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Who should I cancel if I have identity guard and lifelock?*

I have identity guard because I wad told they secure your current accounts and LIfelock doesn't I was also told that lifelock prevents new accounts from forming and IG does not. Who should I keep and who should I cancel? Any comments are appreciated!

Answers:

1) You can do what they do for nothing by placing fraud alerts on your credit reports. That way,no one can open new accounts in your name without your authorization. You need to reactivate it every 90 days and you can have it removed at any time. Or sign up for a reputable credit monitoring service. That would be cheaper than either Lifelock or Identity Guard. Also, you might want to check your homeowner's policy. Many of them include riders for identity theft. Also, did you know that Lifelock's CEO actually had his identity stolen after those commercials aired about how good his company was in preventing identity theft? http://today.msnbc.msn.com/id/24790921/

2) Cancel both. They are a waste of money. Instead freeze your credit at all three credit bureuas. New accounts won't be able to check your credit unless you unfreeze your credit. There are fees to freeze and unfreeze, but they are a lot cheaper than the monthly fees of any ID protection service.

3) I would cancel Lifelock. Not sure if I'd trust them given they were just fined $12 million by FTC for misleading marketing practices (http://www.ftc.gov/opa/2010/03/lifelock.shtm). I'd keep Identity Guard. They provide comprehensive identity theft protection without having to freeze your credit files. Identity Guard also has $1 million ID theft insurance with no deductible, unlike Lifelock's $1 million dollar "service guarantee," which is not insurance, i.e. they won't give you any money if somebody steals them from you. Identity Guard's Total Protection package also includes anti-virus and anti-keylogging software for no additional charge. Read some ID theft protection service reviews here: http://www.nextadvisor.com/identity_theft_protection_services/compare.php and http://www.nextadvisor.com/credit_report_monitoring/compare.php Although, Identity Guard may look pricier than most other services like Trusted ID or Lifelock, they actually provide with real daily three-bureau credit file monitoring, whereas Trusted ID and Lifelock simply send you your free credit report once a year which you can request yourself from each of the three bureaus.

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