LifeLock fraud alerts barred by Experian settlement

Patrick O’Grady reports:

LifeLock Inc. and Experian Information Solutions Inc. have settled their lawsuit, and the agreement permanently blocks the original process LifeLock used to protect its clients.

The settlement, submitted to U.S. District Court Judge Andrew Guilford earlier this week, was sealed except for the portions about the identity theft protection company being banned from placing fraud alerts with credit reporting bureaus.

LifeLock CEO Todd Davis said the settlement was a positive step, and the company already has completed a transition to place its customers on a new system.

Experian officials said the settlement achieved their goal of banning the use of fraud alerts by third parties, which the reporting agency maintained was a violation of the Fair Credit Reporting Act. Experian filed the lawsuit against LifeLock in 2008.

Read more in the Phoenix Business Journal.

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