Is Lifelock In Over Their Head With Experian?

Todd Davis, the CEO of Lifelock was on CNNMoney a while back and he was discussing the ongoing lawsuit between Lifelock and Experian. Of course everyone knows that Experian is suing Lifelock because of all the fraud alerts that are being issued on their customers behalf and Experian claims that they are acting in a fraudulent manor, but when you sign up and pay $10. a month, you are in fact giving them permission to act on your behalf.

The lawsuit claims that it’s illegal under the Fair Credit Reporting Act and says that only the individual concerned can request the fraud alert Or (make sure you read the next part) an individual acting on behalf of the consumer. That is exactly what Lifelock is doing acting on the clients behalf, but Experian claims they are misrepresenting themselves as the actual consumer.

Experian doesn’t want to shell out money every time a fraud alert is posted to your account and yes we can file these reports for free ourselves, but who really remembers and takes the time? Most of the services that Lifelock supplies, we can do for ourselves for free, but who really takes the time to put a stop to junk mail and send for your free credit report once a year? I know I’m allowed a free credit report, but I have never sent for it.

I personally appreciate the fact that Lifelock is not backing down because I think Credit Bureaus suck and they are allowed to sale our information for profit. I don’t want my information available to companies unless I’m the one that okays it. I personally think Experian is ticked off because with the services of a company like Lifelock they help put a limit on personal information that is being sold and that’s cutting into Experians profit.

I will be very curious to see the outcome, Davis refers to David and Goliath and hopefully the outcome will be the same. Many people hate credit bureaus and have had to jump through hoops to get their records cleaned up and that’s a shame, but with someone out there able and ready to help like lifelock and make life a little more convenient for 110 dollars a year then it’s no wonder over 700,000 people have a little peace of mind.