was stolen by a man who went on to commit rape and murders using his name; “Even though he’s sitting in prison, I sometimes feel like I’m the one serving the life sentence,” says the victim.

 

Or the single mom in Houston whose seven year battle with a bank spurred new legislation in Congress. “Although the new law is good, I’m still dealing with the consequences,” she said.

 

“The fact of the matter is simple.” says Todd Davis, President and CEO of LifeLock, a company that says it can prevent ID theft in the first place, “Our identities are so much more than our credit reports.  Until now, there really was no way for anyone to keep their identity safe in the first place. That’s why we started LifeLock.”

 

The company says that its system “locks” a consumer’s identity in such a way that it cannot be used by anyone except its rightful owner.  Industry experts seem to agree.

 

“I’ve reviewed the LifeLock system and security. It works,” says Inder Singh, the retired Global Chief Technology Officer for Visa “To date everything I’ve seen has been reactive.  It’s good to see that a company out there has developed a system that gives control of one’s identity to the individual.”

 

Using a combination of tactics that include everything from setting and maintaining alerts forcing banks to contact people directly before issuing credit to removing them from pre-approved credit card lists, LifeLock says that their system is so effective that they back it with a $1 million guarantee.

 

“Although it’s never happened, if one of our clients has his or her identity stolen while they’ve got our service, we’ll solve the problem and reimburse them for any money they lose. Period,” says Davis.

 

Related Stories:

 

Identity Theft

 


By Robert Maynard
Freelance Writer

LifeLock’s services cost $10 per month.  More information about the company can be found at www.lifelock.com

 

Identity Theft Books

Keywords and misspellings:  Exxon Mobil buy buying Business unical chevon shevron cina

 

 


Google
 
Web BestSyndication.com

About   Contact   site map

Copyright 2005 Best Syndication                                     Last Updated Saturday, July 10, 2010 09:46 PM