Equifax Credit Monitoring Tackles Identity Theft with Equifax Credit Report ControlTM
December 21, 2007
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As of November 1, 2007, the three National Credit Bureaus, Equifax, Transunion and Experian, enabled U.S. residents in all 50 U.S. states, Washington D.C. and Puerto Rico to place a Credit Freeze / Credit Lock on their Credit Reports. Prior to such date, State Laws in 39 states made such Identity Theft protection tool available to those residents. Now, the three National Credit Bureaus have gone one step further, instituting a Voluntary Program to make such tool available to all, even in those States where no Credit Freeze laws are effective. Equifax has also followed Transunion's lead, integrating such tool into its various Credit Monitoring products. Equifax's new feature is now called Equifax Credit Report ControlTM.
Typically, consumers who want to place a Credit Lock on their Credit Report would have to submit letters to all three Credit Bureaus, with supporting documentation and fees to make such request. There are products available that streamline such process and provide relevant information and kits, such as Credit Lock Down ProTM . Equifax's new tool is a little different. Equifax Credit Report ControlTM enables consumers who have signed up for Equifax Credit Monitoring to Lock and Unlock their Equifax Credit Report "quickly and easily" online. However, such feature is not available on a stand-alone basis. It is available as an add-on feature, which at the added cost of $2.00 per month (or $24.00 per year), a consumer can add it to his Credit Watch GoldTM Credit Monitoring service. Hence, Equifax customers can now have 1-bureau Credit Monitoring, including Equifax Credit Report ControlTM for a total cost of $11.95 per month, or the same 3-bureau service, for a total cost of $14.95 per month. Excluding Equifax Credit Report ControlTM , such products would cost $9.95/month and $12.95/month respectively.
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Credit Monitoring services are typically attractive for providing the ability to detect Identity Theft. With the integrated new feature now available with Equifax (and already introduced by Transunion), Credit Monitoring services are now capable of both detecting and deterring Identity Theft.
Undoubtedly, it is not practical for consumers to purchase Credit Monitoring services with all three national Credit Bureaus on a separate basis. Doing so would cost between $300 and $530 per year depending on included features. However, purchasing 3-bureau Credit Monitoring with one of the three agencies is more acceptable at the cost of about $100 to $180 per year. Yet, for a Credit Lock / Credit Freeze to be effective, it must be placed with the three credit bureaus. The current electronic feature offered by Transunion and Equifax would only provide online Credit Report Locking and Unlocking with that credit agency itself, and not the other two. Hence, consumers would still have to submit separate requests to the other two Credit Bureaus, and can still do so utilizing tools such as Credit Lock Down Pro TM
Consumers do not necessarily have to purchase Credit Monitoring services in order to place a Credit Lock / Credit Freeze on their Credit Report. Hence, those who want to save over $100 per year or more, and are not interested in a Credit Monitoring service, can submit such Credit Lock / Credit Freeze request on their own to three credit bureaus. Alternatively, they can use kits to help them in the process, such as those available by IdentifreezeTM (for a one time cost of $21.95), or Credit Lock Down ProTM (complimentary to members, where membership is $4.68 per year or less). Many consumers do find Credit Monitoring as a very valuable and reassuring product, well worth the cost, while others do not believe the service justifies the cost (and may prefer to monitor their credit report on their own, and less frequently, using their right to a Free Annual Credit Report).
Despite some of its limitation, and the necessity to place a Credit Lock / Credit Freeze independently with the other two credit agencies, Equifax Credit Report ControlTM is a great innovative new feature. Its name is also appropriate, as it puts "control" of the consumer's credit report back in the consumer's hand, where such control should have always resided. Email Article |
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