Identity theft is a real threat and consumers need real protection
Atlanta, GA (Vocus) May 5, 2009
Equifax Inc. (NYSE:EFX) announced today an enhancement to its existing identity protection and credit monitoring products to include up to $1 million of identity theft insurance coverage*. The coverage provides reimbursement for certain out-of-pocket expenses related to identity theft for Equifax consumers.
All Equifax 3-in-1 monitoring products with insurance components (e.g. Equifax ID Patrol™, Equifax Credit Watch™ Gold with 3-in-1 Monitoring and FICO® Score) were automatically upgraded to up to $1,000,000 of identity theft insurance with no deductible; single bureau monitoring products with insurance components were upgraded to up to $25,000 of identity theft insurance with no deductible. Existing Equifax customers were also automatically upgraded to the new coverage applicable to their current product.
The enhanced identity theft insurance coverage included with Equifax's products provides for direct reimbursement to consumers for out-of-pocket expenses, including lost wages, loan application fees, notary and certified mailing costs, long distance calls, and attorney fees. The identity theft insurance that is included with Equifax's 3-in-1 monitoring products also provides reimbursement for losses resulting from unauthorized electronic funds transfers above those covered by one's financial institution. Service guarantees, like those included with some identity theft protection products, are not insurance. Generally, these guarantees are applicable to incidences of identity theft related to defects in the product's service or performance and do not provide direct reimbursement for actual expenses incurred by the customer.
"Identity theft is a real threat and consumers need real protection," said Steve Ely, President, Equifax Personal Information Solutions. "Consumers may mistakenly believe that service guarantees are comparable to insurance and that they provide the same protection. The identity theft insurance coverage that is included with Equifax's credit monitoring products is real insurance, not a service guarantee, and provides consumers with direct reimbursement for covered losses."
Equifax's suite of identity protection and credit monitoring products are designed to help consumers protect the power of their identity, take control of their credit and maximize their financial well being. For more information about Equifax and its credit monitoring products visit http://www.equifax.com .
About Equifax, Inc. (http://www.equifax.com )
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses - large and small - rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to understand their personal credit information, protect their identity, and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 7,000 people in 15 countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX. Equifax is a registered trademark of Equifax, Inc.
*Insurance underwritten by insurance company subsidiaries of AIU Holdings, Inc. For additional information, please visit http://www.aiuholdings.com . The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all jurisdictions and is subject to actual policy language.