One of the things that Lifelock did was "lock credit". Experian and other credit agencies didn't like that, it has the potential for loss of income to them, so part of the suit was that Lifelock can no longer do that on behalf of the client. You can do that on your own, in most states, with fees often set by the state. In Georgia, the fee is $3, much lower than the $10 - $15 normally charged by the bureaus.
But, you have to lock all three main credit reporting bureaus. Theoretically no one can open up an account in your name if your credit is locked. That works fine for most accounts but there are still some that do not use the major bureaus. How about those car dealers or mobile/manufactured home dealers who advertise "no credit check".
I wonder if the bill also requires companies that had expiring gift cards to report the purchase price as income once the expiration date is passed. Currently, gift card income is not counted as income until the purchase is made.
Thanks Matt, interesting info. Also, some good info from Mike on his comment. Learning every day!
Hi Mike: I suspect that once the expiration has passed the income may be booked.
Hi Gabe: Thanks for stopping by Gabe!
:)
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