Advantages of a Credit Freeze - How LifeLock Can Protect You

WHAT IS THIS?

Identity theft keeps growing, exceeding over 11 million victims in 2009, based on the 2010 Identity Fraud Survey Report published by Javelin Strategy & Research. That number represents a rise of one million people since 2008, Javelin points out. Scammers harvest private information, then utilize it to obtain credit in the victim's name. Clark Howard, host of consumer advocacy television and radio shows, advises that the method known as a credit freeze stops this from happening.

CREDIT FREEZE DEFINITION

A credit freeze is an action that "freezes" a consumer's credit records so that they can't be accessed without permission, Clark Howard explains. The consumer has a personal identification number (PIN) to temporarily "unfreeze" the file whenever an authorized party needs to review it. For instance, thaws are essential to try to get loans and credit cards. A thaw is performed for a particular lender or a specified length of time. The files are refrozen after the creditor accesses the information or the period runs out.

ADVANTAGES

Many lenders -- aside from those currently doing business with somebody -- cannot access an individual's credit records when they're frozen. This prevents criminals from opening any kind of new credit cards or obtaining loans using a stolen identity since they don't have the Pin. Halts prevent identity thievery as well as assist victims as their stolen information becomes useless when getting fraudulent accounts.




TIME FRAME

A credit freeze lasts until the consumer chooses to take off this from the files. That is more valuable than a fraud alert, that is a free service for identity theft victims that alerts lenders to carefully verify any new accounts. An alert only lasts 90 days unless the consumer extends it. The extension is restricted to seven years and needs a police report, based on the Federal Trade Commission.

PROCESS

Clark Howard, host of consumer advocacy radio and television shows, explains that separate credit freezes should be completed with each one of the three national credit bureaus. Credit freezes usually have an associated cost, although fraud victims can place them for free in certain states. It generally costs up to $3 to $10 to place a freeze and a similar amount to temporarily thaw the records for a credit check, according to Clark Howard. Some states mandate no-cost or reduced price freeze for senior citizens.


HERE IS HOW LIFELOCK CAN HELP YOU

LifeLock works to protect your identity and stands behind it with their $1,000,000 guarentee.

"Think of it this way: all of us can change our own oil, but most of us have it done by specialists. We'd like to think that what we do is more complicated than changing oil, but you get the idea.

Here is what LifeLock Offers You

• Proactive Identity Theft Protection
• Reduce Junk Mail
• Reduce Credit Card Offers
• $1 Million Total Service Guarantee
• Only $10 per Month

Their Guarentee

"If your Identity is misused while you are a member of LifeLock, we'll spend up to $1,000,000 to make it right."

- Life Lock

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