Life lock

Lifelock is a company that helps consumers to protect their ID from thieves. This is how they can help. Once they receive a request from you, they will contact all the relevant Credit Bureaus to inform them to activate Fraud alert for you.

What is a fraud alert? A fraud alert requires any lenders or creditors to confirm the person who uses your ID is really you before they can issue a new credit card, arrange loans etc.

Therefore,once a Fraud alert is placed in your credit file, any creditor who would want to issue you a new credit card using the credit file, for example needs to get confirmation from you that it is actually you who applied for it. So if a thief who would want to use your ID to get a credit card, this action will be put to a halt. Since the creditors can not simply issue it before they get a confirmation from you, either through phone call, email or other ways to confirm the legitimacy of the application.

Some credit report agencies might not like this because it will cost them to implement this Fraud alert. Not only that, they are also forced not to sell your identity in anyway. Well, this isn't about saving money for them is it? But to protect consumers from becoming victims of Identity theft.