Protecting your credit accounts and credit score is an incredibly important thing. It can have a huge impact on the well-being of your financial life. The modern technologies nowadays have greatly helped people to live more conveniently, but they also create new possibilities of digital crime attacks. In fact, the numbers of identity thefts and credit frauds have increased very significantly in the last few years. Below, we will discuss about two credit monitoring services on the market, Equifax vs LifeLock.
Equifax is actually a consumer credit bureau that can calculate and provide your credit score and report. Equifax is one of the three biggest credit bureaus in the United States, just like what we discussed in Equifax vs Experian. Due to the huge operational range and sensitive works, many people think that Equifax is a government-owned company. But that’s not true at all – Equifax is a private company. Still, Equifax’s service quality is good, and they safeguard your private information very well.
As a company that works in the field of information processing and handling, Equifax also provides services for credit monitoring identity theft protection. There are three subscription options. The Equifax Complete Family Plan costs $29.95 per month, and provides credit monitoring and identity theft protection for two adults and up to four children. The Equifax ID Patrol Premier costs $19.95 per month, giving you the ability to monitor your credit history for any unusual activity as well as the ability to receive financial alerts. Finally, the cheapest tier, the Equifax ID Patrol, costs $16.65 per month, and only gives you the ability to lock or unlock your credit file online in case of a data breach.
On the other hand, LifeLock is a fraud protection company for personal accounts. It is dedicated to identity and credit protection. LifeLock is great because of the nice, regularly updated mobile apps, convenient alerts, and wallet protection. In case that your wallet is lost or stolen, you can contact LifeLock and ask for protection assistance. It is awesome because it has the capabilities to eliminate junk mail and pre-approved credit card offers.
LifeLock also provides three subscription tiers. The lowest one, Standard, costs $9.99 per month, already providing wallet protection as well as identity monitoring. The Advantage tier costs $19.99 per month, adding credit card activity alerts and data breach notifications. Finally, the Ultimate Plus costs $29.99 per month, further adding bank account monitoring and takeover alerts, monthly credit score tracking, and investment activity alerts.
Unfortunately, LifeLock does not have any family plan. Purchasing stand-alone plans for all your family member can be very costly. Nevertheless, LifeLock also has the ability to freeze your credit file in case of a data breach to shut a criminal down when they apply new lines of credit with your name.
|- Credit bureau company that also provides fraud protection service||- Fraud protection service|
|- Has a family plan||- Does not have a family plan|
|- Has notifications and alerts||- The lowest tier does not provide real-time notifications|
If you want a complete protection for your whole family, choose Equifax. You should also choose Equifax if you also use Equifax’s service for your credit report. Nevertheless, for personal use, you may want to choose LifeLock instead, especially the second tier. It has more protection features.