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Identity Theft Insurance
By Michael Taylor
I recently acquired a large line of credit from a bank--you can read my tale of victory here--and I know that my personal credit played a big part in that.
Which led me to think: What if somebody stole my identity?
Suddenly I found myself looking up that company whose CEO offers up his social security number in national advertisements--it's called Lifelock.
For $110 annually, I decided to sign up last month with Lifelock, which promises to take regular steps to reduce the likelihood of identity theft as well as a blanket financial guaranty to cover any costs of undoing damage wrought by an identity thief. A sort of combination of preventive advice and insurance.
As the owner of a small business, especially one with significant access to bank and credit card lines, I’ve realized I’m particularly in need of identity protection.
I remain a little skeptical that some company can prevent identity theft, but the price was low enough that I’d be happy with just a reduced likelihood of crime. Like insurance, I won't get my full money’s worth unless the worst happens--and yet I hope I don’t get a chance to find out how good the Lifelock service is.
In the meantime, however, I’ve been pleased with a few small things they have done, and I like their low-key sales attitude.
The literature from the company readily admits that many of the steps they take on my behalf--ordering credit reports, removing my name from credit card solicitation lists, placing an anti-fraud warning with the national credit bureaus--could be done directly by me for free.
But, they argue, regular repetition of these steps reduces the likelihood of identity theft. And they will remember, while I may forget. Seems logical to me. If they can reduce the volume of unsolicited credit card pitches, that’s almost worth the money right there.
I’d be curious if readers have used other identity protection companies, have pursued the do-it-yourself-for-free solution, or don’t think identity theft matters much to small businesses. Also, has anybody out there ever had Lifelock pay up to undo the damage of identity theft? Leave your comments below...
Comments (0)January 8, 2009 9:46 AM
