The service Life Lock is constantly under fire by various sides. According to an article on the Wired site the noise is just that.
The biggest noise is about the CEO Todd Davis and how his SSN was stolen and used to get a loan. It was, but not because the life lock service failed. The issuer of the payday advance loan did not check the credit of Davis. Apparently this is common for low value loans of this nature. When the loan came due and Davis was contacted, life lock dealt with it and his credit is still clear.

The essence of the bad press appears to be that Life lock and the other credit securing companies are making the creditors tow the line in verifying who they are giving credit to and this make them a bit testy.