The news broke this week that credit reporting agency Equifax had been hacked, and that 143 Million credit files had been stolen. This is prompting a huge class action lawsuit. Leo says the three big credit agencies have a very high duty to keep customer information safe, and they failed.
Val is interested in LifeLock and wants to know if it's safe. Is it? Leo says yes. They were a bit over confident in the early days, but they are dedicated to getting in between you and identity thieves by putting fraud alerts on your credit history. But now they can't do that because of lawsuits. So now they own companies that are built to target fraudulent credit activity so that if anything unauthorized occurs, you get wind of it and they can shut it down. They will also help you fix your credit record should you be a victim of credit card fraud.
Louis keeps getting emails from LifeLock, and he wants to know if the service is worth the price. Leo says that he's been a subscriber for ten years, and he got it to protect his kids. Leo's opinion is that they do a great job monitoring your credit to be sure nefarious activity doens't crop up, and when it does, they can help you fix it. It's not cheap, but Leo has never had any problem and has no plans to stop using it. But you can put a fraud alert on your own account which will warn you when someone tries to open up credit.