You may not be aware of the fact that the credit reporting agencies actually sell your information to lending institutions. This is how the credit bureaus started out making their money. Now, they still sell your information along with selling you a subscription based service that is supposed to allow you to monitor the activity on your report. This changed in 2003 when FACTA was passed and requires them to allow you to place a Fraud Alert on your account in the event your identity is stolen. This article could help you know more about stopping identity theft. But before purchasing any identity theft services, you should really check out this LifeLock Review.
Not only did FACTA force credit bureaus to allow fraud alerts on your record, this forced banks and other lending institutions to verify your identity before loaning you money. This is good for you, if the attempt to borrow funds in your name were conducted in person. However, there are many online banks that have no means of seeing what you look like, or taking a picture of you to compare with anything else.
There is no way you can stop your identity from being stolen, there are too many variables involved. With the credit bureaus selling your information there is always a chance that it will end up in the wrong hands. However, you can make use of the services of companies that are in business to alert you when something is going wrong. This will at least slow down the use of your Social Security number, phone, address and place of employment.
There is no good reason for your private information to be sold, for any reason, however, that is the current means of your information having a chance of getting into the wrong hands. As a result, identity theft is currently a $200 billion dollar a year loss to companies and retailers. These businesses have had to resort to implementing their own Fraud Alert departments in order to track down and prosecute the offenders.
LifeLock provides a means of constantly monitoring your activity with their Identity Alert System. It searches all public databases for any shred of information about you that it finds on the Internet or membership lists. When activity is detected you receive an alert and their team starts helping you stop the thief and clean up the damage.
Another feature of this service is a million dollar Identity Theft Insurance policy, which covers your expenses in credit repair and includes paying legal fees, should you need them. This one does not pay for loss of wages, direct business costs or out of pocket expenses, or loss of profits or lost opportunities.
Another part of their service scans known criminal sites on the Internet to find even the slightest bit of information about you, including your last four numbers of your SS, street address, phone numbers and other details. When they find something you immediately get an alert and then they start helping you with clearing up the problem.
Another feature scans for changes of address and notifies you of any changes which look suspicious, even request removal of known mailing lists which can be potential sources of identity theft. This includes pre-approved lists which you may have signed up to, so you know what is happening and can be removed from Junk Mail sources. The truth is, acquiring advice about Identity Theft Protection Services on the web is more than easy. And understanding how it all works will help protect you and your family from the wily schemes of thieves.
If you lose your wallet one of their specialists will get involved and help you replace or cancel such things as your driver’s license, insurance and financial cards, your social security card, traveler’s checks and personal checks. With all of the information in this LifeLock Review, you should now have a better idea of exactly how exposed your information is, and what you can do to help stop identity theft. Prior to choosing this particular service, take a look at the following LifeLock Coupon.
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