LifeLock vs Trusted ID

LifeLock and TrustedID are very similar identity theft protection programs. You're probably wondering what the difference is between them and which would be the better choice.

In the past year, both companies have added new features for better protection all while dropping or keeping the price the same.

How are LifeLock and Trusted ID the same?

• Fraud Alerts (Called ‘Lender DoubleCheck’ by TrustedID)
• Opt-out of pre-approved credit offers
• Order yearly credit reports
• Have a $1,000,000 warranty
• Wallet protection
• Scan internet black markets looking for misuse of your information
• 24/7 on call helpline

Strong scanning services are very important to me for identity protection because it's something I can't do myself. Both companies do a good job of watching the internet's black markets for your information being bought and sold.

They look for your name, DOB, address and social security number. You can give TrustedID your bank account and credit card numbers and they will watch for them, too. You’ll be notified immediately if any activity with your info is found.

The last time I thought I’d lost my wallet, I went into total panic mode until I found it under the back seat of my car. It’s like losing a part of your life. So I like that both LifeLock and Trusted ID have stolen wallet protection. Knowing you have someone to call who will walk you through the steps necessary to replace your driver’s license and insurance cards, cancel and replace your debit or credit cards. And because you have the identity protection coverage, you’ll also be at less risk for the identity theft that goes hand-in-hand with a stolen wallet.

With the same basic features, you can see how similar these 2 plan have become.

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Here are a few differences in how their coverage works.

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TrustedID will place your fraud alerts every 90 days like LifeLock does. They also give you the option of placing a security freeze on your credit files if you prefer that. You have to pay the additional fee (usually $10) at each credit bureau to freeze and/or unfreeze your credit. The handy part about this is that they’ll administer this process for you, which can be a real nightmare if you lose your PIN number.

[Keep in mind that with a security freeze, no one can open any new credit – not even you - until the freeze is removed.]

LifeLock regularly monitors the change of address database for the post office watching for your name and address. If they find you in there, they’ll contact you to confirm that it was actually you who made the change. Address changes are a popular way thieves hi-jack your mail and financial accounts.

An unsecure computer is a prime target for hackers and malicious software. Your passwords and email/financial account info are an open book to thieves if your computer gets infected. Trusted ID gives you an anti-spyware program you can install on up to 3 computers. This software is updated each day and is free for as long as you have your TrustedID membership. A good anti-spyware program is about $30 a year, so you’ll be saving the cost of that.

The biggest difference between TrustedID and Life Lock is the way they deal with an actual identity theft. Nothing can 100% stop a determined identity thief, so you get a million dollar warranty with either company.

This doesn't mean you're going to get a million bucks if your identity is stolen. :-)

LifeLock has a service warranty that does the recovery for you. They’ll hire attorneys, investigators and case managers for you.

TrustedID has an identity theft kit that gives you the step-by-step process of what to do. You’ll be responsible for hiring any outside help but you’ll be reimbursed for expenses – including lost wages for things like having to appear in court to dispute a fraudulent account.

Both offer 24/7 toll-free help from experts.

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COST

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The cost is nearly identical if you want individual coverage. Trusted ID has the better deal on family coverage. All adult family members (including elderly parents) and children living at the same address are covered with one low-priced membership.

Adult – 16 and over

• $10 per month
• $110 per year

Children (per kid)

• $2.50 per month
• $25.00 per year

TrustedID

Adult

• $10 per month
• $99 per year

Family (all inclusive)

• $19.99 per month
• $189.99 per year

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PROMOTION CODES AND DISCOUNTS

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LifeLock – get a 10% discount and 30 days free by using the promo code – 9.

Adult – 16 and over

• $9 per month
• $99 per year

Children (per kid)

• $2.25 per month
• $22.50 per year

TrustedID – get a 10% discount from IdentityTheftProtectionReviews. No promotion code is needed. Just click on the link and it will automatically be deducted.

Adult

• $9 per month
• $90 per year

Family(all family members)

• $17.99 per month
• $170.99 per year

Either LifeLock and TrustedID is a good choice. Both are both excellent companies that have been around long enough to know they work and will be there for you.

I currently pay $30 a year for Spyware Doctor to protect me from all the nasty things trying to get into my computer. TrustedID will save me from having to renew that in a few months. That's a real plus for me.

Trusted ID is the clear winner in price if you want to cover your entire family.

TrustedID Review

TrustedID is a company that offers an identity theft protection plan. They have been featured in the Wall Street Journal, New York Times, Newsweek, Time and more.

What does Trusted ID do to protect my identity?

• They put a fraud alert on your credit file - they call it "ID Freeze - Lender Double Check".
• They stop pre-approved credit applications.
• They order your credit report from all three bureaus once a year.
• They monitor your credit card and bank account numbers to ensure your information has not been stolen. You receive an immediate email alert and telephone call when IDFreeze finds your information has been compromised, often before even your bank finds out.
• Scan the internet's black market looking for misuse of your name, DOB, social security number and address.
  
• For an extra fee, they will put a security freeze on your credit and do the administration to un-freeze it for you on request.
  
• They provide you with a $1,000,000 Limited Service Warranty that includes lost wages and legal defense fees.
  

Can I do that myself?

Yes and no. You can do the free things listed below yourself.

• Fraud alerts are free.
• Opting out of pre-approved credit offers are free.
• Credit reports are free once a year at http://annualcreditreport.com.
• You can put a security freeze on your credit yourself at all 3 credit bureaus for about $10 at each one.

It just takes time and remembering to do it. And you'll have to remember to renew your fraud alerts every 90 days. Trusted ID provides this as an extra service to you - a lot like when you buy your fruit already cut up at the grocery store.

If you want a security freeze, TrustedID lets you to control your credit with a single "on-off switch", which would allow you to freeze your accounts with all three credit bureaus at once, from the Web. That's a really handy feature.

Find out the difference between a fraud alert and a security freeze.

Does TrustedID have something unique that I can't do?

What you can't do yourself is have that million dollar service warranty and the help from specialists if your identity is stolen. Knowing you'll have a company that specializes in identity theft is a comforting feeling. You can get answers from an identity theft and restoration specialist any time, via telephone or email. You'll never be alone in a difficult situation.

That's virtually a priceless benefit because once identity theft happens to you, it can take on average over 600 hours and $8,000 to restore your credit. Victims spend most of their time filling out paperwork, making phone calls and notarizing affidavits to try to prove their innocence after finding out their identity has been stolen.

They also offer an early warning, "real time", service that notifies you when they find your credit card information in cyberspace. Pre-emptive in nature, this feature is one of the very few 24/7 monitoring services that informs you when a thief may be in the process of stealing and selling your credit card information. Their service will potentially discover the theft of your credit card information before the ID thief uses the information to commit fraud in your name. This feature works much faster than the credit bureau monitoring services, which may notify you of credit card balance changes, but only after the fraud, has already been committed.

Ever heard of Medical Identity Theft?

One of the newest and most dangerous forms of identity theft is medical benefit fraud. TrustedID help you review your medical benefit statements to ensure that you and your family are the only ones being treated with your medical benefits.

The same goes for help with reviewing your annual Social Security statements. It's common for illegal immigrants to use a fake SSN. If yours is used, you'll get a nasty-gram from the IRS for unpaid income taxes. Trusted ID will review your statements for you to be sure you're safe from this crime.

How about security for my computer?

When you sign up with TrustedID, you also get an anti-spyware program with updates for free. You can install it on up to 3 computers to keep hackers and malicious spyware from stealing your passwords and account numbers. This is easily a $30 a year savings from having to purchase one separately.

How much does TrustedID cost?

It's $10.00 a month but if you choose to the annual pay plan, it's only $99.

You can also opt to take the Family Plan Coverage for $19.99 a month or $189.99 a year. That will cover both parents and an unlimited number of children. Also includes elderly parents if they live with you. For families, this is the best plan you can get.

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If you use the link above to get TrustedID, a 10% discount is automatically applied - no promotion code is needed.
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This makes it $9 a month or $90 a year!
Family coverage for all adults and children is only $17.99 a month or $170.99 a year.

When you factor in internet scanning, the anti-spyware program, wallet protection service, and medical identity theft protection, this is a no-brainer! Credit monitoring services from a credit bureau run around $10 a month just for the monitoring - no help included.

Does Trusted ID have a down side?

Their cancellation and refund policy for an annual subscription almost forces you stay with them for a year. If you paid the annual rate and decide you want to cancel after 6 months, you won't get a refund. If it's before 6 months, you'll get a 50% refund. Chances are, you'll like their program and won't want to leave, but that's the way it works.

If you have a monthly subscription, you can cancel at any time and your credit card won't be charged at the next billing cycle.

Otherwise, Trusted ID is a very good, solid company offering outstanding coverage. With the 10% discount, they are cheaper than LifeLock for individual coverage. For families - the price is the best you'll find.

Suze Orman has endorsed them - she's the financial maven you see talking about credit all the time. You'll get the fraud alerts and credit monitoring to keep your identity safe. It's a good choice.

LifeLock Review

LifeLock identity theft protection is the company with the CEO, Todd Davis, who publishes his social security number. He doesn't recommend anyone else be quite that free with their own number. But he's willing to put his money where his mouth is. Quite frankly, it's a great promotion tool because it's so shocking and unusual to see someone do this.

What does LifeLock do?

• Stop pre-approved credit offers
• Order your credit reports from all 3 credit bureaus - yearly
• Put a fraud alert on your credit file
• Renew the fraud alert every 90 days
• Give a million dollar ($1,000,000) service guarantee
• Provides protection for lost or stolen wallets called 'WalletLock'
  

What will LifeLock do if your identity is stolen while using their services?

• They will hire specialists who will do the work for you to fix your identity - it doesn't cost you a cent.
• Reimburse any lost money up to a million dollars.
• Provide you with toll-free support and help 24/7.
• If your wallet is lost or stolen, make one call to a WalletLock specialist. They will get the contents of your wallet replaced including driver's license, credit cards, insurance cards, etc.

Can you do what LifeLock does for free?

Yes, you can.

• Fraud alerts are free.
• You can opt-out of pre-approved credit offers for free.
• You can get your credit reports once a year for free.

What you can't do is have the backing of a company to help you if your identity or wallet is stolen. It's still up to you to do all the repair which can take hundreds of hours on the phone and follow-up. Clearing up identity theft can take literally years. The FTC says it's an average of 177 hours spread out over two years to repair identity theft.

How much does LifeLock cost?

If you go directly to LifeLock.com, the monthly cost is $10 or $110 annually. A promotion code will lower the cost to $9 a month or $99 dollars a year plus get your first 30 days free to try it out. The promo code '9' is an easy one to remember to get the discount.

Why doesn't LifeLock offer credit monitoring?

LifeLock found that credit monitoring doesn't make you any more secure with their protection. It would just add to the cost.

With their service guarantee, if your identity is misused while you are a LifeLock member, they will reimburse direct expenses you incur and pay professionals to resolve the problem for you – up to $1 million.

What is the down side of LifeLock?

The most obvious thing is that you can do all the things LifeLock does. There's no rocket science involved. They actually say that on their website.

I know people who have had LifeLock's protection for a couple of years. They are satisfied with the service and coverage.

Of course there are people who aren't happy with LifeLock and cancel. It's impossible to please everyone 100% of the time. You can cancel your membership at any time you please. If you paid on the annual plan, you'll be reimbursed for the unused portion of your payment.

LifeLock was the winner of the 2007 American Business Award for the Best Radio Advertising Campaign a finalist for 10 other ABA awards, including Best New Company and Best New Product/Service. Recently the company was named recipient of the Red Herring 100 Global Award as one of the Top 100 start-up's in the world.

They have been endorsed by Paul Harvey, Rush Limbaugh, Sean Hannity, Dr. Laura and Montel Williams.

In January 2008, they received $25 million in Series C funding led by the Goldman Sachs Group, Inc. LifeLock will use the funding to further support the company’s astounding growth and to continue its mission in providing an exemplary service to those people concerned with identity theft. They have the backing to be around for a long time to come.

If you want an identity theft protection plan that's quick, easy and cost effective, choose LifeLock.