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May
9, 2006
PayPal,
SunTrust Offering Free Equifax Credit Monitoring
With the increased attention being paid to identity theft, it's
perhaps not surprising to see financial companies offering credit
report monitoring services. What may be surprising is that certain
companies are now offering the service free. Both PayPal, the
online payment network owned by eBay and used for many eBay
transactions, and regional bank SunTrust this week announced
free credit monitoring from reporting agency Equifax as part
of their core financial products.
PayPal
users can receive free alerts every time there is a change to
their Equifax credit report, whether that be attempts to open
new credit lines or notable charges on their credit cards. In
addition, a free identity theft helpline can assist those who
fear they may be victims of identity theft.
SunTrust
checking account holders can enroll in Equifax Credit Watch
Silver to have their credit files monitored weekly, and be notified
of changes that could signal fraudulent activity. They also
receive up to $2,500 in identity theft insurance and a free
Equifax Credit Report. Equifax normally charges $49.95 per year
for the service.
Neither
PayPal not SunTrust revealed the financial nature of their relationship
with Equifax in offering Equifax's products at no cost to their
customers.
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