LifeLock highlights Equifax breach in ads but still shares data with credit bureau
Ryan Randazzo
People are turning to companies like LifeLock in Tempe as they learn they are among the millions whose personal information was stolen when hackers accessed the Equifax credit bureau earlier this year.
LifeLock, an identity-theft-protection service, has been highlighting the Equifax breach in its marketing since the hacking was disclosed in September.
LifeLock was acquired by Symantec Corp. of Mountain View, California, in February. Symantec stock jumped after the Equifax news broke as investors anticipated consumers flocking to LifeLock-type services to prevent hackers from stealing their identity. Shares have come back down, but the company continues to push the issue.
“With your personal info, criminals can open accounts, file tax returns, buy property and more,” LifeLock says on the homepage of its website. “Don’t wait to get identity theft protection.”
LifeLock shares customer data with Equifax
Disclosed deeper on LifeLock’s website, amid its terms of service, is that LifeLock shares information from its customers with Equifax, the company that got hacked.
LifeLock has had an agreement with Equifax since 2015. It uses Equifax for credit monitoring, credit data and credit-score products and services.
LifeLock terms of service state that customers consent to having Equifax provide data to LifeLock so that LifeLock can provide fraud alerts. Two other credit bureaus — Experian and TransUnion — provide similar services.
A LifeLock representative said this week that the LifeLock-Equifax relationship has not been re-evaluated since the hacking became public.
“As part of our commitment to protect the identity of our customers and offer a comprehensive monitoring protection service, it is imperative to analyze as much data as possible,” the company said in a statement to The Arizona Republic. “We will continue to work with all the bureaus — Equifax, Experian and TransUnion — since credit monitoring is an important component of identity theft protection.”
Symantec did not answer when The Republic asked whether the Equifax hackers were able to access customer information that otherwise would not have been available if not for the intercompany agreement.
LifeLock, which was purchased by Symantec for $2.3 billion, still maintains about 500 workers in Tempe.
Fallout for the companies
Symantec shares closed at $32.66 Friday. The stock price was less than $30 before the Equifax disclosure in early September and had risen as high as $34.20 since then.
Equifax shares closed at $109.97 Friday. The stock price was about $143 before the breach disclosure and has fallen below $90 in the past year.
Nearly 146 million people had personal information stolen in the Equifax breach, which occurred from May to July.
The fallout has hit Equifax hard, with the Associated Press reporting last week that a New York lawmaker is considering additional regulations for the credit bureaus. A spokeswoman for Atlanta-based Equifax told the AP the company is "actively engaging" with state and federal officials looking into the breach.
Equifax offers a website to help consumers determine if they were among those whose information was compromised, but it requires submitting a name and final six digits of a Social Security number.
READ MORE:
Equifax web snafu another reminder to protect your credit info
Equifax breach hit 2.5 million more Americans than first believed