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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